How a Top Mutual Fund Executive Made Millions for Himself Trading the Same Stocks His Giant Fund Was Trading
How a Top Mutual Fund Executive Made Millions for Himself Trading the Same Stocks His Giant Fund Was Trading
Confidential IRS data reveals that David Hoeft, chief investment officer of mutual fund giant Dodge & Cox, was one of many investment managers who bought and sold the same stocks their company was trading.
For decades, regulators have tried to clamp down on front-running, the term for when investment professionals make personal purchases or sales of securities when they know that their employers or clients are about to buy or sell the same securities. But a massive assemblage of confidential stock trading data obtained by ProPublica reveals that the practice may be continuing on a notable scale.
Hmm seems very illegal.
Nah, they got a different set of rules. I think the first rule is “exploit anyone without money” and the second is “dont fuck with other people that have money”
This shit didn’t hurt rich people’s profits so it’s A-OK!
Seems very... capitalistic