« 1:07:19:12 | Main | NameFinder, part II »
August 12, 2004
Prospectus supplement
AIM investments, under investigation by the SEC for market timing, sent Tim a prospectus update that arrrived today. The current Chairman and the current CEO claim, "we are working diligently to resolve all these issues," which no doubt they are. The issues themselves seem to revolve around the former CEO and Senior Vice President of their interlocking directorate, who appears to have taken the hit with the SEC complaint that the "independent directors ... had entered into certain arrangements permitting market timing" of the funds they were directing. Get the full, correct version of the story at http://www.aiminvestments.com/litigationsummary.pdf.
Good grief! Don't these fat cats do well enough already in a system organized entirely for their benefit? Why do they also need to cheat so egregiously that even the administration in charge of keeping their party going full steam finds itself obligated to investigate them?
Posted by Mark at August 12, 2004 08:08 PM