Quick Picks: Stanford's 'Red Flags' and Mutual Fund Bonuses — ProPublica

Quick Picks: Stanford's 'Red Flags' and Mutual Fund Bonuses

by Alexandra Andrews

Feb. 19, 2009, 6:36 a.m. EST

Quick Picks focuses on a select few of the day's stories from "Breaking on the Web."

The SEC might have hoped that its catch of the Stanford Group’s swindle on Tuesday would make up for its embarrassing Madoff miss, but the New York Times reports today that the SEC found "red flags" at Stanford years ago. According to the Times, the SEC found "significant securities violations" at the firm but simply slapped it on the wrist with "relatively small fines." SEC officials said the agency is "reviewing the regulatory history of Stanford."
Not everyone on Wall Street is feeling the bonus pinch: According to today's Wall Street Journal, many mutual fund managers raked in the dough last year even as their funds plunged. The chief stock investment officer at Eaton Vance earned $3.7 million even though the firm's "roughly 30 stock funds were all in the red for the year through October." An Eaton Vance spokeswoman told the Journal that "the majority of funds did well compared with peers and market benchmarks."

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