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Obama Strikes at Wall Street Like Hitler Marching Into Poland - Weiss

Shall investment companies, banks and brokerages be allowed to perpetuate the fiction that there is a dime's worth of difference between mutual fund holding companies and "investment advisors" who actually run the funds?
Yes, friends, it's Hitler marching into Poland, it's Hannibal crossing the Alps, it's Custer at Little Big Horn. It's big. It may be a little arcane, but trust me, this one has tremendous implications for every mutual fund management company -- especially Janus Capital Group(JNS_), which is heroically defending the right of fund management companies to shirk their responsibility for statements made in the funds' prospectuses.

This case dates back to the "market timing" mutual fund scandals of about seven years ago. Investors filed a class action suit, claiming that Janus prospectuses contained assurances that the funds would not engage in market timing, when there seems to have been plenty of such stuff going on. There was a lot of back-and-forth over technicalities, but the essential issue is set forth in an appellate court decision that the Supreme Court is currently weighing. "

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