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Article: Fund managers get off scot-free in corporate scandals.(Business Report)
- Article from:
- The Star (South Africa)
- Article date:
- July 18, 2007
CopyrightCOPYRIGHT 2007 Independent News & Media PLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Have you noticed what is missing from scandals where chief executives use publicly listed company resources to finance extravagant lifestyles? Where are the explanations from the compliant, inept and lazy institutional fund managers who sat back and watched compliant, inept and lazy directors allow it to happen.
You have to wonder why, despite the high-profile legal action against executive fraudsters, there appears to have been no action against fund managers. Once the first line of accountability - the executives and the board - has been peeled back for public scrutiny, the focus should move to the next line of accountability, the fund managers.
These ...