Imagine if you read a headline that said J.P. Morgan Chase & Co. or Barclays PLC was under investigation for tampering with the valuations of funds it offered investors.
What would be your response? Youâ??d probably shrug and think: â??just another scandal.â? You might even think â?? given the history of those institutionsâ?? billion-dollar mortgage-fraud settlements and accusations of collusion to set interest rates and other scandals â?? that fudging fund valuations is small potatoes.
Now consider Tuesdayâ??s revelation by The Wall Street Journal that Pacific Investment Management Co. is suspected of doing the same fudging.
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