The U.S. Securities and Exchange
Commission settled an investigation into improper trading
practices at Putnam Investments with precipitous haste, sending a
benign signal to the industry, columnist Jesse Eisinger wrote in
the Wall Street Journal.
The investigation into the industry is barely weeks old and
it’s unlikely regulators could have already found most of the
violations, or even a significant portion of them, the Journal
columnist said.
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The settlement reflects close professional ties between the
SEC and lawyers at fund companies and what Mass.
Secretary of the Commonwealth William Galvin termed a “culture
of accommodation” between the agency and Wall Street, the
newspaper added.
Bloomberg News
