Perhaps this is an offshoot of the concept that was purportedly invented by the hedge fund community before things went to heck in a hand basket last summer.

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"If you're putting on an event that is going to benefit the island and is going to benefit a lot of different people and is going to benefit the cultural life of the island then you shouldn't have to put your hand in your back pocket to fund it, " said Tom.

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TIAA-CREF on the other-hand was placing VNDA in their global equities fund, in their large cap value fund and in their life large cap value fund.

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For Goldman Sachs, the world is going to hell in a hand basket, according to a report they wrote for hedge fund clients obtained by the Wall Street Journal last month.

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In any case, foreign entry into the fund-management industry will not resolve the difficulties at hand.

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The truth is that, unlike a typical operating company (such as an industrial corporation) where the goals of management and shareholders are usually the same, in the case of a mutual fund, the goals of the fund and its shareholders on the one hand and the goals of the money manager on the other hand, are not necessarily the same.

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On the other hand, if that was a stock mutual fund, they may be eligible for a step up in cost basis, which could mean little or no taxable gain for your heirs.

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