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"There's some good material on there, there's some great material on there, there's some sloppy material on there, there's some fun material on there, " said manager Danny Sugerman of the live recordings.
BBC: Doors open their vaults
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Investors should be told because not only does such activity impact upon the investment results they receive, but it also is material to a determination of whether a manager maintains the ethical standards the investor seeks.
FORBES: Mutual Fund Personal Trading Illegalities: Letter to Barry Barbash, Director of Division of Investment Management, Securities and Exchange Commission (July 1, 1998)
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Section 409 of their eponymous act, which is supposed to protect investors by making corporate disclosures more accurate and reliable, requires that reporting companies promptly disclose any material changes (say, the resignation of a top manager or the loss of an important customer) that might hamper their ability to deliver products or pay their bills.
FORBES: Small Biz Bum Alert
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Mitchel Guttenberg, 41, an institutional client manager at UBS Securities, was charged with passing material--nonpublic information--to traders Erik Franklin, 39, formerly of Bear Stearns, and David Tavdy, 38, formerly of Assent, a New York broker-dealer.
FORBES: Helter-Skelter On Wall Street