Last week, as news broke that Putnam Investments told the Boilermakers Union to take its money elsewhere, it was reported that both Federal Reserve employees as well as Eric Zitzewitz, the Stanford University professor who researched and wrote a highly publicized report on the effects of market timing, were both guilty of the rapid in-and-out trading method.

In the Fed's case, the timing had been so fast and furious that letters were sent to current and retired shareholders of the agency's employee thrift plan, run by T. Rowe Price, to discourage the practice. Several rule changes have been implemented, as well.

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