Merrill Lynch CEO Stan ONeal expects the mutual fund scandal to extend well beyond trading practices and that funds must stand up and make fundamental changes to the way they do business, Reuters reports.
"I dont know that theres clarity yet in terms of what the scope ultimately will be, [but] I do believe that it will widen beyond just the trading practices [and have] far-reaching consequences," ONeal said, speaking at a Merrill Lynch conference in New York.
"Trust" is the core issue in the balance, he added.
Meanwhile, an executive in the CEOs office at Strong Capital Management was involved in Canary Capital Partners market-timing at the firm, The Wall Street Journal reports.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.