Joining a growing bandwagon of top investment and executive officers issuing open letters to shareholders, Fidelity Chairman Edward "Ned" Johnson 3rd notwithstanding (see "Fidelity Chairman Advises Caution to Regulators," PIMCO’s Bill Gross issued one of his own Friday. Gross’s take on the burgeoning fund scandal, which has now implicated his own firm, is that investigators may have gone too far.

Stepping back, characteristically, to put the scandal in perspective, Gross says: "Societies have a balancing mechanism when things go too far. . . . Societies deplore excess and especially so if they disadvantage the public. I applaud that process and was applauding along with the rest of you when some of the rascals were rounded up and brought to trial."

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