Three top executives, including the general counsel, the chief investment officer and the CEO, knew about improper trading by Putnam Investments fund managers , a board of trustees report reveals. And the abuse was more rampant than has been reported, according to the report, expected to be released today, according to this morning’s Wall Street Journal. In fact, the paper says, Putnam warned about 40 employees against timing.

Putnam’s general counsel, William H. Woolverton, who knew of the market timing, is to be removed from his job, but not from the firm, according to The Journal.

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