The Mutual Fund Scandal: In a Nutshell

The fallout of the mutual fund scandal has been swift and broad. I suspect that few Americans realize what all the fuss is about. New York Attorney General Elliot Spitzer sums it up nicely, calling the practice of buying fund shares after the market closes analogous to "betting on a horse race after the horses have crossed the finish line." This has been going on for decades, on a grand scale.