Today Chuck Jaffe
put out part one of his 12th annual Lump of Coal Awards
list for what he calls "blunders and buffoonery" in the mutual fund industry. Among those singled out by Jaffe are: the SEC, for not getting anything done this year with 12b-1 fees and independent board directors; Reserve Management, for letting its investment advisory contracts and 12b-1 fee distribution contracts lapse, causing the firm to collect millions in extra fees from shareholders (the firm later asked shareholders if it could keep the fees anyway; and Bill Miller, for underperforming the market so throughly after breaking his streak of beating the market.
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