Conflits d'intérêts sur Wall Street

Depuis longtemps, je m'intéresse aux problèmes de conflits d'intérêts dans l'industrie du courtage en valeurs mobilières. Je le fais en dilettante et n'ai pas eu de succès à convaincre des étudiant(e)s à s'y intéresser. La récente nouvelle du Wall Street Journal, 'Gifts' Case Nabs a Star, relativement aux problèmes chez Fidelity indique que cette problématique est bien vivante.

A four-year investigation into gifts lavished on mutual-fund companies by Wall Street has claimed its biggest name: Peter Lynch, legendary investor and adviser to mutual-fund giant Fidelity Investments.

Mr. Lynch, the former Fidelity portfolio-manager star who remains an executive at the company, settled a civil case with the Securities and Exchange Commission alleging that he inappropriately directed two traders on Fidelity's equity desk to obtain tickets to high-profile and often sold-out events.

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The settlement comes at the tail end of an investigation that rocked Wall Street a few years ago. It has exposed how firms plied traders with gifts, ranging from expensive wine to sporting tickets, in hopes of receiving their orders to buy and sell securities in order to generate commissions.Mutual funds are supposed to send trades to whichever firm offers the best price and service, largely because commissions are paid with shareholders' money. The SEC said yesterday the gift-exchange created a risk that investors would be harmed. Investment advisers are prohibited from accepting compensation from firms with which they do business, and have a legal duty to seek the best price for trades.

The SEC also has begun administrative proceedings against traders at Fidelity who allegedly received more than $1.5 million in gifts, travel and entertainment. The list reads like a Christmas list for Wall Street's ultrarich: a humidor loaded with cigars, Super Bowl tickets and trips to foreign lands on private jets. The list includes 900 tickets to more than 200 sporting events, Broadway shows, Rolling Stones and Bruce Springsteen concerts.

Avis aux intéressé(e)s. Il y a du travail intéressant à faire...