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Federated Investors Keeps the Spin On

By James Cramer

 About this article:
 "The company also said it may have allowed 'a few investors' to ignore a policy against frequent trading in return for deposits in other funds." That's a quote from this morning's New York Times about the internal investigation of mutual fund fraud at an otherwise totally class outfit, Federated Investors. It's also a travesty. Let's parse it, for what it's worth. "May have allowed" -- what does that mean? Does that mean "allowed"? Does it mean "doesn't know if it allowed"? Does it mean "encouraged," or "made a deal with hedge funds to deposit slow money in order to dilute the gains of the little guys"? What are "a few investors"? Does that mean that a couple of hot-shot hedge funds representing big wealthy people were allowed to pick off the easily fleeced moms and pops? Does it mean three hedge funds? Does it mean 10?...

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