Time warp?

[Joe Allonby]

Back dating a large stock to transfer to correct an error is known as an "as
of" transaction that can change the net asset value of large mutual funds.
This can have a large impact on the fortunes of a great many people. In a
former life, before I kicked the financial services career to the curb, I
had to do investigations of wire transfers and often had to requisition the
tapes from recorded lines of brokers who may not have followed proper
procedures involving illegal transfer requests or just plain got it wrong.

One day a shareholder in what was then the largest mutual fund in the world
requested a transfer of several hundred dollars. The broker processed one
for several million dollars and insisted that he was correct. To make it
right after the fact if he erred involved the balances of every single
shareolder of the largest mutual fund in the world including the many who
had closed their accounts on that day.

The broker in question kept (as required) a log of his phone transactions
but was strangely off on his times. So I had to backtrack a lot on his tape
to locate the actual conversation that resulted in the disputed transaction.
I had to listen to his mortgage broker tell him that he didn't get the
mortgage. I had to listen to his wife grill him about why he didn't come
home the previous night. I had to listen to his hungover sighs and moans.
Then I had to listen to him completely blow it on a major financial
transaction because he was still drunk from the night before. Then I had to
go to his cubicle and explain that the SEC would crawl up my ass with a
microscope if I didn't bust him. It really sucked. Backdating stock prices
that day was not enjoyable.

On 7/5/06, Paul Mackin <paul.mackin at verizon.net> wrote:
>
>
> On Jul 4, 2006, at 1:13 PM, Dave Monroe wrote:
>
> > The SciFi Channel IS running a TZ marathon ...
> >
> > http://www.scifi.com/twilightzone/
> >
> > ... and we all know about the possibility of missing
> > days, or, at any rate, digests by now, so ...
>
>
> Miss-dating stuff can serve a variety of purposes. Back-dating stock
> options to when the price of the stock was low means greater  gain at
> turn in time.
>
> P.
> >
> > --- "John M. Krafft" <krafftjm at muohio.edu> wrote:
> >
> >> Does this happen very often? The digest dated Monday
> >> at 3:00 am was numbered 4843, and the next one,
> >> dated Tuesday at 3:00 am was numbered 4569. Are we
> >> entering the Twilight Zone?
> >
> > __________________________________________________
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>
>
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