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American Morning
Minding Your Business: Cash Couple
Aired November 10, 2003 - 08:47 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
SOLEDAD O'BRIEN, CNN ANCHOR: The mutual fund scandal appears to be getting strong. Andy Serwer is here with an exclusive. He's minding your business this morning.
Good morning, Andy.
ANDY SERWER, "FORTUNE" MAGAZINE: Good morning, Soledad.
I think that was a pun here, and you'll understand that in a minute.
Of course, the mutual fund scandal you've been reading about in the papers, a lot of big names involved, like Putnam, Janice and also the Strong Funds out of Wisconsin.
I went out to Wisconsin last week and sat down with Dick Strong, who is the founder and head of this company. There he is. You can see him on the screen. A very controversial figure, Soledad. Here's a guy who built this company with his own two hands. However, you talk to a lot of people who have worked with him over the years, and they say this is a person who pushes the envelope, and people I spoke to said they weren't surprised that he was caught up in this scandal, because he's exhibited a pattern of behavior that, in fact, can be considered -- some people would even say borderline in terms of getting along with regulators. He has been in trouble with regulators before. And this whole issue of market timing is something that's not going away. You've heard Eliot Spitzer, the New York State attorney general talking about it. The head of the Securities and Exchange talking about it.
And there's a lot of questions about what you should do if you're an investor, whether you should leave your money in these funds or not. And that is a big question, and a lot of people are really unsure about that at this point.
O'BRIEN: That's your exclusive report, you should add.
SERWER: Yes, and in the latest issue of "Fortune" magazine. We also want to talk about finances with Ken and Daria Dolan. For years, they've been dispensing advice on radio, TV and print. And their new daily show "The Dolans Unscripted" premiers this morning at 10:00 Eastern on CNNfn. So we want to welcome, Ken and Daria to the program.
DARIA DOLAN, CO-HOST, "THE DOLANS UNSCRIPTED": Thank you, Andy.
SERWER: Great to see you guys. KEN DOLAN, CO-HOST, "THE DOLANS UNSCRIPTED": You are here, too, are you not?
SERWER: Yes.
K. DOLAN: Andy, what a mess on Wall Street. I love this. All the fat cats are down in Boca Raton last Friday, talked at the Securities Industry Association, and Bill Donaldson is there saying, I'm going to clear things up. Just forget the cocktails, forget the booze, forget the golf and tennis, go back to Washington, do something.
Aired November 10, 2003 - 08:47 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
SOLEDAD O'BRIEN, CNN ANCHOR: The mutual fund scandal appears to be getting strong. Andy Serwer is here with an exclusive. He's minding your business this morning.
Good morning, Andy.
ANDY SERWER, "FORTUNE" MAGAZINE: Good morning, Soledad.
I think that was a pun here, and you'll understand that in a minute.
Of course, the mutual fund scandal you've been reading about in the papers, a lot of big names involved, like Putnam, Janice and also the Strong Funds out of Wisconsin.
I went out to Wisconsin last week and sat down with Dick Strong, who is the founder and head of this company. There he is. You can see him on the screen. A very controversial figure, Soledad. Here's a guy who built this company with his own two hands. However, you talk to a lot of people who have worked with him over the years, and they say this is a person who pushes the envelope, and people I spoke to said they weren't surprised that he was caught up in this scandal, because he's exhibited a pattern of behavior that, in fact, can be considered -- some people would even say borderline in terms of getting along with regulators. He has been in trouble with regulators before. And this whole issue of market timing is something that's not going away. You've heard Eliot Spitzer, the New York State attorney general talking about it. The head of the Securities and Exchange talking about it.
And there's a lot of questions about what you should do if you're an investor, whether you should leave your money in these funds or not. And that is a big question, and a lot of people are really unsure about that at this point.
O'BRIEN: That's your exclusive report, you should add.
SERWER: Yes, and in the latest issue of "Fortune" magazine. We also want to talk about finances with Ken and Daria Dolan. For years, they've been dispensing advice on radio, TV and print. And their new daily show "The Dolans Unscripted" premiers this morning at 10:00 Eastern on CNNfn. So we want to welcome, Ken and Daria to the program.
DARIA DOLAN, CO-HOST, "THE DOLANS UNSCRIPTED": Thank you, Andy.
SERWER: Great to see you guys. KEN DOLAN, CO-HOST, "THE DOLANS UNSCRIPTED": You are here, too, are you not?
SERWER: Yes.
K. DOLAN: Andy, what a mess on Wall Street. I love this. All the fat cats are down in Boca Raton last Friday, talked at the Securities Industry Association, and Bill Donaldson is there saying, I'm going to clear things up. Just forget the cocktails, forget the booze, forget the golf and tennis, go back to Washington, do something.
