ETHICS

FIDELITY FIRES 2 MANAGERS FOR ETHICS VIOLATIONS

http://www.nytimes.com/2010/02/26/business/global/26fidelity.html?emc=tnt&tntemail1=y

“Earlier this year Fidelity suspended the two men, who had worked for the company for more than a decade. Fidelity, which has nearly $212 billion in assets under management globally, emphasized that its clients’ funds had not been affected.   “Our investigation can now conclude that the two portfolio managers we recently suspended did in fact breach our internal code of ethics,” Fidelity said in an e-mailed statement.  The company said it had discovered a “pattern of behavior,” and the managers were also found to have put “their personal interests ahead of those of the company.”

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