Confused about the mutual fund scandal? The NYT’s Paul Krugman has a helpful analogy: “You’re selling your house, and your real estate agent claims that he’s representing your interests. But he sells the property at less than fair value to a friend, who resells it at a substantial profit, on which the agent receives a kickback. You complain to the county attorney. But he gets big campaign contributions from the agent, so he pays no attention. That, in essence, is the story of the growing mutual fund scandal.”
From Today’s Papers at Slate.