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Resource ID: #21901
Subject: Financial Investigations
Source: CBS News 60 Minutes
Date: Feb. 18



With the help of one whistleblower, the New York State Attorney's office began to investigate one of the largest financial scandals on Wall Street. The scandal involves mutual fund traders who buy and sell mutual funds after the closing price is set at the New York Stock Exchange at four o'clock in the afternoon. The plan, called "late trading," allowed traders to get the four o'clock price hours later if they knew whether the market would go up or down the next day.

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