Timing scandal will run and run

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Sadly, the story that dominated the headlines over the past month is the investigation by Eliot Spitzer into mutual fund timing. The only certainty in this sorry affair is that more and more big name hedge funds will be dragged into the net and that, once again, the industry is being made to look as if it is using its veil of secrecy to hide dubious practices.

Clearly the subject dominates our coverage this month. Our investigation into the extent and the types of trades carried out by the mutual fund timers suggests that the practice is far more