Reserve Management Co charged with fraud

Massachusetts Secretary of State William Galvin filed a fraud case against Reserve Management Co. The company was making allegedly making false statements about its plans to support the Reserve Primary Fund's net-asset value around the time it "broke the buck" in September. The net asset value of fell below $1 to $.97 following the bankruptcy of Lehman Brothers. The $62 billion Primary Fund collapsed. For more information, read the article at the Wall Street Journal or Business Week.

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Harvard Employees filing low claims

In a recent report at Prauda, they discuss the findings of US Senator Charles Grassley upon his investigation of three psychiatrists from Harvard, who worked at Massachusetts General, their reported earnings on payments they received from drug makers.

The three claimed to have received a few hundred thousand dollars from drug makers, but when asked to revised the reports, they claimed $1.6 million each in payments from drug companies. A further investigation is going to be done due to the fact that drug makers still claim they doctors were paid more money.

Senator Charles Grassley is hoping to prove to congress that the United States needs to have stricter rules on the national reporting system, specifically when it came to reports on payments that had to do with the pharmaceutical industry.

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