Bank Of New York Mellon Accused Of Ripping Off Two Pension Funds For Millions (BK)

Sam Ro | Sep. 14, 2011, 5:51 AM | 85 |   x You have successfully emailed the post. Pension funds have accused Bank of New York Mellon of allegedly executing trades in a such a way that the bank was able to line its own pockets at the direct cost of the funds.

Specifically, BONY is said to have executed unnecessary trades, when it could saved clients money in a processing called matching. For example, rather than taking two orders and executing two separate trades, BONY could have taken those two orders and execute them in a single trade.

BONY, of course, denies any wrongdoing.

The Wall Street Journal took it upon itself to do some do some investigating and crunch some numbers.

Here's what they found.

Fund Client: Massachusetts Pension Reserves Investment ManagementTime Period: January 2007 to May 2011No. of Questionable Trades: 10,288Total Est. Overcharge: $3,200,000Fund Client: Los Angeles County Employees Retirement AssociationTime Period: May 2000 and September 2010No. of Questionable Trades: 446Total Est. Overcharge: $171,000Please follow Clusterstock on Twitter and Facebook.
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Incredible Pictures Of HURRICANE IRENE Ripping Up The East Coast

Gus Lubin | Aug. 27, 2011, 8:42 PM | 43,583 |   x You have successfully emailed the post.

Abandoned beach front houses are surrounded by rising water as the effects of Hurricane Irene are felt in Nags Head, N.C., Saturday, Aug. 27, 2011 (AP Photo/Gerry Broome)

Image: ap

Around one million have lost power and at least eight have died as Hurricane Irene moves up the East Coast.

Right now New York City is strangely empty after 375,000 were evacuated and most people buckle down at home. The storm is supposed to hit here late Saturday or early Sunday.

If you have pictures to share of this historic hurricane, please send them to GLubin@businessinsider.com.

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