While he never landed in the headlines like his boss Eliot Spitzer, the name of David D. Brown
should be a familiar one to mutual fund industry insiders. It was Brown, after all, who first heard from one of Canary Capital's employees and subsequently formulated the strategy Spitzer's use of the Martin Act to go after mutual funds that tolerated market-timing trades.
So with Eliot Spitzer in the New York governor's mansion, where is Brown now?
The New York Times reports
that the former head of the NYAG's investment management division took a three-month sabbatical during which he "basically chopped wood and cleared out my head." Finished chopping, he once again works for Spitzer, this time as head of the New York State Dormitory Authority. The new job means that he continues to work with Wall Street, though this time on more friendly terms. So, mutual fund insiders can breathe a sigh of relief.
The Dormitory Authority is the nation's largest issuer of municipal bonds nationwide.
Stay ahead of the news ... Sign up for our email alerts now