Frederick S. Mates
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Frederick S. Mates founded in August 1967 the Mates Investment Fund, a high-flying mutual fund that later crashed in the bear market of 1970. Mates got into trouble over the practice – which was routine in the 1960s – of accounting for so-called "letter stock" (non-tradable stock) at a price different from what was paid for it. As a result, when confidence was lost in the Mates mutual fund and investors wanted out, redemptions had to be suspended for a while, which the U.S. Securities and Exchange Commission condoned.
The Mates Investment Fund was ahead of its time in one respect: it ostensibly promoted "Socially Responsible" mutual funds (not investing in armaments, cigarettes, or pollutants), which later was successfully promoted by the Calvert family of mutual funds.
[edit] References
- John Brooks Wiley. The Go-Go Years: The Drama and Crashing Finale of Wall Street's Bullish 60s. New Ed edition (September 10, 1999)
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