Investing February 27, 2004

Putnam Leads Scandal Plagued Firms in January Asset Loss

February 27, 2004 (PLANSPONSOR.com) - The continuing mutual fund trading scandal continued to exact a cruel vengeance from the fund companies caught up in it so far, with Putnam Investments being the big asset loser last month.
Reported by

The Boston-based Putnam suffered a $3.14 billion outflow in January, which followed on the heels of an even more severe $4.72 billion asset setback in December, according to data from the Financial Research Corp. Putnam now manages $129 billion in assets.

Close on its heels in terms of bleeding assets was another beleaguered fund family – Janus – which gave up just over $2 billion in assets in January after getting slapped with a $2.81 billion outflow the month before. The firm now has $84.4 billion in assets.

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AIM got hit with a $785 million outflow in January, following December’s $1.34 billion asset exodus. The firm now has $79.5 billion in assets.

MFS Investment Management escaped comparatively unscathed in January, only losing $99 million in assets. The company had lost $312 million in December. The firm now has $79.9 billion in assets.

Benefits February 26, 2004

Creative Resume Writing Still Alive and Well

February 26, 2004 (PLANSPONSOR.com) - The art of "creative" resume writing is apparently alive and well in this still struggling job market.
Reported by

A Cleveland firm, which fact checks resumes for employers, said incorrect start and stop dates for a former job topped its list of “Top Ten Resume Lies. Rounding out the list of dubious distinction put together by Background Information Services was:

  • false and/or inflated salary history
  • inaccurate former positions or titles
  • exaggerated or false listing of responsibilities at former job
  • false reason(s) for leaving job
  • false education Level (GPA) or inaccurate graduation information
  • false Information pertaining to special licenses/certifications acquired
  • non-existent awards and/or recognitions
  • phony graduation certificate/diploma
  • unexplained gaps between jobs

“This fact-stretching exercise is harmless when it comes to forgetting what month you might have left a job, but becomes detrimental when that job, in fact, never existed in the first place,” said Background Information Services president Jason Morris.

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Based on results of Background Information Services fact-checking and industry data, more than half (56%) of resumes reviewed contain false or misleading data. More than a third (34%) lied about the applicant’s experience, education, and ability to perform essential functions on the job.

About one in 10 claimed credit for a college degree they didn’t earn, made up a past employer, or listed an old job that existed only in their imagination. About the same number misrepresented why they and an old boss parted ways.

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