Since last fall, the Securities and Exchange Commission has been investigating Fidelity Investments. The focus is on allegations of gift-related trading abuses. For the same reason, the U.S. attorney in Boston is also looking into the company's practices. Fidelity is carrying out an internal investigation.
The investment firm was founded in Boston in 1946, and has grown to become the largest manager of mutual funds in the U.S. But Fidelity is now losing ground to other powerhouses in the industry.
For a look inside Fidelity at this point in its history, Bob Oakes speaks with Steve Bailey, who writes the Downtown column on the business pages of the Boston Globe.
This program aired on September 20, 2005. The audio for this program is not available.