You motherfuckers aren't going to going to get away with lying or stupidity on Philip Goldstein's watch. In a letter to James Cappoli, a securities lawyer in Massachusetts Secretary of State William Galvin's office (with whom Goldstein is in the midst of a First Amendment battle), PG requested via his lawyer that the regulators "adhere scrupulously to its own standards" and study up on the difference between stating that returns are "below average risk" and "no risk."
Good's complaint referred to a recent hearing, where Cappoli claimed a Bulldog brochure available through its Web site said "Bulldog Investors has produced above average returns with below average risk, enticing the investor to invest with no risk."
Good's letter objected to the use of "entice" and questioned Cappoli's understanding of the document. The Bulldog lawyer noted that "below average risk" and "no risk" are not one and the same, and denied that the firm has ever claimed to "always" do better than the Standard & Poor's 500.