Funds Made "Math Mistakes" on Performance Fees

Here's an article to infuriate you: Funds Made Math Mistakes on Fees. What sort of errors did that mistake cause: Investors overpaid on the performance fees, the SEC and auditors found.

Math errors? Haven't the flawed Pentiums been replaced about 15 years ago? Puh-leeze, this is just absurd. Why is it that whenever Wall Street makes a mistake, it is invariably is in their own favor, and never the investor's?

Just once, I would like to read an article that states a firm -- whoops! gave investors too much money:

"It was our fault, we gave our investors a small windfall by mistake" said Quigley Feffenboozler, manager of the Blue Chip Value Preferred Balanced Equity Fund. "Since we made the mistake, we will just eat the losses. Its our Christmas resent to our fund holders."

Source:
Funds Made Math Mistakes on Fees
Errors Mean Some Investors Overpaid for Performance, SEC and Auditors Find
By KAREN DAMATO
THE WALL STREET JOURNAL, April 8, 2005; Page C13
http://online.wsj.com/article