Where your mutual fund money is going (WSJ)

Short version: whores, private jets, and rented dwarves. P. Diddy is running your 401(k).

A Wall Street Affair: This Bachelor Party Gets Lots of Attention Probe Centers on Payments For Fidelity Star’s Bash; Private Jet to South Beach

By SUSANNE CRAIG and JOHN HECHINGER
Staff Reporters of THE WALL STREET JOURNAL
July 18, 2005

Even by Wall Street’s over-the-top standards, the March 2003 bachelor party for Thomas Bruderman, a onetime star trader for Fidelity Investments, was an event to remember.

The festivities began with a trip by private jet from Boston to a small airport outside New York City. There, the revelers picked up some Wall Street traders and at least two women who investigators suspect may have been paid for their attendance, say people familiar with the matter. The partygoers — including the groom-to-be, who was getting ready to marry the daughter of former Tyco International Ltd. boss L. Dennis Kozlowski — then continued to trendy South Beach in Miami. The fun included a stay at the ritzy Delano Hotel for some, a yacht cruise and entertainment by at least one dwarf hired for the occasion.

“Some people are just into lavish dwarf entertainment,” says the 4-foot-2 Danny Black, a part-owner in Shortdwarf.com, an outfit that rents dwarfs for parties starting at $149 an hour. Mr. Black says he spent part of the weekend on the yacht and worked as a waiter on the Friday night at a high-end Miami eatery alongside what he called “regular size” people. “A good time was had by all,” he said, declining to provide further details.

Now I say I say hold I say hold I say HOLD ON HERE.