The conflicts of interest involved in bundled custodial arrangements are not adequatelydisclosed, nor is the potential damage to pensions resulting from these schemes.
As it stands, a primary function of the U.S. securities laws is to ensure that all material information about an issuer, including all investment risks, is adequatelydisclosed to investors free of material misstatements or omissions.
Anyway, after Mr. Lew had left NYU to work at Citi, New York Attorney General Andrew Cuomo charged in 2007 that the school's payments from Citi had not been adequatelydisclosed to students and that the school's policy toward Citi created a conflict of interest and violated state laws.