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"Dear Abby, What Happened?" (News: Analysis & Commentary, Nov. 14, 2005)


In the story "Dear Abby, What happened?" (News: Analysis & Commentary, Nov. 14) about Abigail Johnson of Fidelity Investments, we reported that Johnson confirmed to BusinessWeek that she fought with her father, Chairman and CEO Edward C. Johnson III, about an extensive overhaul of the firm's mutual-fund business. Abigail Johnson ran the unit until May, when she was moved to a different position. In fact, we relied not on interviews with either Johnson, but rather on prepared statements that Fidelity sent us in answer to our questions. In one, Edward Johnson said: "...the founder of Fidelity encouraged a constant interplay of ideas between the generations of Johnsons...a back-and-forth of arguments, often including spirited differences of opinion, but ultimately leading to the growth of Fidelity. That same belief in constructive debate exists today." A quote provided from Abigail Johnson said: "I wholeheartedly agree with what my father said: Our family will continue to work together closely to ensure that the things that have made Fidelity a great company over the years continue far into the future." These quotes do not support the conclusion we drew from them. Further, we should have made clear that they were provided by the company and not the result of interviews. We regret these errors in judgment and the departure from our journalistic standards.

"Rivals are eyeing Wyeth (WYE)" (Inside Wall Street, Nov. 14) should have said that David Moskowitz of Friedman, Billings, Ramsey (FBR) rates Wyeth "outperform," not Andrew Forman, as incorrectly mentioned.

"Debt collection puts on a suit" (Finance, Nov. 14) should have said that Asset Acceptance Capital Corp. (AAAC) is the largest listed company in the sector by market cap. NCO Group Inc. is larger by sales.


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