Relax, it's only a fraud (allegedly). That is one inference to be drawn from the Securities and Exchange Commission's decision to file a complaint against Sentinel Management, a US money manager that last week filed for bankruptcy claiming markets were stopping it meet its promises of daily liquidity.

It would be wrong to blame Sentinel's problems on the markets, the SEC's complaint suggests. This thought will be little relief to investors in Sentinel's funds, but if it is correct, then everyone else can breathe a fraction more easily.