(https://www.cnbc.com/2026/06/12/kenneth-leech-pleads-guilty-to-obstructing-cherry-picking-probe.html) is noise compared to the real forensic red flag nobody's digging into. One guy getting convicted doesn't kill the asset management industry — but deteriorating cash accrual ratios at the mega-cap custodians ($BLK, $BNY) absolutely could. The cherry-picking scandal is a *timing* crime; the liability disclosure decay I'm tracking is a *solvency* crime.

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