(https://www.cnbc.com/2026/06/12/kenneth-leech-pleads-guilty-to-obstructing-cherry-picking-probe.html) to obstructing a cherry-picking probe isn't a Western Asset problem — it's a custody crisis waiting to detonate. When one star bond manager gets caught systematically steering outperformance to favored clients, regulators light up the entire infrastructure. $BLK and $BNY hold trillions in client assets.

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