Wake Up!...There is a Mutual Funds Crisis!

What is an issue that sounds complicated, is full of jargon, affects the lives of 95 million Americans (more than twice the number without health insurance), but we have heard little from the Dems about?

It is the crisis in the mutal fund industry. We are talking about people's NEST EGGS here and its time for the Dems to make this an important issue in the campaign. See our previous posts on this: here.

The New York Times has a slew of articles on this today:

A front page article describes the scandal. It also explains how lax enforcement due to an underfunded SEC and industry meddling played a critical role. The article begins:

The Securities and Exchange Commission failed for years to police the mutual fund industry effectively because it was captive to the industry when writing new regulations, was preoccupied by other problems on Wall Street and was severely short of staff and money, current and former officials say.

"I believe this is the worst scandal we've seen in 50 years, and I can't say I saw it coming," said Arthur Levitt, the former chairman of the Securities and Exchange Commission for nearly eight years under the Clinton administration. "I probably worried about funds less than insider trading, accounting issues and fair disclosure to investors" by public companies.
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