HUNTINGTON BEACH, Calif. - Mutual fund industry leaders admit that years of deregulation allowed the current economic crisis to unfold, and many are anticipating a backlash of new and excessive regulations to result.

"Markets will overcorrect, and regulators and regulations will overcorrect as well," said Paul Haaga, vice chairman of Capital Research and Management, at the Investment Company Institute's 2008 Operations & Technology Conference. "We will see more regulation than is good for the market."

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