North Carolina State Treasurer Richard Moore blasted the fund industry for paying ICI dues from investors’ pockets, while ex-SEC chairman Harvey Pitt voiced concerns about his former agency’s ability to deal with outside influences such as New York State Attorney General Eliot Spitzer, Reuters reports.

Both were speaking at the Reuters Corporate Reform Summit at the news outlet’s New York headquarters on Wednesday. Moore said that he has been told that investors are paying for their fund company’s ICI dues, unknowingly, and if that is true, then there is "no way in hell they're going to tell me they're representing shareholders."

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