Securities and Exchange Commission Chairman Christopher Cox and New York Attorney General Eliot Spitzer met this week for the first time face-to-face to discuss a wide range of cases, including mutual fund investigations--and vowed to work more cooperatively, according to numerous reports.

"Working together, we can be much, much stronger," Cox told reporters. In fact, Federal and state regulators are increasingly collaborating on cases, he said.

Spitzer characterized his relationship with Cox and his predecessor William Donaldson as "wonderful," although this has not always been the case with the New York A.G. and the SEC. Spitzer actually did clash with Donaldson and his team over the issue of lowering mutual fund fees. The SEC maintained that was an issue unrelated to mutual fund late trading and market timing.

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