Sorting the lint from the clean clothes in the scandalous mutual fund dryer is not as easy as some would lead us to believe. After all, the money attached to enforcement of reforms will come from the jeans pockets of middle-class fund investors.

The Wall Street Journal reports that in addition to fines and restitution, the Eliot Spitzer- led investigation will produce enforcement-driven insurance, legal and administrative costs in excess of $1 billion per year. Fund assets, and thus investors, will handle those costs.

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