In an open letter to shareholders that has just gone out, Fidelity Chairman Edward "Ned" Johnson 3rd expresses his concerns that regulators should practice caution before rushing to any "quick fixes" in response to the current scandal "siren-song."

An effective, government-run clearinghouse, be it DTCC or another group, must be able to assume complete fiduciary responsibility for "locked," time-stamped fund trades, the chairman of the nation’s No. 1 fund company says.

Underlining the importance of the mutual fund industry to the nation’s wealth, Johnson advises: "We need to build a stronger foundation to protect mutual fund shareholders for the future" against those who will inevitably always try "to beat" the system.

Johnson also quotes another person with the legendary namesake, Lyndon Johnson: "Any darn mule can kick down a barn."

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