Fidelity Investments' top investment executive expressed shock at recent revelations about securities firms' misbehavior, yet urged the industry to help the investing public not to lose complete faith in the system, The Wall Street Journal reports.

"Clearly, the bubble years of the late ‘90s saw a lot of egregious behavior that had to be reined in," said Abigail P. Johnson, president of Fidelity Investment Management & Research, referring to this week’s global research settlement by 10 Wall Street firms. But, she said, the mutual-fund industry must make sure that investors don’t give in to "excessive caution when the markets head south" by abandoning the equities market.

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