They were seven and they fought like seven hundred. That was the famous tag line of the classic 1960 western film "The Magnificent Seven," a tale about a septet of mercenaries called on to protect the inhabitants of a small village from being pillaged by outlaws.

While the trenches of the mutual fund industry may not exactly resemble the lawlessness of the Old West, there has certainly been a lot of gun slinging over a widespread trading scandal that effectively bilked small investors of their returns As a result of the endemic and abusive trading practices coupled with the perception of a lack of transparency in mutual funds, the Securities and Exchange Commission proposed a series of corporate governance reforms last fall.

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