The president of the
Paul Schott Stevens, president of the ICI, in a speech Wednesday called the unprecedented mutual fund scandals a symptom of deeply rooted problems in need of strong tonic from regulators.
Stevens said the recent wave of mutual fund probes led to the implementation of more than a dozen "substantive" new regulations during the past two years. His comments undoubtedly caught some industry experts off guard because the ICI has a history of attempting to temper regulator onslaughts targeting its mutual fund constituents.
Stevens continued by praising
