The past few days have seen the investment management industry get two black eyes. Investors are seeking $100 missing from the Bayou hedge fund, and the head of Canada's mutual fund association resigned in disgrace, with $70 million missing from his own firm, Norbourg.

Canadians are said to be reeling from last week's police raids. Now, in a Montreal Gazette editorial, the paper is calling for a voluntary insurance fund for mutual fund fraud, with the bill footed by the companies themselves.

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