Merrill Lynch CEO Stan O’Neal expects the mutual fund scandal to extend well beyond trading practices and that funds must stand up and make fundamental changes to the way they do business, Reuters reports.

"I don’t know that there’s clarity yet in terms of what the scope ultimately will be, [but] I do believe that it will widen beyond just the trading practices [and have] far-reaching consequences," O’Neal said, speaking at a Merrill Lynch conference in New York.

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