Even though the mutual fund scandal has claimed employees, executives, entire companies and tens of billions of dollars of assets, the push toward reform may be weakening, The Baltimore Sun reports.

John Bogle, founder of Vanguard, said that while reforms are needed to make mutual funds steer themselves toward investor interests, Congress and the Securities and Exchange Commission are shying away from it.

T. Rowe Price Vice Chairman James Riepe had an interesting take as to why it will be so hard to reform the industry. "We need to understand that ethical behavior cannot be regulated," he said. "So this is not something that's cured totally by having reform after reform after reform."

From the SEC’s 75% independent board proposal to the already passed measure for better disclosure of breakpoint discounts, reform is always going to have rabid support and opposition. The industry, many experts say, may block most of the reforms, and mutual fund investors may be once again left simply hoping that they invest in ethically sound funds.

In other words, they might be right back to where they started from.

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