Wielding their $1 trillion clout, state pension leaders and treasurers partnered with New York Attorney General Eliot Spitzer Thursday to tear into the SEC’s proposed fund reforms. (See release.)

Announcing their new Mutual Fund Protection Principles at a press conference in New York, Spitzer and three state chief investment officers from his state, as well as North Carolina and California, attested that the SEC’s proposed reforms, announced just the day before, do not go far enough.

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