He got the markets running in less than a week after the terrorist attacks of 9/11 and waged the most aggressive reforms in the history of the SEC. In the end, it was his own bravado (wanting to be named to the Cabinet) and impediments to true bottom-line numbers (through his poor choice of chairman of the Public Company Accounting Oversight Board and conflict of interest over his previous work for AOL), that took Chairman Harvey Pitt down.
While the mutual fund industry continues to pride itself on its elusion of problems in a scandal-clad year, perhaps the real reason investors are not up in arms against the fund industry is really because of its quieter role in the capital markets. Fund managers are as guilty as sell-side analysts in not seeing through the shams of Enron et al. But when investors think of Wall Street, it's sharp-minded, pinstriped investment bankers who come to Americans' minds, not mutual fund portfolio managers. Even though they are entrusted with the lion's share of their retirement money, whatever's left of it.