It's your worst nightmare come true. Regulators called yesterday to inform of their investigations into your firm's practices, and already some of the toughest news reporters in the industry have called for comments --some more than once. You are still trying to absorb the information, figure out what's what and find out who did what, when, and why?

What do you tell those persistent reporters, your worried mutual fund investors, the concerned financial intermediaries that sell your funds, your loyal employees, your outside vendors, and maybe even your corporate shareholders if you are a publicly traded company?

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