Scandal Expected to Humble Industry at ICI Meeting

The theme of the ICI General Membership Meeting this year is "A Matter of Trust," a trust that has been broken in light of recent events, namely the flood of improper trading uncovered by New York Attorney General Eliot Spitzer and the Securities and Exchange Commission, CBSMarketWatch reports. The shadow of the scandal and the pending sweeping reforms will be the hot-button issues at this year’s meeting.

In an interview with MarketWatch, ICI Chairman Paul Haaga Jr. said, "We’re embarrassed. We need to do a better job. You can’t diminish it, because shareholders got harmed."