The theme of the
In an interview with MarketWatch, ICI Chairman Paul Haaga Jr. said, "Were embarrassed. We need to do a better job. You cant diminish it, because shareholders got harmed."
Instead of stock market plunges that made funds tumble the past three years, the only downfall of the fund industry of late has been its own transgressions. Still, leaders in the fund industry are resisting some of the SECs proposed reforms. For instance, many in the industry are not in favor of a requirement that would require fund boards to have independent chairman, Haaga said.
"The mere fact that weve had a scandal doesnt make every reform proposal a good one," he told CBSMarketWatch. "It ought to be up to the board; they ought to be able to decide."
