Mutual funds and the rest of corporate America are suffering the repercussions from an overly zealous SEC, lobbyists charge. Although SEC Chairman William Donaldson has signaled that the SEC has no plans to let up in its lawsuits, the person at the center of the lobbyists' fury is chief enforcer Steven Cutler.

Appointed director of the division of enforcement in December 2001, two months before the Enron collapse, Cutler and his staff have since brought a record 1,300 enforcement cases.

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