The findings of an 18-month Securities and Exchange Commission investigation into possible conflicts of interest in the investment consulting industry may have finally confirmed the suspicions of industry watchers; the pension investment consultant industry may indeed be "corrupt."

The original probe, launched at the end of 2003, shined the spotlight on several consultants including Mercer Investment Consulting, Frank Russell & Co., Strategic Investment Solutions, Bond Segal Advisors and Wilshire Associates.

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