New York State Attorney General Eliot Spitzer mocked the fund industry’s "claim of purity," along with Congress and the Securities and Exchange Commission’s failure to detect the improper trading he has uncovered, the New York Post reports.

"Where have the SEC and Congress been? They have permitted the mutual fund industry to get away with its claim of purity," Spitzer told the Post. "The claims of purity were just one more manifestation of the industry’s arrogance."

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