Eliot Spitzer wants to make sure the mutual fund industrys laws get changed. So hes going to the epicenter of where laws get changed: Washington D.C. There, the New York attorney general will take the industrys annual $70 billion in fees to task.
"Fund directors do not and cannot negotiate hard on fees," Spitzer will tell Congress, according to a published transcript of Spitzers speech. "What else would you except when the chairman of a mutual fund is also the chairman of the advisory company?"