Political Quotes

“I support H.R. 2420 for the simple reason that I think it is essential to replace and retain, but also reconstruct the Good Housekeeping seal that the mutual fund industry has had for so long. They have lost it in the last 6 months. This legislation would restore that seal, that sense that people's money, the middle-class investors' money is safe with the mutual fund. How it would do that is it would reverse the culture and the practice that has been developed in the mutual fund industry where the manager's strategy, the manager's mentality is, heads I win; tails the investors lose. That is what has been going on. This legislation is not only a good step in the right direction, it is a strong step in the right direction. In my view for too long we have a culture that has been developed in the industry where it is self-serving to the management. It is essential now as the relationship between mutual funds and hedge funds exist in the same family, to go beyond the individual area, but to ensure that the mutual fund investor does not subsidize the well-to-do investors in the hedge fund.”