For mutual funds the scandal is what has remained legal; Too much money flows to mutual fund managers.(Adviser's Bookshelf)(Reprint) From: Investment News | Date: January 28, 2008 | COPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

Byline: Robert Kuttner

One very large player figured only marginally in the scandals of the 1990s - the $7 trillion mutual fund industry. There has been relatively little exposure of wrongdoing and even less reform when it comes to mutual funds - because, in the immortal words of former New Republic editor Michael Kinsley, the scandal is what's legal. The more than six thousand mutual funds hold the assets of over 100 million small investors and pensioners.

The legal scandal comes in two parts.

The first is the exorbitant amount of money that flows to mutual fund ...

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