ICI president Paul Schott Stevens weighs in "one year later" on the fund scandals. In his commentary in the Wall Street Journal, Stevens praises the SEC's enforcement and reform efforts and looks forward to the day when the "docket will be cleared." But the heart of his opinion comes out in his last paragraph. The answer, he says, "does not lie in any statute or rule, compliance guide, or policies and procedures," but in "the strength of our firms' fiduciary cultures."

Funds didn't become the second largest financial intermediary in the U.S. by swindling their shareholders. The past years' scandals shouldn't and won't obscure that fact.  

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