PaulI will not argue any of the points you made, but will point to several you didn't:Yes, the industry has lots of clout, and they do work to preserve certain aspects, but it looks as if they will not take on "populist" issues. If enough voters want it, it will happen. How many people went to jail for the CDS, CDO, Robo-signing, rogue London whale, derivatives messes? How much was spent by the US government (and, ultimately, by many other governments) to bail the banksters out of those messes?The laws are being written and sound like they are big, bad, reform action but once finally released from committees are toothless and so vague no charges can be made.As I implied in my first post on this topic, the mutual fund industry had already seen the advisors move to the fee-based (i.e. no-load) model over the last 10 years so, by now, they can back a "reform" like this and it only hurts the small independent shop, if anyone at all.Poz
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