Is Your Mutual Fund Clean

Having nailed the big brokerage houses, New York attorney general Eliot Spitzer takes aim at another group he says is cheating small investors

On a Saturday morning four weeks ago, New York State attorney general Eliot Spitzer walked onto a tennis court in Washington for a match with his niece and chanced upon Matthew Fink, president of the Investment Company Institute, the mutual fund industry's trade group. Howya doing? Spitzer asked. Fine, Fink answered. He then mentioned that his industry seemed to be under unusual scrutiny, adding, "At least you aren't giving us a hard time." Spitzer's response left Fink weak in the knees. "Just wait," he said with a smile.

Fink didn't have to wait long. On Sept. 3, the crusading A.G., fresh...

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