No Pain, Just Gain

A couple of years ago, word got out that Japanese investment houses were reimbursing their customers for losses in their stock market. As a veteran of losses in our stock market, it occurred to me that this was one heck of an idea that was definitely worth imitating over here. So last week I was thrilled to learn that Mellon Bank had taken a step in the right direction. It picked up the $130 million tab for some unfortunate investments its advisers made for clients in one of the bank's subsidiaries.

You may also have read that several mutual-fund companies in...

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