Is anyone noticing the message to mutual fund investors on industry reform?
“You’re going to probably pay a few pennies more or a few basis points more in expenses,” said Geoff Bobroff, a Rhode Island consultant for the industry, in today’s Boston Herald.
Compare that with what the various market-timing and late-trading abuses, all $4 billion to $7 billion worth, have cost the average investor:
“Pennies on the dollar,” according to comments in early November by Louis Harvey, president of Boston’s Dalbar Inc.
Ideally those fighting for the small investor -- our secretary of the commonwealth, William F. Galvin, and New York’s attorney general, Eliot Spitzer -- will get the guilty to give back the pennies so they can instead be spent preventing the guilty from taking them away.
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