Gretchen Morgenson writes: A Great Fund (for them, not you):
It’s easy to see why the Washington political class feels no need to right the wrongs in the fund industry. Those folks know how to take care of themselves. Low-cost, conflict-free money management is just one of the many special privileges lawmakers have arranged for themselves. Too bad the 91 million ordinary Americans who invest in funds can’t get the same deal. As Mr. Fitzgerald said: “We’ve created one mutual fund world for ourselves that is great and fair and we’ve created another for the rest of America that stinks.”