These issues are not academic or peripheral -- they directly affect every mutual fund investor. ... One word above all must define a fund's overall management structure. That word is accountability. And, without strong independent directors, accountability is nothing more than words on a page.
More Quotes from Arthur Levitt:
We have an opportunity today that we may not have again in our lifetime, to realize the vision for a true national market system,Arthur Levitt
We all understand that directors aren't required to guarantee that their fund has the lowest fees, ... But they are required to ask whether fund investors are getting their money's worth. What do independent directors know about management's costs and their profitability
Arthur Levitt
It is incumbent on us to facilitate the development of a market structure that best assures that these changes benefit the U.S. securities markets as a whole.
Arthur Levitt
I worry the best execution may be compromised by payment for order flow, internalization, and certain other practices that can present conflicts between the interests of brokers and their customers.
Arthur Levitt
Encouraging competition to investment banking research should be on everyone's short list of common sense solutions to restore investor trust.
Arthur Levitt
What must occur is a greater recognition by investors of their individual responsibility.
Arthur Levitt
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