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News October 23, 2006 Issue

While We're Waiting on that Scandal …

The pending service provider kickback scandal, foreshadowed by the SECís settled enforcement proceeding against BISYS, is Exhibit A in support of an independent chairman requirement for funds.

So said Fund Democracy and the Consumer Federation of America in a comment letter submitted to the SEC last week. "We believe that the level of wrongdoing found in the current kickback scandal exceeds even the level of wrongdoing in the market timing and late trading scandals and accordingly presents an even stronger argument for an independent chairman," they said.