Public funds in particular, which are not governed by ERISA and have lay boards, should be especially diligentin this era of heightened scrutiny of financial matters to investigate consultant conflicts.
The SEC should establish clear minimum standards regarding personal trading that every mutual fund money manager must meet and be more diligentin monitoring compliance with these standards during its inspections of managers.
In the future, diligent and prudent companies will be unfairly disadvantaged if forced to turn over their internal legal analyses to future litigation opponents.