By opposing disclosure of the risks to investors personal trading by portfolio managers poses, as well as disclosure of portfolio manager personal trading records and, when all else fails, invoking the attorney-client privilege to prevent investors from learning of illegal personal trading, the mutual fund industry has been able to maintain the illusion that such trading is rare and investors are not being harmed.

FORBES: Letter to Editor of BusinessWeek Re: Mutual Fund Personal Trading ( July 1, 1998)