This is a consolidation period in the industry, both in terms of staffing and the number of funds. We've seen a lot of fund mergers recently and some layoffs,

It was a tough quarter, but a lot of funds are still up for the year. A little sobriety never hurts.

For the most part, I think it's a good thing. I think funds should report every month. Some fund companies haven't taken advantage of technology to report information.

Merrill's record looks better than it is when you consider the bad funds they've merged away. They swept quite a bit under the rug.

The SEC is clearly staking out some valuable turf in terms of requiring that fund companies give truly accurate representations of their funds in ads.

The SEC has a fairly ambitious agenda. It seems like they have taken on a more shareholder-friendly view.