August 11, 2006
SEC Chairman Christopher Cox
Dear SEC Chairman Cox,
Mutual funds are an increasingly important savings vehicle for tens of millions of working Americans like me. I have already lost part of my pension, and my healthcare coverage through my ex-company LTV Steel.
I am the owner of three funds and I bear the risks if they are dominated by self-interested insiders. We all look to the Securities and Exchange Commission (SEC) to protect us. I am writing to express my strong support for the proposed rule requiring that mutual fund boards have an independent chairperson and at least 75 percent independent directors. These rules were among the most important reforms adopted by the SEC in the wake of the mutual fund trading and sales abuse scandals.
Please stop the class warfare between the CEO's and workers, and fund managers and investors. These people at the top make money even when they screw up, and we lose thousands of dollars. It is like the great depression all over. The gap between the haves and have nots is growing at the fastest rate since the 30's. Most cannot save at all.
The Investment Company Act requires that mutual funds be managed in the interests of their shareholders. Requiring independent directors and chairpersons will help ensure this safeguard for the small investor, to make sure the little person gets a fair shake.
Thank you so much for being concerned about us middle class who are falling farther behind.