From: Michael Tucker
SEC Chairman Christopher Cox
Dear SEC Chairman Cox,
Mutual funds are an increasingly important savings vehicle for tens of millions of working Americans. As owners of these funds we bear the disatrous relults when insiders allow self-interest and greed to overcome their fudiciary responsibilities.
The "Rubber Stamp" policies which generate excessive management pay through bonuses whose taxes many times can be sidestepped via Cayment Island false fronts, must end. Ninety percent of institutional investors think the current system overpays executives. We need independent directors to stand up to the excesses of these greed based Bush Regime encouraged money managers.
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.