"[W]hat's missing are some number showing the negative effect on millions of naive American investors who unknowingly pay up to 17 separate fees when they buy a mutual fund.... [R]evenue sharing and 12b-1 fees, which would come into the light if a fiduciary standard, were enacted, cost investors about $9.5 billion annually. These fees paid by unsuspecting investors -- in revenue sharing, 12b-1, and in 401(k)s -- dwarf anything SIFMA and other financial services lobbying groups have offered as a way to attract sympathy.... [The] fact is that the lack of transparency, and the lack of a fiduciary standard, is very profitable."

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