U.S. mutual funds, which now hold over $12 trillion in assets, are one of the most successful investment vehicles ever developed. Begun in the Roaring Twenties, they survived the Depression, tough regulatory regimes, and a less-than-favorable tax system and came into their own in the 1950s. Critics argue that the...

Failures in the regulation of large complex financial institutions played an important role in the financial crisis.

Commentators tend to assume that the Japanese constitution's strict constraints on military activity form an insurmountable barrier to vigorous defensive cooperation. However, three upcoming events show that Tokyo can play a greater security role in the region without having to revise the constitution.

Eliot Spitzer has risen to national prominence during his tenure as the attorney general of New York. Hailed as the “most powerful man on Wall Street,” Mr. Spitzer’s corporate investigations and vigorous litigation have left a mark on everything from mutual funds to the music industry. According to recent polls,...

How regulators are dragging downAmericans' 401(k)s.

Two recent phenomena--state-owned or controlled corporations in our public markets, and government-owned commercial investment funds--are challenging conventional approaches to the respective roles of government and the private sector.

Putting independent chairmen at the helm of every mutual fund is a foolish measure which may, in the end, lead to higher fees and worse performance.