Suspicious of each other, the World Bank and the government became stubbornly bound up in their mutual bureaucracies, many critics say.
Critics of mutual banking argue that this reveals fundamental weaknesses in a model which was meant to prize conservatism.
Critics of mutual funds said they hoped such changes would embolden fund managers to speak out about governance at the companies in which they invest.
"It appears to be a small step in the right direction, but it won't change the world," said John C. Bogle, the founder of Vanguard, and perhaps the most prominent critic of mutual fund fees.
A 1996 study by Morningstar found that where mutual-fund directors were paid particularly generously by a fund-management company, the fees charged to investors were especially high.Warren Buffett, a famous investor and chairman of Berkshire Hathaway, an investment company, recently joined the critics of mutual-fund governance.
There were accolades thrown Mr. Daley's way and, in some cases, a mutual respect between him and critics.
"We're not Janus," said Daniel C. Benton, president of Pequot, referring to the mutual fund giant whose performance, critics say, was hurt as investors poured in new money.
He has also opposed calls from Mr. Spitzer and other critics of the mutual fund industry to get the commission more involved in lowering fund fees, preferring instead to draw rules that will require greater disclosure of the fees in the hope that will result in a more competitive marketplace, which, in turn, will drive fees down.
I was recently introduced by mutual friends to the film critic Anthony Quinn.
