Occupy mutual funds?

Tom Petruno recently wrote an article in the LA Times where he wonders why the anger towards banks has not spilled over to mutual funds.  He brings up the question of how many mutual funds could truly justify their fees.

We think this is a very good point.  Take a key example of mutual funds systematically overcharging: closet indexing.  Let's do a back-of-the-envelope calculation to get at the scale of this problem.