2) Accountants who played footsie with stock-promoting managements by certifying earnings that weren’t earnings at all.
3) “Modern” corporate treasurers who looked upon their company pension funds as new-found profit centers and pressured their investment advisers into speculating with them.
4) Investment advisers who massacred clients’ portfolios because they were trying to make good on the over-promises that they had made to attract the business.
5) Investment managers who brought and churned the worst collection of new issues and other junk, and the underwriters who made fortunes bringing them out.
6) Elements of the financial press which promoted into new investment geniuses a group of neophytes who didn’t even have the first requisite for managing their own money, much less other people’s money, and a lack for sense of responsibility.
7) The securities salesmen who peddle the items with the best stories – or the biggest markups – even though such issues were totally unsuited to the customers’ needs.
8) The sanctimonious partners of major investment houses who wrung their hands over all these shameless happenings while they deployed an army of untrained salesmen to forage even less trained investors.
9) Mutual fund managers who tried to become millionaires overnight by using every gimmick imaginable to manufacture their own paper performance.
10) Portfolio managers who collected bonanza incentives of the “heads I win, tails you lose” kind, which made them fortunes in the bull market but turned the portfolios they managed into disasters in the bear market.
11) Security analysts who forgot about their professional ethics to become storytellers and let their institutions be taken in by a whole parade of confidence men.