Investigate The Investors

Congress and the courts are probing analysts' conflicts, but investors' bubble behavior was loathsome too

The witch hunt goes on, as burned investors and their designated protectors assign blame for the Internet bubble. Last week fresh testimony in Washington detailed the sordid ways some analysts conduct business, and more high-profile lawsuits surfaced--some naming bubble queen Mary Meeker at Morgan Stanley. There's enough indignation coursing from Main Street to Wall Street to K Street to keep the bar at full employment for decades.

The cause of all the whining is the horrendous beating investors took in tech stocks that, truth be known, most of them should never have owned. Curiously, almost no one lays blame at the...

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