The affair has quickly become known as Wall Street's Watergate. That hardly seems an exaggerated description for the drama of financial power and corruption that was exploding on both coasts of the U.S. last week. An enormous scandal was spreading at the core of America's investment community, touching some of the biggest moneymen in the country. A civil and criminal investigation was peeling back layer after layer of evidence in a bid to uncover the full pattern of illegalities that had come to light in the $2.5 trillion U.S. stock market. There was even that ultimate Watergate touch: the disclosure that...
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