Those who have maintained the holier-than-thou attitude of the mutual fund industry and have believed that this scandal, too, shall pass, shouldn't kid themselves. It's time for the industry to turn in its halo.

New York State Attorney General Eliot Spitzer has maintained that the developments in his investigation involving corrupt deals between hedge funds and mutual funds is moving at a speed he has never seen before. Heads will roll, Spitzer has promised. Corporate crooks will be put behind bars for significant amounts of time, he's boasted.

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