The mutual fund industry must hold itself accountable for transgressions, and so must the similarly maligned investment banking and securities research industries, New York Attorney General Eliot Spitzer told a group of upstate New York lawyers last week, The Rochester Daily Record reports.

"Accountability is the common thread that binds different segments of our society together," Spitzer said. "A lapse in accountability has led to an erosion of the line to cross."

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