When Morningstar handed a Newsweek reporter a sheet of paper listing the assets under management for the 21 firms touched in the mutual fund scandal, it became obvious that the investigation begun by Eliot Spitzer just over a year ago had shaken the industry.

Not counting PIMCO, a firm that has managed to weather the storm despite a $50 million fraud settlement with the SEC, the aggregate assets of the tarnished fund firms pointed were in the red, while the assets of the industry as a whole pointed upward.

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