When the supreme court ruled in June that investment banks were immune to lawsuits that alleged collusion in the way they underwrote stocks in the 1990s, the news was met on Wall Street with a thunderclap of... utter indifference. For all the outrage when Eliot Spitzer was digging up smoking-gun e-mails, the scandals of yore are as relevant now as The Starr Report. The fact that the court has effectively sanctioned those old practices doesn't much matter now. The game has changed.
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