Nasdaq's losses in the past year have wiped out all the profits from the technology boom since fall 1995. Almost $5 trillion of investors' paper wealth has disappeared, a good part in tech stocks, compared with $1 trillion in the 1987 crash. In the two weeks ending Sept. 7, Nasdaq lost 12%. A big reason for the bubble's collapse is that much of this inflated valuation was based on accounting smoke and mirrors. But the Association for Investment Management & Research, which sets ethical standards for analysts, doesn't seem to care. The oversight laxness when everything was going great is bad enough. For AIMR to continue to shrug off fairy-tale accounting is downright inexcusable.
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