Editorial: The age of the scapegoat

Richard Jory

It only seems like yesterday that exchange-traded funds (ETFs) were the basic and cheap alternative that would suit just about any investment need. Tiny commissions - small enough to make the peddlers of mutual funds blanche - and a very simple story were the buttresses for the financial world's latest large-scale innovation.

While ETFs roamed free and sales rocketed rapidly to $1 trillion there were no problems. No one was talking about complexity, securities lending, dangerous derivatives, cou

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