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Offers investment advice in light of Wall Street scandals. Complaint by New York Attorney General Eliot Spitzer against Janus mutual fund for potential improper trading practices; Implications of how investors react to such financial scandals; Why there is more reason to be distrustful of financial institutions that give small investors access to the markets; Scandals in 2003; Issue of fund firms giving large clients certain advantages; Topic of late trading; The widening mutual fund investigation; Advice to fund investors; Discussion of the economic rebound. INSET: GREED BEATS FEAR AGAIN.

Comments on financial anxieties. Ways that excessive, or inappropriate, vigilance exacts a price; Contention that people who insulate their portfolios against phantom risks pay a toll; How, in limiting risk, people also limit the opportunity for gain; Focus on Wall Street hedge funds; Reasons why people worry about hedge funds; Topic of risk aversion; Risks in real estate, including adjustable-rate mortgages; Discussion of derivatives; Efforts of Wall Street to market derivatives as a tool for making risk more palatable.