Not pension officials, to be sure, but we here at Forbes have documented a pervasive culture of pay-to-play in the securities class-action bar, in which lawyers wine and dine union and government pension officials to get in on obscenely lucrative business of settling securities lawsuits.

FORBES: Lerach Blames Pension Woes On Pay-To-Play -- Theirs, Not His

Not to be outdone, the U.S. Securities and Exchange Commission proposed a rule that would bar all but the wealthiest 1.3% of households from investing in these demon vehicles.

FORBES: Capitalists We Don't Trust

Pitt was a founding trustee and the first president of the SEC Historical Society and participated in a wide variety of bar and continuing legal education activities to further public consideration of significant corporate and securities law issues.

FORBES: Intelligent Investing Briefing Book

In settling its case against Risher, the SEC imposed upon him a Bar from association with any transfer agent, broker, dealer, investment adviser, municipal securities dealer, municipal advisor, or nationally recognized statistical rating organization.

FORBES: An Ex-Con Con Artist Rips Off $22 Million From Teachers and Retirees