In Blossoming Scandal, Culprits Are Countless: “And the process is likely to lead to more sweeping reforms than Washington had initially contemplated. According to Richard Sylla, the resident bubbleologist at New York University’s Stern School of Business, that’s what happened after the boom in the early years of the 20th century, when the Panic of 1907 gave way to Progressive Era reforms, including the creation of the Federal Reserve System. In 1913, a reform-minded accountant named Arthur Andersen started his firm on the promise of offering investors an alternative to the lax accounting standards then prevailing.”