But officer, everyone shoplifts - the they did it too defense to securities fraud claims...

Misconduct by executives and directors at Merrill Lynch, Lehman Brothers, AIG, CITI does not excuse misconduct at Bear Stearns.  The everyone was doing it defense doesn't fly in American jurisprudence. 

  Nearly every client we represent in securities fraud cases based on corporate misconduct related to the subprime crisis asks the same question - Aren't they just going to say that everyone on Wall Street did the same thing?  Our answer is always the same - Maybe.  But that just means there was a whole lot of fraud on Wall Street.  And "a whole lot of fraud" is not an acceptable defense in any jurisdiction.  

 Even if a hundred brokerage firms collapsed from subprime lending issues or overindulgence in subprime securities, Bear Stearns would still be liable for its own massive securities fraud.