I don’t know if wiping out bond holders is good… aren’t some of these rolled up into fixed income investments by people who are retired or close to retirement?
Yes there is a huge appetite for fixed income products, especially when the credit quality is initially strong or at the moment when the credit is so-so but the yield is just right.
These end up in your pension, your mutual fund and so on even if you don't touch the product directly.
Granny will be shit out of luck.
In Europe we have regulations for this, and they are definitely held accountable, tho not very often.
For example in the early '00s some Italian banks were held responsible for suggesting investment in argentine bonds as "safe" to unrefined clientele.
At a minimum the Mifid questionnaire will restrict you from buying securities you do not understand, and any court will trivially be able to see if your financial advisor filled it in for you.