Earlier quoted context omitted.
Being the 'middle-man' is not something that 'just happens'. Bringing manuscripts into blinded connection with appropriate reviewers in an orderly way is definitely a value add. It's not the risks they take (which was your question), but it's an example of some value that they add to the process which usually gets overlooked.
Does this value-added justify their scummy practices? Other middle-men seem to get on fine without doing the bad things outlined in the article. And academia is already about networking; collaborations, at least in CS and Mathematics, are a big part of research, so finding the right set of reviewers shouldn't be too difficult for editors of a journal, given that these editors are probably well-placed people in the fi…
It's both an insult to what publishers do bring, and something of an own-goal: if you want to replace a scummy operator, you have to understand what they bring to the table so that you can replace it with something better. It's identical to the people who scream about Apple and Google taking a 30% cut of app store sale - these people are clearly clueless about business and are shouting to the world their ignorance about what that 30% gets you.
> And academia is already about networking; collaborations, at least in CS and Mathematics, are a big part of research
Academia also has a lot of political backstabbing and competition for dwindling grant money. But Elsevier's role isn't finding collaborators - it's finding reviewers, which is a distinctly different thing. You also can't find blinded reviewers yourself or via known associates, because that takes away the blind.