Word: analyst
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Nevertheless, the days of e-mails driving prosecutions may be coming to an end. Eliot Spitzer exploded e-mail onto the legal scene in the early part of this decade. As New York attorney general, Spitzer used internal e-mails sent by analysts to prove that Wall Street firms were pushing stocks their professionals didn't believe were good investments just to generate investment-banking fees. In one famous case, former Merrill Lynch analyst Henry Blodget told investors to buy stocks about which he privately wrote in e-mails to colleagues were "horrible," a "disaster" and a "POS," or piece...
...wake of the financial crisis, prosecutors again hoped e-mail would point to wrongdoers. In mid-2008, the Securities and Exchange Commission released e-mails that seemed to show that analysts at credit-rating agencies understood that the mortgage bonds they were rating AAA were actually much riskier than that. An analyst wrote to a colleague, "Let's hope we're all wealthy and retired by the time this house of cards falters." However, no criminal charges have been brought against rating-agency officials. (See 25 people to blame for the financial crisis...
Meanwhile, a mastermind of one of the most elaborate insider-trading schemes in recent history remains on the lam. David Pajcin, a former Goldman Sachs analyst, pleaded guilty in 2006 of running a $6.7 million scam that authorities first detected when a retired underwear seamstress in Croatia earned $2 million in profit from a suspicious, two-day investment in Reebok. The 63-year-old, who did not own a computer, was Pajcin's aunt; he traded stocks in her name and in the name of an exotic dancer he was dating to escape scrutiny. In one ploy to glean inside...
...country is to attract badly needed foreign capital. In the meantime, Anggodo Widjojo, a businessman and one of the men caught on tape conspiring with legal authorities to set up the KPK, has yet to be charged. "Why hasn't Anggodo been arrested?" asks Yanuar Rizky, an independent analyst and columnist writing on economic issues. "It looks as if you have to be close to the powers that be in Indonesia if you want to be safe...
...carried at the rally summed feelings up nicely) and is motivating people to take to the streets. "In terms of numbers the protests won't be like 1998 against [former President] Suharto but in terms of pressure it could get just as big," says Eep Saefulloh Fatah, a political analyst from PolMark Indonesia, referring to massive protests that brought down the corrupt Suharto regime. "[SBY's] credibility is at stake and will take a serious hit if he ignores the independent team's recommendations." The team's findings will be announced this week, but time is clearly...