Word: analysts
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...real crime, securities lawyers say, is that while the problems were well documented, regulators did nothing until investors had lost billions of dollars. Only since Spitzer's investigation turned up blunt double-dealing by analysts has the SEC intensified its efforts, currently looking at other firms too, like Salomon, where telecom analyst Jack Grubman earned more than $10 million a year reeling in underwriting clients. That princely pay had nothing to do with his stock advice. Grubman rated the disastrous stock WorldCom a strong buy until mid-March, although it was down 88% from its June 1999 peak. Salomon--which...
...whether accounting and auditing functions should coexist, whether the accounting industry needs its own watchdog group and whether measures are needed to rein in stock-option abuse. In each case, he relented only after a public outcry. Now he says tougher action is needed to protect investors from bum analyst recommendations--action that goes beyond the rules the SEC approved just last week, rules that Pitt at one time regarded as sufficient...
...charging Spitzer is now making many wonder if Pitt isn't plain soft. "The SEC under Harvey Pitt has been something of a reluctant regulator," says John Coffee, professor of securities law at Columbia University. Damon Silvers, associate general counsel at the AFL-CIO, which has been carping about analyst abuses for a year, says, "The SEC was a little late to this party." In the end, Pitt's survival doesn't mean much to investors. What they need is evidence that the game isn't rigged...
...everyone is so gloomy. Barton Biggs, chief global strategist and longtime bear at Morgan Stanley, says the "lows should hold, but it will be scary." Richard Bernstein, market analyst at Merrill Lynch, expects the nasdaq to drop to new lows. He sees the broader market avoiding that fate yet delivering subpar returns for the next few years. He and others are concerned that many stocks remain expensive relative to earnings. The S&P 500 trades at 28 times last year's earnings. A multiple of 18 to 20 would be normal coming out of a recession. Investors normally focus...
...customers as its unprotected counterparts. Besides, who wants to run even a slight risk that a disc might not work in all machines? "We're hearing that kids have slowed down their purchases of music CDs because they're not sure which ones will crash their machines," says analyst Rob Enderle of the Giga Information Group. "The fear may exist even if the problem doesn...