Word: blodget
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...idea he would get the smoking guns that materialized. Merrill Lynch complied promptly, perhaps unaware of the documents' incriminating nature. Over six weeks in March and April, the investment bank sent 30 big boxes of e-mail, snapshots from the hard drives of Internet-company analyst Henry Blodget and his team...
...broad investigations of securities companies. "Martin," Spitzer concedes, "is generous to prosecutors." His interest picked up the following month when he learned that Merrill Lynch had settled promptly and magnanimously with a New York City pediatrician who charged that his $1.2 million portfolio had been nearly wiped out by Blodget's allegedly tainted boosterism for tech stocks, including InfoSpace. The $400,000 settlement energized Spitzer. "I looked at that," he says, "and thought, There has got to be something there...
They became instant classics. A Merrill research report from Dec. 21, 2000, for example, called an Internet company, LifeMinders, "an attractive investment." But earlier that month, a Blodget e-mail had said, "I can't believe what a POS [piece of s___] that thing is." Spitzer has another favorite--a Blodget missive, now known in the office as the "smoking-gun" document, that says if his team doesn't get any guidance from above, "we are going to just start calling the stocks ... like we see them, no matter what the ancillary business consequences are." Says Spitzer...
...only when the rinse cycle begins," a wise old friend of mine likes to say, "that you can tell how dirty the laundry really was." With Enron, Arthur Andersen, Henry Blodget and Dennis Kozlowski all sloshing back and forth in the muck, it has become clear to everyone that the late bull market in stocks was fueled partly with Potemkin profits, partly with bluster, partly with outright lies...
...direction and disappointment with scores on Massachusetts state exams are prompting school officials to vacate their five-year contract with Edison this summer, three years before it was set to expire in 2005. "There was a sense that we're ready to do this on our own," says Dudley Blodget, Renaissance's president. "Test scores were one factor, but we really felt we didn't need the whole school-management piece any longer...