Word: blodget
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Meanwhile, the entire analyst community is under siege, essentially charged with fueling the irrational ascent of worthless stock via questionable buy recommendations that enriched analysts and their firms. Internet pinups Meeker at Morgan Stanley and Henry Blodget at Merrill Lynch each earned about $15 million for their bullishness in 1999--while those who listened paid dearly. Now we demand accountability...
...that sentiment goes against our inalienable rights to life, liberty and the pursuit of litigation. Even the talking heads on CNBC are being dragged into the fray. A pediatrician in New York City recently filed an arbitration claim against celebrity analyst Henry Blodget, accusing him of keeping a "buy" rating on a downhill dotcom because his employer, Merrill Lynch, was underwriting a merger pegged to the company's share value. Merrill Lynch insists Blodget did not know about the impending merger...
...post-bubble witch hunt, two Internet analysts are getting most of the blame--Henry Blodget at Merrill Lynch and Mary Meeker at Morgan Stanley Dean Witter. They're natural targets. Both work at influential brokerage firms. Both reportedly made $15 million, give or take, as Internet stocks soared in 1999. And both now concede the obvious: they were too slow to downgrade dozens of stocks. Their bullishness in the face of impending disaster has riveted attention on the analyst's role across Wall Street. It's not a pretty picture...
...research report: "It is clear that the profession has some serious work to do to rebuild confidence," he wrote, urging analysts to be "intellectually honest and independent." My favorite criticism comes from the stock jocks on CNBC--the very same folks who made stars of bulls like Blodget and Meeker by putting them on the air day after day while the bubble was still bloating. These watchdogs now insist that analysts answer for their miscalls. O.K., but who's insisting that the TV folk answer for airing this stuff ad nauseam and without balance? The print world isn't blameless...
...HENRY BLODGET Obscure stock analyst rockets to fame in late 1998 with prediction that Amazon will reach $400 a share. TRUTH: Media buzz catapults the unadjusted stock price to $355 CONSEQUENCES: Amazon falls back to earth; so does Blodget...