Word: lynch
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...year-old Douglas Faneuil, in his plain gray suit and tie, who last week owned the room inside the lower-Manhattan federal courthouse where Stewart is facing criminal charges for obstruction of justice and securities fraud. Faneuil is the former assistant to Peter Bacanovic, Stewart's broker at Merrill Lynch and her co-defendant in the trial. For three days Faneuil electrified the jury with his tales of Stewart's abrasive telephone manner and his boss's frantic efforts to cover up a potentially illegal stock transaction. His performance was so riveting that at one stage the defense asked...
Every new detail that emerges in the trial about Kozlowski's alleged excesses only reinforces Breen's reforming mission. Last month a former Tyco spokesman testified that Kozlowski used company funds to pay for a $20,000 background check on the fiance of a Merrill Lynch analyst who followed the company. And, of course, there was the birthday party in Sardinia for Kozlowski's wife, which prosecutors claim was partly paid for with Tyco funds and featured a cake in the shape of a woman with exploding breasts...
...complex case hinges on the testimony of Faneuil. As an assistant at Merrill Lynch, he was covering for his boss Peter Bacanovic, Stewart's stockbroker, on the day the controversial shares were sold. Bacanovic, also a defendant at the trial, was on vacation in Florida when Faneuil called to say that ImClone CEO Sam Waksal intended to dump his shares--which seemed to suggest the share price was set to fall. Prosecutors say Bacanovic told Faneuil to alert Stewart. The defendants have repeatedly denied that this exchange took place, which could be construed as leading to insider trading...
...Bank of America, Smith Barney, Merrill Lynch and others have begun to offer separate accounts with minimums as low as $100,000. And some enterprising investment managers, like Denver-based Curian Capital, have pushed the minimum down to just $25,000, using sophisticated software that allows the firm to buy fractions of shares. Anyone considering separate accounts should have resources to open at least three to spread risk across different funds, which with most separate-accounts managers will require up to $300,000. That's no small sum. But it's not J.P. Morgan material either, and given the abusive...
...focusing on the issue as a result of the recent scandals. While many big investors have been relaxed about companies using offshore holdings to reduce their tax burdens, overuse of havens can raise red flags. Indeed, in December 2002, a year before Parmalat blew up, a Merrill Lynch analyst in London, Joanna Speed, downgraded the company to "sell" from "buy" in part because of its "inefficient, opaque and complex" balance sheet. Shame can be a useful weapon. At a recent hearing by a U.S. Senate committee, senior executives of the accounting firm KPMG were accused of marketing aggressive and potentially...