Word: lynched
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Dates: during 2000-2009
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...their clients, or because they see it as a marketing tool. By and large, though, the banks never went to great lengths to advertise the availability and value of the research to customers-like, say, Charles Schwab does. That's partly because most customers at firms such as Merrill Lynch deal with intermediaries like brokers. Still, "while the retail investor may not have been accessing that research directly, investment professionals were consuming it and then presenting it to their clients," says Michael Mayhew, chairman and director of research at Integrity Research Associates, a firm that tracks and evaluates research outfits...
...results was a half-a-billion-dollar settlement with Wall Street's stock analysts. As you might recall, investment banks had a bad habit of issuing overly rosy opinions of companies, particularly the ones the banks were courting for other sorts of business. Twelve companies, including Merrill Lynch, Bear Stearns, Citigroup, Goldman Sachs, Lehman Brothers, J.P. Morgan Chase and UBS agreed to pay a collective $432.5 million for research to be produced by dozens of independent, outside companies and distributed to the banks' own customers, as a counterweight to their internal opinions. This money, designed to be disbursed over...
...produce those resources and bring them to market. The recession is making that situation worse. The amount of investment in the oil sector, for example, will likely be 30% lower in 2009 and at least 40% less in 2010 than was expected before the financial crisis, according to Merrill Lynch. In mining, investment could be 40% lower...
...begins to return. Other experts argue against a rapid rebound, because inventories are high for commodities such as oil, and because demand for natural resources has been so thoroughly squelched in some industries that it may not fully recover anytime soon. Francisco Blanch, head of commodities research for Merrill Lynch in London, says he doesn't expect overall demand will return to 2007 levels until 2011 at the earliest. "Over a number of years we will get back to supply constraints," says Blanch, but "it won't happen over the next six to 12 months...
...companies, though, are seeing the same benefit. As a recent Merrill Lynch report pointed out, when companies with lower credit ratings are going to issue debt, they're still paying up. Bonds that fall in the lowest category that still manage to be considered "investment grade" are yielding 5.3 percentage points more than government bonds. That's down from a high spread of 6.2 but still far above the 22-year average of 2.2 points. High-yield bonds, which are even riskier, are at a spread of 15.2. That's down from a high of 19.8 - yet three times...