Word: lynching
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...preserving its marketing partnership with Bayer - and keeping it out of the hands of a rival - that it will be willing to step in and buy the company. But analysts aren't so convinced. "I think it is highly unlikely," says James Culverwell, a pharmaceutical industry analyst at Merrill Lynch in London. "It doesn't bring them a pipeline of new drugs, it brings them a lot of German infrastructure that is hard to reduce. Why would they want that sort of headache?" Bayer started thinking about merging its drug business in 2002 after its best- selling cholesterol-reducing drug...
...another Internet company, InfoSpace. Spitzer dusted off the Martin Act, a 1921 New York statute that allows the attorney general's office to launch 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...
...beginning to suffer. It finally agreed to settle, without admitting wrongdoing, on the condition that there be a broad agreement precluding similar suits by other zealous state attorneys general. The deal was pounded out. In the end, Spitzer says, he didn't negotiate the fine. He called Merrill Lynch's lawyers and recalls saying, "It's $100 million. It won't kill you. I want this settled tonight." Merrill agreed to pay the fine, apologize and reform the way it paid its analysts. The public applauded the deal, though Spitzer was criticized. Some felt he was too lenient with Merrill...
...done to investors, that they were acting "like children in a sand box." He told them to settle at once or he would start bringing cases. At the end, he said, "Any questions?" The group was silent. Knowing that he had followed up on a similar threat to Merrill Lynch, the banks caved. Spitzer announced the settlement two days later, on Dec. 20. The banks agreed to pay a total of about $1.4 billion in fines and other penalties...
...round out our package, Adi Ignatius spent several days with New York attorney general Eliot Spitzer, whose crusade to make Wall Street firms pay for giving clients tainted investment advice first made headlines in April, when he released shocking Merrill Lynch e-mail that showed that company analysts knew their advice was bogus...