Word: lynching
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...Meanwhile, New York Attorney General Elliot Spitzer - who tore the last fig leaf off the opinions-for-sale game by releasing internal Merrill Lynch emails scoffing at stocks the analysts were publicly promoting - is talking settlement with Merrill, attempting to make over the firm as a model for a more trustworthy Wall Street...
...question, thanks to rising unemployment, a cooling housing market and record levels of consumer debt. Supply is even harder to smile about; businesses are still unraveling their own debt and accounting messes, while profits are scant. Want to know what Wall Street thinks of the future? Monday morning, Merrill Lynch reported that a survey of Wall Street strategists found that 69 percent say this is a good time to buy stocks - and told clients to sell, since with that much optimism there was sure to be further disappointment. And by the closing bell, they were already right - NASDAQ (down...
...however foolishly, want to merge in order to grow, the analysts on Wall Street have been consciously deceiving the public for years. Spitzer’s investigation, and the dirt he has dug up on prominent analysts like Jack Grubman of Salomon Smith Barney and Henry Blodget of Merrill Lynch, has finally prodded the rest of the regulatory agencies into action. Both the Securities and Exchange Commission and the National Association of Securities Dealers are currently investigating Wall Street, fearful of losing control over the brokerage industry to 50 state AGs if Spitzer proves successful. As Businessweek states in this...
...when he made a now famous prediction. Blodget correctly forecast in 1998 that the stock of Amazon.com, then trading at around $225, would hit $400 within 12 months. When the stock hit that target within months, a star was born and Blodget soon jumped to the more prestigious Merrill Lynch. By the time the Internet bubble burst in April 2000, Blodget had become one of the most influential people in the technology business, able to move markets with his predictions...
Spitzer has discovered that Blodget, who remained publicly optimistic about Internet stocks, nevertheless harbored significant private doubts about the companies he was touting. InfoSpace, a company that retained Merrill Lynch as its banker, received a favorable rating from Blodget even as its stock fell from a high of $80 in early 2000 to under $13 by the end of that year. In e-mails uncovered by Spitzer, Blodget describes the company as a “powder keg” and a “piece of junk,” expressing serious doubts about the company?...