Word: lynching
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...telling that to folks who lost the ranch listening to glowing stock opinions of star analysts like Henry Blodget at Merrill Lynch. The wounded want blood. Just last week Merrill revealed that it had settled a case with an investor who lost $800,000 in part, the investor says, by following Blodget's advice. Merrill says there is no mention of Blodget in the settlement, and it merely wanted to avoid arbitration expense. In any event, the settlement was considerable: $400,000. Although most arbitration cases lack precedential value, you can imagine that tech-IPO underwriters will be hearing from...
...acquiring assets, which may involve mortgages, retirement and estate planning, even selling houses. Many brokers still get commissions, but the trend is toward fees based on a percentage of assets. And serving the owners of these assets means working with others in your firm. In May, for example, Merrill Lynch announced it was aiming to have 40% of its 16,000 brokers work in teams to rev up its service to high-income clients...
...finds himself under the hot lights along with his boss. Law-enforcement officials have questioned Dayton about whether he tried to hinder their investigation. Dayton denies any such thing. Still, he has retained a top Washington criminal-defense lawyer, Stanley Brand. Another top Condit aide, chief of staff Mike Lynch, who publicly denied the affair in the weeks before Condit admitted it to the police, has hired ex?Timothy McVeigh prosecutor Beth Wilkinson. (Lynch has not been questioned recently, a source tells TIME.) Suddenly the investigation isn't just about Condit but about his entourage as well...
INITIAL PUBLIC OUTRAGE It's open season on stock analysts. Merrill Lynch last week prohibited its analysts from owning equity in companies they cover, and the SEC recently issued an alert, cautioning investors that investment banks' brokerage interests potentially compromise their researchers' independence. Investars.com an information service, illustrates that potential: its models show that in the past four years stocks bought and sold based on analyst recommendations have dropped 52.4% when analysts' firms underwrote the IPO and 4.6% when they didn...
CSFB -52.78% 9.87% AG Edwards -0.75% 1.59% Salomon SB -43.04% -0.27% Merrill Lynch -37.11% -2.72% Morgan Stanley...