Word: morgan
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...Even for Europe's new class of individualists, money isn't everything. The Frenchman Guillaume Burucoa, for instance, makes six figures a year as a corporate vice president at J.P. Morgan in London, but his dream is to become a "remote interior designer" and open a seaside restaurant. "If I can travel and pay the bills, I'm happy. I don't need to pile up millions." Easy, perhaps, for an investment banker to say. But unlike their American counterparts, few young adults in Europe spend waking hours monitoring the size of their stock portfolios. Instead, they are more concerned...
...post-bubble witch hunt, two Internet analysts are getting most of the blame--Henry Blodget at Merrill Lynch and Mary Meeker at Morgan Stanley Dean Witter. They're natural targets. Both work at influential brokerage firms. Both reportedly made $15 million, give or take, as Internet stocks soared in 1999. And both now concede the obvious: they were too slow to downgrade dozens of stocks. Their bullishness in the face of impending disaster has riveted attention on the analyst's role across Wall Street. It's not a pretty picture...
...Morgan, for example, instructs analysts to tell a company when its rating is going down. The company can then ask for a change in the accompanying research note. And the analyst must give a reason for declining to do so. That sorry procedure came to light last week. It casts analysts as puppets of the companies they follow. Meanwhile, brokerages routinely pay them to land underwriting deals, a sale most easily closed with a glowing research report in hand...
...offer is a small grin--a smirk, really. I got one for noticing the GRIZZLY BEAR CROSSING sign on his wall, near a swollen bookcase burdened with such cheery titles as Blown to Bits, Cleaning Up the Mess and Debt Shock. No question: Biggs, chief global strategist at Morgan Stanley Dean Witter, is Wall Street's ranking pessimist. As such, being right--as he has been lately--is a mixed blessing. It means things suck. So it would be unseemly to gloat. Yet Biggs could, even should, given that 16 months ago he was dismissed as, in his word, "antiquated...
...will be three to five years before tech stocks dazzle again. Too many investors bought tech near the top, and they'll be selling into rallies for years, he says. Further, the tech-spending slowdown is gaining momentum. "A decline in IT spending by big companies like GE and Morgan Stanley hasn't even happened yet. It's going to," Biggs says...