Word: settlements
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Dates: during 2000-2009
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...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. When the settlement money stops, he says, "retail investors will have less information. That's absolutely clear...
...last time we realized the financial system had sold us out-this was way back in 2001/2002-one of the 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...
...important question to ask, especially at a time when the ethics of financial firms are again front-and-center. Dozens of independent research companies-by some estimates, 60 to 70-have been selling their work to investment banks over the past five years. Under the terms of the settlement, the banks then make that research available to individual investors and the bank employees, like brokers, who advise them. The biggest providers of research to the global settlement are, by most accounts, S&P Equity Research, Morningstar and Argus Research-all decently sized (and, in S&P's case, quite large...
...banks have been plowing into the system. When that money stops, "you're going to see a lot of these smaller firms either consolidate or dry up and go away," says James Gellert, CEO of the ratings and research outfit Rapid Ratings International, which sells its research through the settlement...
...American President to be a strong leader who sets the international agenda. "The one thing Obama hasn't done in the first 100 days," says Zbigniew Brzezinski, who was Jimmy Carter's National Security Adviser, "is the big Middle East speech where he says, 'This is the settlement. This is what we're for.' If he doesn't do that soon, [Israeli Prime Minister Benjamin] Netanyahu is going to set the agenda, not us - and that will be a disaster. If we don't act now, any chance of a two-state solution will be gone. If he does...