Word: spitzers
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...problems came to light last week when New York attorney general Eliot Spitzer, who has made a career out of reading Wall Street's dirty email, asserted that "dozens" of "very substantial" fund companies are tolerating practices that rob everyday investors of more than $4 billion a year. Spitzer blew open the lid on bogus stock research last year after uncovering e-mail showing that some analysts didn't believe their own advice. Now he's nailing fund executives who--in their email--gave the O.K. for special treatment in return for large fees...
...behavior is "outlandish and criminal," Spitzer told TIME. "You go to jail...
...allegations center on one hedge fund, Canary Capital Partners, and its relationships with mutual-fund companies, including Bank of America's Nation's Funds, Banc One, Janus and Strong. Spitzer says the trail could lead to hundreds of mutual-fund companies. The Securities and Exchange Commission is investigating. The Investment Company Institute pledges full support of the probe...
...supporters. "Chuck has very good judgment, often in tough business situations," says Robert Greenhill, the veteran investment banker who ran Smith Barney and worked with Prince in the mid-1990s. Prince also wins high praise from his adversary in the stock research dustup, New York Attorney General Eliot Spitzer. Late last December, Spitzer was trying to wind up a $1.4 billion settlement with 10 brokerages (including Citi) that had been accused of misleading clients with faulty stock research. Spitzer feared that the talks were losing steam, so one morning he insisted that the major firms send to his office someone...
...forged a long run of acquisitions--all negotiated by Prince--from Primerica to Travelers to Shearson to Salomon Brothers to Citicorp. Prince gained the upper hand as Weill's successor last year when Weill asked him to run the firm's investment banking business and get Citi out of Spitzer's cross hairs...