Join Date: May 2002
Sportbike: looking to get dirty!
Years Riding: long time
How you found us: SBN
Stock Analysts...this should make Tony happy
The settlement came out today to punish analysts and companies that created the stock market run in the late 90's.
In total the settlement cost companies like Merrill Lynch, First Boston, Citigroup, etc. $1.4 billion dollars. It also cost Smith Barney telecom analyst $15 million and Merril Lynch tech analyst $4 million and banned them from wall street for life.
Monday April 28, 2:28 PM EDT
By Kevin Drawbaugh and Jake Keaveny
WASHINGTON/NEW YORK (Reuters) - U.S. market regulators announced on Monday the final terms of a $1.4 billion Wall Street research settlement, ending about two years of investigations into allegations that analysts issued biased research to gain investment banking business.
Regulators called the settlement the largest in Wall Street history. Three of the most profitable brokerages during the late 1990s market boom -- Citigroup Inc.'s Salomon Smith Barney unit (C), Credit Suisse Group's CSFB (CSGZn) (CSR) and Merrill Lynch & Co. (MER) -- settled charges of securities fraud, according to the Securities and Exchange Commission.
All 10 of the participating investment banks, including Goldman Sachs Group (GS) and Morgan Stanley (MWD), settled lesser charges of violating market regulations. Regulators singled out Henry Blodget, a former Internet analyst at Merrill Lynch, and Jack Grubman, a former telecommunications analyst at Salomon Smith Barney, who agreed to pay almost $20 million in fines and be barred permanently from working in the financial services industry.
Brian (F.K.A. Crazy)
“You can’t escape the responsibility of tomorrow by evading it today.”
“Blessed are the young, for they shall inherit the national debt.”
Last edited by Meulen; 04-28-2003 at 03:07 PM.