Business Services Industry
Watchdog bites analyst - and gets taste for flim-flam man.
Australasian Business Intelligence, January, 2003
Jan 05, 2003 (The Australian - ABIX via COMTEX)
The US securities industries regulator may sue former Merrill Lynch analyst, Henry Blodget, for fraud. Blodget, who when at Merrill Lynch predicted Amazon.com shares would reach a price of $US400, must convince the regulator it has its facts wrong. Blodget earned millions of dollars before leaving Merrill Lynch in late 2001. New York State Attorney-General, Eliot Spitzer, produced electronic mail from Blodget in April 2002 that revealed a stock he publicly supported, Infospace, was described privately as a "piece of junk." The regulator, the National Association of Securities Dealers, is attempting to bring to justice investment banks whose analysts supported stocks from which the firm could benefit, thereby...
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