The price of atonement - Investment banks; Investment banks.(Investment banks are paying for their sins in the bubble years)
Economist (US), The, November, 2002
Investment banks have been unable to resolve conflicts of interest between their different businesses. Consumers are cross and regulators have their knives out
THEY are in disgrace. Not so much for their role in the financial legerdemain at Enron, WorldCom and the like, but more for the way in which investment bankers shamefully abused privileged information and misled clients on new-share sales (initial public offerings, or IPOs) during the stockmarket bubble. It will be some time before the story of Henry Blodget, once an analyst with Merrill Lynch, fades from public memory.
Mr Blodget, one of the most visible promoters of dotcom shares when the bubble was at its most overblown, was revealed by Eliot Spitzer, New York state's zealous...
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