Wall Street Gets Nailed Over Internet Stock Fraud
From CNNMoney:
"An investigation into wrongdoing on Wall Street climaxed Monday when 10 securities firms agreed to pay $1.4 billion and change the way they conduct business by separating stock market research from investment banking....
Two analysts who followed boom-and-bust sectors of the late 1990s were named. Henry Blodget, who covered Internet stocks for Merrill Lynch, and Jack Grubman, a telecom analyst at Salomon Smith Barney, have been barred from the business. Blodget will pay $4 million to settle the charges against him; Grubman is handing over $15 million."
Wow. Good things do happen to bad people!
Posted by Cory Kleinschmidt
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