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| Knowledge@Wharton |
The Merrill Lynch Settlement: Good for Merrill, Not for Investors Many say the Merrill settlement does not resolve investors' fundamental concern: the inherent conflict produced by analysts' multiple dual role of serving investors and Merrill's investment banking business.   |
CFO
October 1, 2002
Kris Frieswick |
Investment Banking: More Bricks in the Wall Regulators are introducing new rules to ensure the objectivity of stock analysts, but what's good for investors could be bad for CFOs. |
Salon.com
October 10, 2002
Damien Cave |
Wall Street's worst nightmare Does New York Attorney General Eliot Spitzer really want to clean up the stock market, or just make himself look good? |
The Motley Fool
November 29, 2007
Saibal Saha |
Is Wall Street Out to Get You? Studies show some questionable practices continue at the top investment banking firms. |
Registered Rep.
April 1, 2005
John Churchill |
Merrill Takes a Late Hit on Research Scandal An NASD arbitration panel ordered Merrill Lynch to pay more than $1 million to an investor last month for hiding conflicts of interest and issuing fraudulent research. |
Knowledge@Wharton
June 4, 2003 |
Pump and Dump: Analyst Bias and Corporate Financing A new study by Wharton accounting professor Scott Richardson and two colleagues suggests that, even if most sell-side analysts don't lie, they are so overly upbeat that their forecasts of corporate earnings and stock-price targets are hardly more accurate than falsehoods. |
Registered Rep.
April 28, 2003
Will Leitch |
Historic Settlement Doesn't Target Brokers -- But You're Hardly Home Free Now that the Wall Street global settlement is official, brokers might be inclined to heave a sigh of relief. Don't. While the settlement will have a lasting impact on the brokerage industry, brokers have been unscathed by the Spitzer investigations -- so far. |
Salon.com
July 19, 2001
Damien Cave |
Wall Street gets an F Two new books on the economy blast investment bankers for bias and warn that the financial system is out of anyone's control... |
Knowledge@Wharton
August 13, 2003 |
Hurt by Hard Times, Financial Services Firms Seek New Directions Given the volatile events that rocked the financial world over the past decade, one wonders what the next 10 years hold for the financial services industry. |
HBS Working Knowledge
October 18, 2004
Ann Cullen |
The Bias of Wall Street Analysts Historically, stock analysts' recommendations have been swayed by business relationships between the analyst's employer and the target company, says Professor Mark Bradshaw. Have recent SEC reforms helped? |
| Knowledge@Wharton |
In Search of a New Investment Banking Model: The Debate Goes On One of the panels at the recent student-sponsored Wharton Finance Conference was subtitled: "In Search of the Optimal Business Model for Investment Banking." Given the current pall on Wall Street, that search has taken on new urgency. |
CFO
May 1, 2003
Joseph McCafferty |
On Closer Examination Reform of sell-side research is creating a variety of new headaches for corporations. |
Entrepreneur
January 2005
Joshua Kurlantzick |
Word on the Street Scandal-ridden investment houses are leaving gaps in the financial market, and savvy entrepreneurs are jumping at the chance to fill them. How will this trend shape the new face of Wall Street? |
Registered Rep.
July 1, 2004
Will Leitch |
The End of the World as We Know It? Is the traditional model for securities houses --- investment banking, research, asset management, retail brokerage all coexisting under one roof --- more trouble than it's worth? |
BusinessWeek
January 12, 2004 |
A White Knight For Mutual-Fund Investors No mutual-fund executive wants to get a phone call from Eliot Spitzer these days. |
U.S. Banker
July 2002
Michael Dumiak |
Street Smart! Eliot Spitzer snuck up on Wall Street and became a force for financiers to reckon with. And he's just getting started. |
Registered Rep.
June 3, 2003
Will Leitch |
Brokerage Chiefs in Spitzer's Sights When New York Attorney General Eliot Spitzer announced the $1.4 billion settlement of the securities conflict of interest case in April, his office warned that it was "the beginning, not the end." Wirehouses are finding out, in a big way, that he wasn't kidding. |
BusinessWeek
September 22, 2003
Der Hovanesian et al. |
How to Fix the Mutual Funds Mess Hidden fees, lax boards, and now scandal. Here's what has to be done. |
Registered Rep.
January 1, 2006
Dan Reingold |
The Insiders' Game This author and Wall Street analyst concludes in his new book, Confessions of a Wall Street Analyst, that we'll never get a clear read on exactly where some insiders went wrong and whether our securities laws, regulations and sanctions are sufficient to deter such behavior in the future. |
Registered Rep.
May 5, 2003
Will Leitch |
"Shoot Grubman" and Other Opinions from the Spitzer Files A compilation of broker and investment banker comments about SSB's Jack Grubman from 1999-2001. |
| Knowledge@Wharton |
Global Securities Markets Present Tough Challenges for Investors and Regulators The bursting of the Internet bubble, the collapse of Enron and the emerging demutualization of securities exchanges, especially in Europe, have brought the role of securities market regulators into sharper focus than before... |
BusinessWeek
October 20, 2003
Dwyer & Thornton |
Mutual Funds Feel The Heat Did they feed information to hedge funds, brokers, and others? |
BusinessWeek
September 22, 2003
Nanette Byrnes |
Reform: Who's Making the Grade A performance review for CEOs, boards, analysts, and others |
Registered Rep.
September 9, 2005
Stan Luxenberg |
Imagine 50 Eliot Spitzers When are mutual fund companies charging too much in advisory fees? What constitutes proper disclosure of revenue sharing? And which governmental authority has jurisdiction over these issues? |
The Motley Fool
March 11, 2004
Bill Mann |
New Standards Help Shareholders Many will think this sort of topic belongs squarely in the "so what?" category. But after the French company LVMH sued Morgan Stanley (NYSE: MWD) for what it considered to be extremely negative coverage -- and won -- this issue takes on some importance. |
Registered Rep.
November 12, 2003 |
Morgan Stanley Launches Conflict-of-Interest Probe Morgan Stanley has announced it is conducting an in-house conflict-of-interest probe. |
BusinessWeek
January 19, 2004
Borrus & Dwyer |
How To Crack Down On Mutual-Fund Fees The SEC should require uniform cost disclosure. |
Registered Rep.
October 20, 2002 |
Lipstick on the Pig David Pottruck, the The Charles Schwab Co. co-CEO, says the best way to clean up Wall Street's tarnished image is to disclose all. |
Registered Rep.
September 25, 2002
Rick Weinberg |
NY Attorney General: I Could Have Nailed Merrill on More Serious Charges Eliot Spitzer said he could have pursued criminal charges against Merrill Lynch for its conflicts of interest in its research, but that he didn't want to "destroy" the firm or Wall Street. |
Registered Rep.
April 1, 2005
Will Leitch |
Indie Research (A Non-Event So Far) When the Wall Street research scandal drew to its close last July, many reps wondered how it would change their lives. In addition to coughing up millions of dollars in fines, the firms agreed to new rules on how sell-side research would be conducted and presented to clients. |
| Knowledge@Wharton |
From Consolidation to Regulation FD: Financial Services Face a Major Upheaval Consolidation. Regulation FD. Conflicts of interest. Global competition. In discussing the state of the financial services industry, it's hard not to reference the events of Sept. 11. Yet even before that day, the industry was facing significant change on a number of fronts... |
Bank Systems & Technology
July 5, 2004
Ivan Schneider |
SEC to Banks: Selling Securities? Get a License Industry convergence slowed by multiple regulators and accounting system limitations. |
Knowledge@Wharton
September 24, 2003 |
Mutual Fund Scandals: Once Again, Individual Investors Are the Losers Is the mutual fund industry going to become mired in the kind of scandal that has afflicted so many public companies over the past few years? |
The Motley Fool
January 13, 2004
Selena Maranjian |
The Fund Fee Fracas Are mutual fund fees too high? |
CFO
January 30, 2004
Tim Reason |
Cheese It, the States! Corporate wrong-doers are finding state cops more aggressive than the feds. |
Financial Advisor
October 2004 |
SBPlanner Develops Bond Analysis Tool Advisors can use The Platinum Guru to help their clients... MassMutual announced a new Portfolio Audit and Account Review program for agents... Hedge Fund Evaluations... etc. |
Registered Rep.
August 1, 2003 |
Ten To Watch 2003 The members of our "Ten to Watch" list are among those saddled with having to manage in this tough environment. What makes this group different is that each member has proven influential enough to play some role in creating the securities industry's environment for the year to come. |
Registered Rep.
September 1, 2005
Karen Donovan |
Under Siege Executives of broker/dealer firms are not exaggerating when they say it seems like regulators are locked into a competitive battle to collect the most pelts on Wall Street. |
Registered Rep.
August 1, 2004
Will Leitch |
The Reformation When the scandal craze that has gripped the securities industry first began two years ago, few in the industry recognized how deep it might go. |
Registered Rep.
October 29, 2002
Rick Weinberg |
Morgan Stanley Opposes Fine Following the New York Attorney General's investigation of Merrill Lynch's research practices, the firm was fined $100 million. The attorney general's office is in the midst of an ongoing investigation of other firms, including Morgan Stanley, which is fighting back. |
BusinessWeek
January 12, 2004 |
Banking: It'll Take More Than Free Toasters With the mortgage boom over, bank profits could be less than half of last year's. If M&A activity doesn't pick up, Wall Street may be in for a tough slog |
The Motley Fool
February 28, 2007
David Lee Smith |
Confessions of a Wall Street Analyst: Part 2 More true tales of brokerage dysfunction highlight the need for investors to do their own due diligence. |
Registered Rep.
April 1, 2006
Kristen French |
Your Fees Under the Regulator Microscope Financial advisors had better be able to justify their fees, because regulators have been busy examining fees charged to retail clients. |
The Motley Fool
March 15, 2005 |
"Initiating Coverage" Read Wall Street coverage of your stocks with a wary eye. |
The Motley Fool
January 9, 2004
Bill Mann |
Spitzer in Need of Update You'd think the New York attorney general's office would offer more warnings about Wall Street's wrongdoers. |
Registered Rep.
June 18, 2003
David A. Gaffen |
Judge Skeptical of Investors Suing Merrill Attorneys at Merrill Lynch asked a federal judge in New York to throw out a suit representing thousands who lost money in the Internet bubble, and the firm's pleas appear to be finding a receptive ear. |
The Motley Fool
April 2, 2004
Shannon Zimmerman |
SEC: Toothless No More? Is the SEC getting serious about fund industry reform? |
The Motley Fool
July 19, 2004
Selena Maranjian |
Brokers Offer Second Opinions Brokerages go from conflicts of interest to conflicts of recommendations. Many brokerages will now begin sending you second opinions on various investment opportunities along with their own recommendations. |
BusinessWeek
August 21, 2006
Michael Orey |
Lots Of Evidence, No Verdict Invaluable reformer or prosecutor run amok? The author lets the reader decide. |
Registered Rep.
March 1, 2003
William Jacobson |
Feeling Their Pain Analyst fraud has made for strange bedfellows. Normally, customers and brokers have nothing in common when it comes to investment losses. When it comes to tech, however, you and your customers rode the stocks down together as your firm's analysts kept shouting, "Strong Buy." |
