Word: ipos
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...horrendous beating investors took in tech stocks that, truth be known, most of them should never have owned. Curiously, almost no one lays blame at the feet of those who bought the puffed-up shares of so many unproved companies. So bankers and analysts who concocted and endorsed the IPOs that went poof are taking the heat, as are regulators, whose thumb wasn't nearly big enough to squash some obscene practices--like analysts personally selling shares that they rated a "buy." Another dirty trick: loading up on pre-IPO shares and then slapping on a "buy" rating when...
Some of my favorite stories are about individuals who rekindled the fire with an old flame who happened to be an Internet executive, just long enough to get put on the "friends and family" list for IPO shares. Talk about deceit. In that vein, what about husbands and wives who never confided the risks they were taking with big bets on a stock like Rhythms NetConnections...
Speaking of which, as most know by now, there has been no shortage of such offenses in recent years--a good many of the disaster deals having sprung from the IPO factories at Mack's new firm as well as his old one. That's noteworthy because at the heart of CSFB's problems, and one of the main reasons Mack was hired, is an IPO scandal that has shredded the firm's reputation. There are other issues at CSFB too. The firm overpaid for competitor Donaldson Lufkin & Jenrette, and now is losing some of the star bankers that came...
...will be restoring credibility in the area of ipos. At CSFB, allegations include kickbacks from those who got hefty IPO allocations. Three brokers have been fired...
...part, the investor says, by following Blodget's advice. Merrill says there is no mention of Blodget in the settlement, and it merely wanted to avoid arbitration expense. In any event, the settlement was considerable: $400,000. Although most arbitration cases lack precedential value, you can imagine that tech-IPO underwriters will be hearing from lawyers for other investors who lost bundles...