Word: lynched
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...that headline writers refer to eliot spitzer with comic-book-hero honorifics like "the Enforcer" or "Sheriff of Wall Street," it's worth remembering that when the New York State attorney general began his breakthrough investigation of Merrill Lynch in 2001, he wasn't sure what he was doing. A general suspicion about the veracity of investment bankers' advisories had prompted Spitzer to launch a bit of a fishing expedition into Merrill's records. It wasn't turning up much, however, until early 2002, when Eric Dinallo, Spitzer's top aide on the project, came into his office and showed...
...Spitzer would show, were doctoring their reports--which the public relies on for stock information--to win business for their banks' investment arms or to downgrade companies that didn't play ball. Insiders knew the scam; folks in the heartland had no idea. Spitzer's aggressive pursuit of Merrill Lynch and, subsequently, a dozen other Wall Street firms turned the tables. The new ethics he championed are touching in their simplicity: analysts' ratings should reflect what they actually believe. There has not been such an affirmation of what's right since Moses and the Ten Commandments. "The system was rotten...
When Spitzer gave the order to subpoena every relevant e-mail he could get his hands on, he had no idea he would get the smoking guns that materialized. Merrill Lynch complied promptly, perhaps unaware of the documents' incriminating nature. Over six weeks in March and April, the investment bank sent 30 big boxes of e-mail, snapshots from the hard drives of Internet-company analyst Henry Blodget and his team...
AHMASS FAKAHANY Bullish on the World Born in Cairo and reared in Geneva and London, Fakahany, 44, persuaded his father to send him to Boston University. But work put him back overseas. Fakahany spent 10 years as Merrill Lynch's CFO for Asia and controller for Europe, the Middle East and Africa. After boosting revenues last year in areas like foreign exchange as COO of the firm's global-markets and investment-banking business, Fakahany was named CFO for all of Merrill...
...taxable preferred remains your best option--and, as a kicker, these securities have rarely been cheaper. The average dividend yield for blue-chip fully taxable preferred shares is just over 7%, which is 1.4 percentage points higher than the average yield on blue-chip corporate bonds, according to Merrill Lynch. That's about as wide as the spread ever gets, and it means that investors today are promised a superior return with fully taxable preferreds. Among the best values out there, Merrill says, are the fully taxable preferreds of Comerica (yielding 7.44%), Torchmark (7.58%) and Virginia Electric & Power...