This Is Where BushCo Wants You To Put Your Money?
Why You Lost All That Money
Newsweek Magazine
Book Review
BLOOD ON THE STREET
The Sensational Inside Storyof How Wall Street Analysts Duped a Generation of Investors
By Charles Gasparino
"Imagine scenes like these: At Citigroup, star research analyst Jack Grubman snorts cocaine with an unnamed telecom executive. At Morgan Stanley, despite an official separation between research and investment banking, Internet analyst Mary Meeker approves and nixes potential deals. And Henry Blodget, Merrill Lynch & Co.'s star Internet analyst, complains one week of spending 85% of his time helping investment bankers, and says at least half should be going toward his real job -- research."
"Gasparino's picture of how top research analysts and their investment bank bosses preyed on unsuspecting individual investors -- only later to become fodder themselves for regulators and class-action lawyers -- is both the most detailed and the most damning so far. This is hardly the first account of how analysts became willing shills for investment bankers during the stock market boom of the late '90s. And there are shortcomings: It's occasionally hard to tell where the author's assertions come from, and his sometimes squalid chronicle tends to wander. But because of Gasparino's deep knowledge of the players, a result of his reporting at The Wall Street Journal, Blood on the Street is a key account of an era of pervasive greed and hubris."
-----
This is where President Bush and his crew want you to put the "third leg" of your retirement income?
This is what the "ownership society" brings to you.
I ask you, what do you do when the cycle of hubris and greed falls around the time you should be retiring and living off the investments that just tanked because of knuckleheads like the ones described above?
Who will you turn to for remedy? The courts that just had class-action lawsuits restricted by the same people who want you to put your money into the market?
Will you expect the government to bail you out? Really? And just from where do you think that money will come?
Wake up before you allow your greed and hubris to put you into something you cannot control and will later regret.
Why You Lost All That Money
Newsweek Magazine
Book Review
BLOOD ON THE STREET
The Sensational Inside Storyof How Wall Street Analysts Duped a Generation of Investors
By Charles Gasparino
"Imagine scenes like these: At Citigroup, star research analyst Jack Grubman snorts cocaine with an unnamed telecom executive. At Morgan Stanley, despite an official separation between research and investment banking, Internet analyst Mary Meeker approves and nixes potential deals. And Henry Blodget, Merrill Lynch & Co.'s star Internet analyst, complains one week of spending 85% of his time helping investment bankers, and says at least half should be going toward his real job -- research."
"Gasparino's picture of how top research analysts and their investment bank bosses preyed on unsuspecting individual investors -- only later to become fodder themselves for regulators and class-action lawyers -- is both the most detailed and the most damning so far. This is hardly the first account of how analysts became willing shills for investment bankers during the stock market boom of the late '90s. And there are shortcomings: It's occasionally hard to tell where the author's assertions come from, and his sometimes squalid chronicle tends to wander. But because of Gasparino's deep knowledge of the players, a result of his reporting at The Wall Street Journal, Blood on the Street is a key account of an era of pervasive greed and hubris."
-----
This is where President Bush and his crew want you to put the "third leg" of your retirement income?
This is what the "ownership society" brings to you.
I ask you, what do you do when the cycle of hubris and greed falls around the time you should be retiring and living off the investments that just tanked because of knuckleheads like the ones described above?
Who will you turn to for remedy? The courts that just had class-action lawsuits restricted by the same people who want you to put your money into the market?
Will you expect the government to bail you out? Really? And just from where do you think that money will come?
Wake up before you allow your greed and hubris to put you into something you cannot control and will later regret.
posted by Mike at 10:13 AM
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