Inside View Of Analysts Is Not A Pretty Picture
from the greed,-greed,-and-more-greed dept
Following yesterday’s news about the “settlement” of the SEC and Wall Street some more details are now coming to light, including some revealing email messages from the banking firms. The NY Times quotes a number of email messages that clearly show that the analysts didn’t care at all whether or not what they said reflected reality. Morgan Stanley even paid other firms to issue positive reports about stocks they had backed. The Wall Street Journal also includes the text of some of the damning emails. Over at SF Gate, they look specifically at the emails of famed stock-hyper Mary Meeker (also of Morgan Stanley), and are surprised to find that (unlike some of the others)
she really did believe in the companies she was promoting. There seemed to be agreement between what she was saying publicly and what she said privately. However, she still knew that her job was to bring in more banking business – and it was pretty clear there was no “Chinese Wall” to keep her analysis separate from the banking side of the company.