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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (162282)	4/26/2002 12:48:11 AM
From: Teri Garner	Read Replies (2) \| Respond to of 436258

Is Jack Grubman the worst analyst ever? N.Y.'s Attorney General is going after telecom's $20 million man -- as investors count their losses. April 25, 2002: 1:00 PM EDT By Amy Feldman and Joan Caplin, MONEY Magazine NEW YORK (MONEY Magazine) - Who is to blame when a stock drops? Or an entire sector implodes? It wouldn't be fair to blame a single individual for such complicated events. But there are situations when one person's contribution is impossible to overlook. And Jack Grubman is such a person. You may recall that in the late 1990s, telecommunications stocks enjoyed a terrific run: New companies went public, old companies were recharged, growth was explosive. Demand for telecom capacity soared. No one -- no one -- warned that this demand was a mirage. When the boom turned to bust, the investment dollars lost were extreme: Telecom companies large and small shed more than half a trillion dollars in market value in less than two years. Even if you hadn't bought telecom stocks directly, you were likely affected. Fidelity's domestic equity funds, for instance, had $25 billion riding on telecom at the end of 1999, according to Morningstar. Even investors in S&P 500 index funds indirectly owned Global Crossing, Qwest, WorldCom and 10 other telecom high fliers. money.cnn.com