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

To: LLCF who wrote (165168)	5/10/2002 9:40:05 PM
From: patron_anejo_por_favor	Read Replies (2) \| Respond to of 436258

That rat-bastard Harvey Pitt is gonna do his damndest to protect the investment banksters and help 'em keep the fleece they stole from J6P in the Bubble: quote.bloomberg.com 05/10 16:55 SEC's Pitt Calls Spitzer's Stock-Analyst Plan `Very Drastic' By Neil Roland Washington, May 10 (Bloomberg) -- New York State Attorney General Eliot Spitzer's idea of breaking up the stock research and investment banking businesses at Wall Street firms ``is a very drastic remedy,'' Securities and Exchange Commission Chairman Harvey Pitt said. Speaking at an SEC investor conference today, Pitt said the federal agency would consider this step ``only as a last resort.'' Spitzer, who is in settlement talks with Merrill Lynch & Co. after an investigation of its analyst practices, has been considering a separation of Merrill's research and banking operations. His investigation turned up Merrill e-mails showing that analysts at the U.S.'s largest brokerage were issuing recommendations on stocks they disparaged in private. Pitt is facing investor and congressional pressure to crack down on analyst conflicts and deceptive accounting practices. Watchdog group Common Cause called for Pitt to resign today, saying he has abandoned to Spitzer the role of defending shareholders from deceptive analysis. Pitt dismissed Common Cause's complaint and said Spitzer's plan may not be necessary. ``The notion of government requiring divestiture is a very serious step and should only be taken when there is no other potential solution to the problems that caused it,'' he said. The SEC approved its own rules earlier this week that seek to limit conflicts of interest among stock analysts. The rules, which don't go as far as Spitzer's idea, forbid analysts from reporting to bankers and getting paid from specific banking deals. SEC Investigation Spurred by Spitzer's findings, the SEC began its own investigation of analysts' practices. Pitt, a Republican, has said the SEC may consider a second round of rulemaking after it completes an investigation of analyst practices. A spokeswoman for Spitzer, a Democrat, declined comment. The SEC rules, which are being phased in over the next six months, also forbid analysts from trading against their own recommendations. In addition, analysts must disclose their ownership of any stocks that they are reviewing. Securities regulators will review these rules in a year. A group of workers' pension funds called on Pitt to pursue Spitzer's remedy. Analysts aren't serving investors because their ``true customer is the investment banking department,'' Damon Silvers, AFL-CIO associate general counsel, told the summit panel. ``I urge you to start a second step tomorrow. Cut the tie that binds investment banks and analysts.'' Representative John LaFalce, a New York Democrat, introduced a bill earlier this year that would have prohibited analysts' pay from being based on investment-banking revenue. The bill failed, and the House instead passed a Republican-sponsored measure that calls on the SEC to study analyst conflicts of interest. If this $hit keeps up, I may have to vote Demo-Ratic again! I think I'm gonna hurl!<NG> OTOH, Spitzer may just tell him to GFY, and proceed on his own (good way for him to get hisself elected governor or Senator, IMO).

To: LLCF who wrote (165168)	5/13/2002 12:11:45 AM
From: oldirtybastard	Read Replies (1) \| Respond to of 436258

IMO we're in the poot anything portion of the sell off. ducks in a barrel you think? RDN is another in that case, patron I think brought it up here before. Radian Group Inc., through its subsidiaries and affiliates, provides credit-based insurance and mortgage services to financial institutions in the United States and globally. The principal business segments of the Company are mortgage insurance, financial guaranty and mortgage services. The Company was formed on June 9, 1999, by the merger of CMAC Investment Corporation and Amerin Corporation. At that time the Company's sole product was mortgage insurance. Since that time, the Company has diversified its revenue and net income by expanding its mortgage service business and expanding into other areas, such as Internet-based mortgage services and financial guaranty insurance and reinsurance. This diversification has been achieved primarily through the acquisition of other businesses, including RadianExpress.com and Enhance Financial Services Group Inc.