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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: Moominoid who wrote (25285)	11/10/2002 4:25:05 PM
From: calgal	Read Replies (1) \| Respond to of 74559

Wall Street Must Cure Itself, Execs Say 2 hours, 10 minutes ago By Brian Kelleher and Nicole Maestri BOCA RATON, Fla. (Reuters) - The glaring lack of investor confidence in Wall Street was the topic of the moment at the industry's annual meeting last week, and executives said they have no one to turn to for help but themselves. URL:http://story.news.yahoo.com/news?tmpl=story2&cid=568&ncid=749&e=4&u=/nm/20021110/bs_nm/financial_sia_dc "Four out of 10 investors say dishonesty is the main issue facing the securities industry today," said John Schaefer, head of Morgan Stanley's (NYSE:MWD - news) brokerage unit. "That is a very sad comment indeed, and we all have to take some responsibility for that," he said at the Securities Industry Association's annual meeting in Florida on Friday. Regulators and the industry's 10 biggest firms, including Merrill Lynch and Citigroup (NYSE:C - news), are negotiating a settlement to address potential stock research abuses. Critics charge stock analysts issue overly bullish reports -- misleading to investors -- to help their investment banker colleagues win lucrative underwriting and advisory mandates. Some of the firms are expected to pay fines as part of the accord, and Merrill already shelled out $100 million to settle charges of biased research. The conference's attendees, in between rounds of golf and tennis matches at the posh Boca Raton Resort & Club, listened to speeches from New York Stock Exchange (news - web sites) Chairman Richard Grasso, UBS PaineWebber Chief Executive Joseph Grano and even outgoing Securities and Exchange Commissioner Harvey Pitt. Floor-to-ceiling banners emblazoned with the words "strength, pride, trust and integrity" served as the backdrop on stage as industry leaders addressed the conference. Critics have charged Wall Street with issuing misleading stock research, bribing executives with shares of initial public offerings, and contributing to the Enron and WorldCom debacles. That, combined with declining stock markets and a weak economy, has put the pressure on brokerages and banks. "The public, more so than ever before, is questioning who we are and the value we bring to serving clients," said NYSE head Grasso. Most executives acknowledged the difficult market environment, accepted some culpability and emphasized that regulation only goes so far -- meaning firms, themselves, must ensure they act with utmost integrity to restore the industry's battered reputation.

To: Moominoid who wrote (25285)	11/11/2002 1:28:24 AM
From: LLCF	Read Replies (1) \| Respond to of 74559

<Unless you believe that the long-term rate of return on capital is zero or negative as implied by Jay in a recnt post. > As it turned out and many pundents had warned this turned [especially here and CFZ] out to pretty much be the case for those piling into the tech revolution. Of course it's the way things work that make it 'appear' that there is all sorts of 'science' involved: <<Amassing great wealth is gradual, like the gathering of a theater crowd. Its dispersal is sudden, like that same crowd departing. Wealth's nature is to be unenduring. Upon acquiring it, do that which is enduring right away.>> -Tirukkural 34: 332-333 None of the models could predict the Japanese situation... too many sigmas. I suspect we are on the cusp of a similar sigma situation with the $US... or you could just realize that that the number nor size of little slots in the roulette wheel are neither known, stable, or worth describing. Throw wheel out window and open eyes. DAK