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Naked Truth Investing: Can you be fooled three times?

 Aug 17, 2008 10:40 AM UTC
Return Risk
+0.00% N/A
Tracked Blogger
Symbol Sentiment Start Return Closed
WB n/a
C n/a
UBS n/a
MS n/a
JPM n/a

Graphic_arrow1 Via BloggingStocks:  

Filed under: Citigroup Inc. (C), JPMorgan Chase (JPM), Morgan Stanley (MS), Wachovia Corp (WB)

In December, 2002, ten of the most prominent brokerage firms in the country agreed to a massive settlement. The charges involved well-documented claims that analyst reports issued by these firms were deceptive. The firms sold out their retail clients to curry favor with their underwriting clients.

Among the settling firms were Citigroup (NYSE: C), UBS (NYSE: UBS), JP Morgan Chase & Co. (NYSE: JPM), and Morgan Stanley (NYSE: MS).

Their conduct was so bad that former Attorney General Spitzer agonized over whether to indict them for criminal conduct.

The industry unleashed a massive PR campaign. It convinced you that it saw the error of its ways. They had "reformed." You could trust them again with your hard earned assets.

And you did. Money flowed back in the coffers of these fi

...



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