During the stock research scandal of 2000, the world was amazed that Merrill Lynch superstar stock analyst Henry Blodget would actually put in writing that he considered the stocks that he was touting to retail investors as “pieces of s_ _t” and “pieces of junk.” The revelation of those e-mails resulted in a lifetime ban from the securities industry for Henry Blodget and hundreds of millions in damages paid by his employer, Merrill Lynch. In addition, the starkness of those e-mails and the spotlight that they shined on ugly truths about stock touting and deep-seated conflicts of interest on Wall Street shocked investors and destroyed investor confidence for a decade.
During the stock research scandal of 2000, the world was amazed that Merrill Lynch superstar stock analyst Henry Blodget would actually put in writing that he considered the stocks that he was touting to retail investors as “pieces of s_ _t” and “pieces of junk.” The revelation of those e-mails resulted in a lifetime ban from the securities industry for Henry Blodget and hundreds of millions in damages paid by his employer, Merrill Lynch. In addition, the starkness of those e-mails and the spotlight that they shined on ugly truths about stock touting and deep-seated conflicts of interest on Wall Street shocked investors and destroyed investor confidence for a decade.