Re: [CANSLIM] analysts

From: "Winston Little" <wlittle1@peoplepc.com>
Subject: Re: [CANSLIM] analysts
Date: Mon, 12 Aug 2002 17:28:33 -0400
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Duke:

Neither brain dead nor brainwashed ....just white collar crooks.

My understanding is that "USA bank robbers" netted a total of $211 million
in the past ten years.
Most people will tell you .. bank robbers should be put away for life.
Compare that ten year total with the amount from  EACH of  Enron, Tyco,
K-Mart, Global Crossing ...and the list goes on. At each one (except TYC)
whole  families supported by the thousands of employees were ruined.
Yet what will each of the people fron Enron etc.  face ...if anything?


- ----- Original Message -----
From: "Duke Miller" <dukemill@tampabay.rr.com>
To: <canslim@lists.xmission.com>
Sent: Monday, August 12, 2002 4:44 PM
Subject: RE: [CANSLIM] analysts


> This is incredible.
>
> I pulled up the story, and was further shocked by this revelation:
>
> In a discussion with (his  boss) Mr. Kim about his progress on the
> report, Mr. Boss made clear his doubts on the sector. He said Mr. Kim
> began to fret. Mr. Boss, who sat within earshot of Mr. Kim, said his
> superior called the investment bankers and discussed the report, but was
> careful to do so on his cellphone. Mr. Boss said that Mr. Kim had told
> him to be careful to limit conversations with investment banking to
> cellphones because Mr. Spitzer's release of the now infamous Merrill
> Lynch e-mail messages had been so damaging to that firm. Furthermore,
> internal phone lines, which might be taped, were not to be used.
>
> And near the end of the article:
>
> "In an affidavit that Mr. Boss submitted to Salomon and the New York
> attorney general, he said investment bankers at the firm regularly told
> Mr. Kim of pending banking assignments and merger and acquisition
> activities involving companies in his sector. "In violation of the
> rules, Steve issued favorable research reports on the companies involved
> (homebuilders) after he became knowledgeable of the transactions," Mr.
> Boss said in his affidavit.
>
> "Mr. Boss also said in his statement that shortly after the Masco
> Corporation, a maker of building products, sold 22 million shares to the
> public in an underwriting co-managed by Salomon this spring, and after
> Mr. Kim had raised his estimates for the company, Mr. Kim asked Masco
> management to help with the installation of a new kitchen in his
> Westchester home. According to Mr. Boss's affidavit, Masco spent more
> than $10,000 sending materials and two high-level managers from Michigan
> to Mr. Kim's home for several days."
>
> And this is a subsidiary of Citigroup?
>
> With all that's gone on, these guys are either brain-dead, or totally
> brain-washed.
>
> Duke
>
>
>
> -----Original Message-----
> From: owner-canslim@lists.xmission.com
> [mailto:owner-canslim@lists.xmission.com] On Behalf Of Patrick Wahl
> Sent: Monday, August 12, 2002 12:05 PM
> To: canslim@lists.xmission.com
> Subject: [CANSLIM] analysts
>
>
> Well, those Wall Street weasels are still weasels, even after promising
> reform.
> Here is the link, since it requires registration, some people will
> probably not be able
> to get there or wish to register, so I've excerpted a couple of
> passages below -
>
> http://www.nytimes.com/2002/08/11/business/yourmoney/11BROK.html
>
>
> The two executives boasted that Salomon, Citigroup's investment bank
> subsidiary, had been the first to adopt reforms suggested by Eliot
> Spitzer, the
> New York attorney general, who is investigating Wall Street research.
> They
> also proposed additional moves that regulators might take to prevent a
> firm's
> investment bankers from exerting improper influence on its research
> analysts ..... As Mr. Boss tells the tale, in late June, after spending
> weeks on a report
> analyzing three office furniture companies, he was lukewarm about the
> stocks'
> prospects and assigned them a neutral and high-risk rating. He argued
> that
> until the overall business climate improved, demand for these companies'
>
> products would be lackluster. When two Salomon investment bankers and
> Mr.
> Boss's immediate supervisor saw the draft report, they demanded that he
> revise it to be more upbeat. Mr. Boss refused. A few days later, on June
> 27, he
> was fired. Mr. Boss, 33, was offered $24,230 in severance from Salomon,
> which he refused.
>
> Beginning on June 3, for example, the firm said that any fact checking
> by the
> investment banking division of draft research reports would be limited
> to the
> first research written about an initial public offering. Moreover, the
> rules said
> that any draft research sent to investment banking for fact checking
> "must
> omit the rating and target price as well as the investment thesis and
> valuation
> analysis sections."
>
> According to Mr. Boss, two Salomon investment bankers, Richard Moriarty
> and Marc Schneider, flouted those rules the week of June 23, demanding
> to
> see Mr. Boss's report, which was in draft form on his laptop computer.
>
> Stephen S. Kim, the analyst covering home-building stocks at Salomon and
>
> Mr. Boss's immediate supervisor, told him to put the report on the
> firm's
> internal network so it could be reviewed by the investment bankers. Mr.
> Boss
> protested, noting the firm's new rules. Nevertheless, Mr. Schneider soon
> went
> to the research department and reviewed the report on Mr. Boss's laptop.
> Two
> of the three office furnishings stocks that Mr. Boss had advised
> investors to be
> cautious of " Interface and Steelcase " had recently issued bonds that
> were
> underwritten by Salomon.
>
>
>
>
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