In addition, Business Insider CEO Henry Blodget was charged with fraud and banned from the securities industry in 2003. So... (twiddles thumbs)
In reading the accusations and final settlement tho it kinda appears to me Blodget was Merrill-Lynch's sacrificial lamb.
From the settlement:
"The pressures put on the Merrill Lynch internet group to appease both investment bankers and clients led the group to ignore the bottom two categories of the five-point rating system (“reduce” and “sell”) and to use only the remaining ratings (“buy”, “accumulate” and “neutral”). The absence of clear guidance from Merrill Lynch management on how to resolve the conflicts created by these pressures led respondent Henry Blodget, the head of the internet group, in a moment of candor, to threaten to “start calling the stocks (stocks, not companies)... like we see them, no matter what the ancillary business consequences are.”
Edited by Gatorguy - 5/19/14 at 11:49am