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Brokerage Watchdog Fights For Credibility

USA Today

Plenty of investors are upset with their stockbrokers, but they are also losing faith that Wall Street’s watchdog group will help them. Consider this: Investor arbitration claims against brokers jumped 24% last year. But, at the same time, investor complaints to that watchdog group, the National Association of Securities Dealers (NASD), fell 22%. That may […]

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With Spitzer Case Settled, Merrill Now Faces Angry Public

Eliot Spitzer, the bulldog attorney general who extracted a $100 million settlement payment from Merrill Lynch (MER:NYSE – news – commentary – research – analysis), says that’s just a down payment for compensating aggrieved investors. To be sure, none of the money that Merrill agreed to pay in this much-anticipated deal will go to investors […]

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Dear Dagen: Navigating the Arbitration System

If you ask a securities attorney to list the pros and cons of the arbitration process, you’ll likely get the following response:What difference does it make? You don’t have any other option. That’s true. In the securities industry, complaints are typically heard in arbitration (a private legal proceeding that’s legally binding on both parties), rather […]

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How Settlement Is Worded Could Be Costly To Merrill

New York Times

How much will the investigation into the behavior of Merrill Lynch’s stock analysts cost the firm? With estimates running into the billions of dollars, Merrill’s shares have been bouncing all over the map. Merrill executives hope to reach a settlement soon with Eliot L. Spitzer, the attorney general of New York, that would require Merrill […]

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Greed, Fraud & Apologies: Corporate America’s New Bottom Line

Syndicated Columnist

Every day the morning paper brings a fresh example of the flotsam bubbling to the surface following the collision of corporate greed and post-Enron reality: golden boy executives forced to walk the plank, formerly high-flying companies “restating” fraudulently inflated earnings, internal emails exposing the depths to which Wall Street firms have sunk to boost their […]

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