Global Analyst Research Settlement
$1.4B settlement with ten Wall Street banks. Analysts publicly rated stocks 'buy' while privately calling the same companies 'dogs' and 'junk' in internal emails. The scandal surfaced during the dot-com collapse, when retail losses made the disconnect between public ratings and private beliefs impossible to ignore.
Henry Blodget and Jack Grubman are the two names most associated with the scandal. Blodget later rebuilt his career as a financial journalist — a detail that still divides opinion among readers of Business Insider.
05 · CNBC & the Analyst
Financial media became a consumer product. CNBC, Bloomberg Television, and a thousand analysts at brokerage desks issued ratings, price targets, and prophetic-sounding commentary — some of it honest, much of it conflicted.
Read the full era →