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Rocket Fuel

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So what is the way it worked (works) with investment firms? They're advising clients. They also do business with some of the companies they are analyzing. What do they do for these businesses? Investment banking. What's that?

Henry Blodgett, of Merrill Lynch, and Jack Grubman, of Salomon Smith Barney, were censured and permanently barred from working in the securities industry. I don't know what censure does when you're permanently barred.

Both, as analysts, recommended stocks to the public which they themselves disparaged in private—stocks of companies that their respective firms helped finance. Blodgett was fined $4 million, Grubman $15 million. Ten companies were fined a total of just less than $14 billion.

Changes are to be made in the industry. Remedy includes a new attempt to separate the banking from the recommending sections of the securities-dealing houses.

Joint statement , SEC, NASD, NYSE and two others.

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Some thought they'd found chemical weapons in Iraq, in one of 14 drums. It seems now more probably rocket fuel or components thereof. Total finds of weapons of mass destruction is nil.

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Dragons may be a product of ancestral memory, from way back.
New York Times science article.

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—30 April, 2003

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