Henry Blodget, a Merrill Lynch analyst we warned you about years ago here in this newsletter and whose exploits over the years we have meticulously chronicled was reprimanded as a part of the global settlement between regulators and firms. Henry Blodget will pay $4 million in penalties and be barred from the securities industry.
The NASD examined whether the once star analyst, hyped up stocks to win investment banking business for Merrill Lynch. Thanks a bunch NASD! Where in God’s wonderful creation were you 4 years ago?
Mr. Blodget was a regular on CNBC and many of the usual suspect business publications around the country. Merrill Lynch and the media made him a star because they needed one. Needed to sell advertising time and needed to sell I.P.O’s. The bottom line was that Henry was great at his job! If you wanted a useless company with no prospect of ever making money to trade at $500 a share, he was your man. Granted, you most definitely needed an ethical bypass at birth to do what he did. In layman’s terms Mr. Henry Blodget was nothing more than street level drug pusher. If the brokerage firms and regulators want to offer up Henry as a sacrificial lamb, wonderful; one less liar on Wall Street. However, if I have said it once I have stated it a thousand times…
“Henry was a street level pusher and if you think taking a lowly drug dealer off the corner is going to bring down the cartel your nuts.”