Archive for October, 2002

In Defense of the Boom

Sunday, October 27th, 2002

New York Times (October 27, 2002)

If the New York attorney general wanted to prove that the firm’s analysts had been wildly optimistic about the Internet, and that their optimism helped the firm’s investment bankers attract Internet business, and that there was, therefore, a deep conflict of interest on Wall Street, all he needed was an Internet search engine.

If you go back and read the public record, you can see clearly what people on Wall Street did between April 1995, when Netscape invented the Internet Initial Public Offering, or I.P.O., and the spring of 2000, when Internet stocks crashed. The story was never hidden, because Wall Street never tried to hide it. Indeed, you can pinpoint the very moment when Merrill Lynch signed on to the boom, and in what spirit they joined the party.

via In Defense of the Boom – New York Times