The Year that Was...And Wasn't

THE I-WISH-I-HADN'T-SAID-THAT AWARD We will get your approval prior to any retraction being sent. PaineWebber branch manager Pat Mendenhall, to Enron officials, August 2001, after former PW broker Chung Wu advised his clients to sell Enron LIPSTICK THIS AWARD Charles Schwab's lipstick on the pig ad brought out the vitriol in many a broker. WE'RE WATCHING I will determine what analysts do and how they

THE I-WISH-I-HADN'T-SAID-THAT AWARD

“We will get your approval prior to any retraction being sent.”
PaineWebber branch manager Pat Mendenhall, to Enron officials, August 2001, after former PW broker Chung Wu advised his clients to sell Enron

“LIPSTICK THIS” AWARD

Charles Schwab's “lipstick on the pig” ad brought out the vitriol in many a broker.

WE'RE WATCHING

“I will determine what analysts do and how they get paid and we will focus on the investing client…if an analyst doesn't like this then they should not be at Citigroup.”
Sallie Krawcheck, as quoted in the New York Post, 10/31/02, after her appointment as head of Smith Barney

UNDERSTATEMENTS OF THE YEAR AWARD

Gold: “We sincerely regret that there were instances in which certain of our Internet sector research analysts expressed views that at certain points may have appeared inconsistent with Merrill Lynch's published recommendations.”
David Komansky and Stan O'Neal, Merrill Lynch, 5/21/02

Silver: “The current climate of criticism has made it impossible to perform my work to the standards I believe the clients of Salomon Smith Barney deserve.”
Jack Grubman's resignation, 8/15/02

Bronze: “Obviously, research needs to be separated much further from investment banking.”
Sandy Weill, 10/08/02

FECKLESS STATEMENT OF THE YEAR

“As we reflect on Chairman Pitt's tenure, we should not lose sight of the tremendous accomplishments that he and his staff have achieved over the past 15 months.”
Securities Industry Association, on Harvey Pitt's resignation as SEC chair

The Name Game

RIP
PaineWebber
1879-2003
Warburg
1872-2003
First Union
1908-2003

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