The Year that Was...And Wasn't

“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

“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

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

“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