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Buy, Lie, and Sell High: How Investors Lost Out on Enron and the Internet Bubble by D. Quinn Mills

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Who Brought Those Duds to Market?

In an article entitled “Just Who Brought Those Duds to Market?” The New York Times wrote:

… many Wall Street investment banks, from top-tier firms like Goldman Sachs … to newer entrants like Thomas Weisel Partners … have reason to blush… Of course, investment banks that took these under-performing companies public may not care. They bagged enormous fees, a total of more than $600 million directly related to initial public offerings involving just the companies whose stocks are now under $1.

… How did investment banks, paid for their expert advice, pick such lemons?[59]

Part of the answer is that investment banks seem to have assigned dot-coms to analysts who specialized in technology companies. But as we've ...

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