There is good reading in the global brokerage settlement. In sorting through the email transcripts and assorted documentary flotsam and jetsam (at bottom of page) my favorite snippet (so far) is this from an “objectives for next year” note-to-self by a Goldman Sachs analyst: “1. Get more investment banking revenue. 2. Get more investment banking revenue. 3. Get more investment banking revenue.”
Amusement aside, what is so scandalous about most of these documents is how little scandal there is. Yes, there are lots of examples of analysts whinging about being forced to stay postitive (or keep their mouths shut) about companies with whom firm i-bankers had business. We all knew that went on, however.
But where is the smoking gun? Where is an analyst with real insight into a doomed company being forced by to stay quiet? Sure, there is lots of chatter and textual a**-covering from worried analysts, all busily fretting that over-priced stocks would go down, but they had been fretting since the stocks started going up.
Move along folks. No scandal here.