Subject: [NEXTEL-1] 04.29.03 | Settlement finally released; Schwab launches banking services

From: Marcel <[email-masked]>
Date: Tue, 29 Apr 2003 12:59:00 -0400

April 29, 2003

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          Update: Details of settlement finally approved

         1.Update: Details of settlement finally approved

         The details of the finally approved $1.4 billion settlement of tainted
         research on Wall Street contained few surprises. Here is the settlement
         breakdown and summary of changes. As expected, though charged with
         fraud, no company admitted any guilt. One new tactic emerged.
         Brokerages actually paid their competitors (free reg req'd) to issue
         positive research on companies they took public. One mild surprise was
         the criticism aimed at Morgan Stanley. Morgan Stanley agreed Monday to
         pay $125 million. Morgan Stanley didn't admit or deny wrongdoing of
         course. Star analyst Mary Meeker took some barbs, as her
         self-evaluations were revealed. Basically, regulators claim that Morgan
         Stanley typically identified its analysts as a favorable factor
         companies should consider in selecting the firm for investment banking.
         Meanwhile, investigations of individual executives continue.

         > Here's a Dow Jones article and a Washington Post article.

         > Here's an article predicting more lawsuits and one on salivating
         lawyers.

         > Here's the SEC press release.

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