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To: Michael Grosz who wrote (10786)	5/30/2002 11:23:20 PM
From: Gary M. Reed	Read Replies (1) of 16459

Michael, You make solid points. I'm not one of those who thinks only the analysts who published fraudulent buy recs should go to The Hole. I DO think their superiors who orchestrated the whole fraud are the ones who should be sharing a cell with "Bubba." Charles Keating's Lincoln Federal S&L peddled what were essentially junk bonds to their customers, while representing them as federally-insured deposits. I don't see a whole lot of difference between what Lincoln Federal did to their clients and what Merrill Lynch did to theirs. If Merrill represented securities as aggressive growth vehicles when they in fact knew they were "pieces of sh*t," there's no difference (at least IMO) between that and your banker telling you your money is in CD's when it is in fact in unsecured junk bonds. It's criminal fraud and the perps should be sent to the Hole for it. The NASD and SEC have been vigilant in trying to shut down bucket shops...well, what Merrill admitted to doing was no different than what the sleeziest of bucket shops got shut down for--peddling crap that the firm knew was garbage. The difference between Merrill Lynch's officers and First Jersey's Robert Brennan? There is none...other than the fact that the inherent stroke Merrill has with the NASD and SEC will let their execs go scot-free (and allowing their execs to keep the millions in bonuses they pocketed from their retail guys executing the numerous frauds against their Joe Sixpack customers). A perfect example of why the self-regulating NASD is a joke...run by and for the wirehouses. -Gary

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