Early LifeBasically, this guy had one career-making call back in 1998 that he parlayed into a Wall Street career that lasted two or three years. The firm he worked for blew itself up five or six years later.Blodget was born and raised on Manhattan's Upper East Side, the son of a commercial banker. He attended Phillips Exeter Academy and received a Bachelor of Arts degree in History from Yale University. After college, he taught English in Japan, then moved to San Francisco to try to be a writer while supporting himself by giving tennis lessons. He was also a freelance journalist and a proofreader for Harper's Magazine.
In 1994, Blodget joined the corporate finance training program at Prudential Securities, and, two years later, moved to Oppenheimer & Co. in equity research. He became famous in October 1998, when he predicted that Amazon.com, an Internet stock which had been a public company for a year then trading at $240 and which many on Wall Street were bearish on, would hit what many considered an outrageously bullish one-year price target of $400. Three weeks later Amazon zoomed past it gaining 128%.
This call received significant media attention, and, two months later, he accepted a position at Merrill Lynch, where he earned as much as $12 million a year. In those days he became a media celebrity and frequently appeared on CNBC and other similiar shows. In early 2000, days before the dot-com bubble burst, Blodget personally invested $700,000 in tech stocks, only to lose most of it in the years that followed. In 2001, he accepted a buyout offer from Merrill Lynch and left the firm.
Fraud allegation and settlement
In 2002, then New York State Attorney General Eliot Spitzer published Merrill Lynch e-mails in which Blodget gave assessments about stocks which allegedly conflicted with what was publicly published. In 2003, he was charged with civil securities fraud by the U.S. Securities and Exchange Commission. He agreed to a permanent ban from the securities industry and paid a $2 million fine plus a $2 million disgorgement.
He then got caught talking out of both sides of his mouth and got banned from the securities industry for life.
“Basically, this guy had one career-making call back in 1998 that he parlayed into a Wall Street career that lasted two or three years. The firm he worked for blew itself up five or six years later.”
Like getting medical advice from a doctor who hurt his patients and lost his license.
LOL, a leftist criminal that got caught is trying to smear those that play by the rules and succeed in creating jobs and stable economic conditions, with his own excrement, and BI help
Yep basically a criminal bankster type that didn’t see jail like the small people would have.