Business Week looks at how "America's top financial firms reaped billions from the Net boom, while investors got burned." The investigation reveals that some of the best respected investment bankers - Merrill Lynch, Robertson Stephens, Credit Suisse First Boston and Goldman Sachs - have stayed "behind some of the biggest losers," but still have profited, as "they took their cash up front, grabbing a slice of the dough raised in IPOs." The story details how venture capitalists have neglected old rules of thumbs and - in the words of one venture fund manager - "shamelessly took companies public that never should have been taken public." The report also exposes analysts' lateness in downgrading the stocks of the failing Internet companies.
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