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Resource ID: #21492
Subject: Stocks And Bonds
Source: Bloomberg News (New York)
Affiliation: 
Date: June and November, 2004

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Description

"Wall Street's five largest investment banks helped banking clients - and neglected investor interests - during the stock market boom and bust by loading up in-house mutual funds with shares of client companies that pay the banks millions in fees. Funds at Citigroup, Merrill Lynch, and three other banks held on to millions of shares of client companies during the 2000-2003 market slump, even though the value of the shares plummeted as much as 99 percent."

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