New York - In a landmark announcement, four of the country’s largest brokerage firms have agreed to treat all of their investors unfairly, no matter how big or profitable they are.
The announcement came on the heels of an ongoing investigation by New York Attorney General Eliot Spitzer that cited instances where favored clients were given unfair early access to hot I.P.O.s, and analysts touted stocks they privately believed were garbage just to curry favor with investment banking clients.
Under the new consent order, the four firms have agreed to charge excessive brokerage fees, hide commissions on bonds in the sale price, and make “buy” recommendations on stocks with dubious prospects to all clients, regardless of size or close connection with the firm.
A Wall Street source called the deal “a good step in the wrong direction.”
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