The New York Times reports that former Merrill Lynch star internet analyst Henry Blodget has got a new job. The man who is said to have famously expressed his private view of a stock he was urging investors to accumulate as 'crap' has been hired as a reporter by online magazine Slate.com to cover the Martha Stewart trial.
Ironically, Stewart, basically America's answer to Delia Smith and a little bit more, is accused of conspiring with Merrill Lynch broker Peter Baconovic to obstruct an investigation into the sale of her stock in ImClone Systems.
Jacob Weisberg, the magazine editor, said: 'Because of his (Blodget's) inside status in the securities industry and knowledge of a lot of people involved in this, he's in a very good position to write about it'. The idea appears to have have come from Blodget in the first place, who successfully pitched it to the magazine.
The former Merrill man paid $4m to settle charges with US regulator The Securities and Exchange Commission and is barred from the industry for life following accusations that he misled investors with his stock research. He is believed to be working on a book which will detail his experiences.