CNN reports that New York state attorney general Eliot Spitzer was asked to speak at Wall Street's top analyst awards gala on Tuesday. Strangely enough he took the opportunity to denigrate the value of the ceremonies.
In what can only be described as the equivalent of the fox being asked to guard the hen-house, Spitzer was asked to speak at the annual Institutional Investor 'All Star Research Team' awards. Doubtless some smart guy thought that it would be good publicity. Publicity it was, but good it was not.
Spitzer started by accusing the awards of being deceptive as winners were not necessarily the top stock pickers. He then proceeded to draw from independent research of his own to demonstrate his point. Spitzer said that 'Banks use the Institutional Investor All-Star designations to improperly convey to individual investors' facts about their own stock pickers.
Event organizers were left to undo the damage as best they could. Michael Carroll, the magazine's editor-in-chief, said that the awards merely reflected the opinions of professional fund managers and were not meant to be taken by retail investors as a measure for top stock pickers.