Fighting Your Firm's Research Machine

Published Wednesday, May 01, 2002

Whom do you trust? That's what brokers are asking as they try to avoid the fate of fired UBS PaineWebber broker Chung Wu and still serve their clients. The firm fired Wu after he told clients via an unsanctioned e-mail to sell Enron stock. In late August, he sent an e-mail advising Enron holders to “take some money off the table” or “think about selling ‘call’ options.” But, he added ominously, “Time is value and waiting to make a decision would cost you a fortune.” PaineWebber was alerted to this by Enron officials and quickly rescinded Wu's note.

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