Daniel Scotto
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Daniel Scotto is a member of the following lists: 1952 births, Enron and Financial analysts.
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Details
| First Name |
Daniel
|
| Last Name |
Scotto
|
| Birthday |
30th November, 1951
|
| Birthplace |
New York City
|
| Occupation Text |
Chairman, CEO CIO, [Whitehall Financial Advisors LLC]
|
Daniel "Dan" Scotto is an American financial analyst. In August 2001, as an analyst with BNP Paribas, Scotto downgraded Enron securities from "Buy" to "Neutral". He took this action four months before the Enron accounting scandal was revealed that led to the company's bankruptcy. Scotto claims that he was fired due to this decision, a claim that is disputed by BNP Paribas. According to the March 2002 Publication of Infrastructure and Financial Markets Review (page 9), the Enron report “All Stressed-up… And No Place To Go” issued by Dan Scotto was characterized by BNP Paribas as “we don’t think it was a good recommendation or a reasonable one.” At the time Enron’s stock was trading in a range of $35 to $40 per share which “…provided investors with a good opportunity to cut their losses.” Over coming months the stock declined. By the end of September it had dipped below $30 a share; on 22 October, as the scale of Enron's accounting practices became apparent, the price fell to $20.65, and within three weeks it had dropped below $10. The shares were delisted from the New York Stock Exchange on 15 January 2002, having traded below $1 for thirty consecutive days.
