To: DL - Opco Alert
Subject: Meredith Whitney
Sent: Feb 18, 2009 2:21 PM
It is with great regret that we announce that our long time partner Meredith Whitney is resigning to found her own independent advisory business. Meredith joined Oppenheimer & Co. Inc. in 1993 as a research associate covering the Oil and Gas Industry. By 1995, she had switched industries, joining our Institutional Investor ranked Specialty Finance Group. During her tenure at the firm from 1995-1998, she helped write research reports on the fall of Glass-Steagall, the emerging boom of the credit card industry, the perils of sub-prime finance and gain on sale accounting, and the securitization market, to name but a few. In 1998, Meredith left the firm to pursue other opportunities which included a tour of duty as the Head of Financial Institutions Research at Wachovia.
Meredith returned to Oppenheimer in 2004 covering the banks and brokers and, in October 2007, made her siren call detailing the financial devastation at Citigroup which became the seminal report exposing the current financial crisis. Since then her cutting edge research and commentary have led many, like the writer Michael Lewis, to observe that Meredith "has become the closest thing Wall Street has to an oracle." The recognition has continued to grow and her expert opinions are frequently sought out for publication by, among others, The Financial Times, The Wall Street Journal, Fortune, Forbes, and The New York Times. In 2008, Meredith was named one of Fortune's Top 50 Most Powerful Women and Smart Money's Power 30, and she was also ranked in Institutional Investor's 2008 All American Research Team.
Apart from being a consummate professional colleague, Meredith has been a great personal friend to many at the firm. We will miss her wisdom and wit. She has been a major contributor in building the Oppenheimer franchise and we thank her sincerely for her passion and dedication to the business. It is our hope to continue both a personal and professional partnership in her new capacity and extend a relationship that began over 15 years ago. Please join us in wishing Meredith the very best in her new venture.