Boom and bust merchant Blodget quits Merrill Lynch

Henry Blodget, long time champion of the dot-com business model, is stepping down from his position as Merrill Lynch analyst after accepting a buyout offer from the company.

Blodget is now moving on in search of a new challenge, having seen the dot-com phenomenon go from boom to bust.

Blodget originally helped fuel growth in the dot-com sector with bullish reports on stocks such as Amazon.com, but the heady days of a couple f years ago are now a distant memory and Blodget is perhaps pre-empting suggestions that he has overstayed his welcome by moving on.

Earlier this year Blodget cost Merrill Lynch $400,000 to settle a lawsuit in which he was named and blamed for inaccurate research findings that cost one investor $500,000.

Blodget's next move will be to write a book for US publisher Random House, giving an insider's view on the internet 'bubble'.