Bob,
re: "Only a limited number of people are supposed to know about ratings changes before they officially occur."
This is a ML rule, not an SEC rule, correct?
I often wonder when a house, not necessarily ML, has a big institutional client that creates a lot of commissions, and the analyst is, say, having lunch with this client, and maybe says "gee, I notice you have a lot of SanDisk shares, I wonder why you are so heavy in that SanDisk stock right at the moment". And then the client buys lunch, as he makes some trades on his cell phone. And a couple of days later the analyst notices something he doesn't like about SanDisk, and downgrades.
I guess my imagination is just running wild this morning <g>. That would probably be considered unethical.
John |
