CPN: Calpine Corporation Message Board

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Gold/Mining/Energy : CPN: Calpine Corporation

FRO 23.66

-0.3%

Nov 7 9:30 AM EST

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To: Clement who wrote (267)	2/1/2002 4:32:07 PM
From: Raymond Duray	of 555

Hi Clement, Re: Research from GS is largely done for institutional clients anyway. So to burn its institutionals goes far beyond unwise -- there are balancing measures in place. I have no doubt whatsoever that the institutions get different, and more honest, analysis than the retail public receives. Case in point: JP Morgan Chase, and Citibank through their retail outlets were recommending Enron stock to individual investors based on phony accounting, while the private placement portion of these banks was receiving more correctly stated information from Enron in order to price their positions in the off shore partnerships. Another example of a deep malaise of conflicts of interests that the retail investor must be vigilant about. I still don't think you've made your case. The conflicts of interests are too deep, systemic and corrupt for a retail investor not to rationally decide to go on strike. Wall Street has ruined itself in the past, the 1930's being prima facie evidence that the Street can be so arrogant that it destroys the market. Should we let them get away with their arrogant and corrupt practices? I don't think it is in the nation's best interests. -Ray

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