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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: LPS5 who wrote (10082)4/30/2002 10:53:44 AM
From: Bob Kim   of 12617
 
What were they?

It is a fact not an allegation that stocks, which were denigrated in private, were rated with Merrill's highest rating. (BTW, it is also a fact that stocks, which were denigrated in public, were rated with Merrill's highest rating.)

Merrill never agreed to disclose any potential conflict of interests unless this counts:

"Merrill Lynch will include language on the first page of equity research reports stating that investors should assume that Merrill Lynch is seeking, or will seek, investment banking and other business from the covered company."

Merrill will also state "in equity research reports whether it has received, or is entitled to receive from the covered company, compensation from publicly announced equity underwriting and merger and acquisition transactions over the prior 12 months." [emphasis added]

The above are not much different from what already existed.

The writer said Komansky apologized for "bias" in the emails.

From Merrill: "The e-mails that have come to light are very distressing and disappointing to us. They fall far short of our professional standards, and some are inconsistent with our policies."

As you've noted in your previous posts, the conflict of interest angle can be a tenuous one but it is the one the financial media played up. Unfortunately, most of the financial media know little about the research process.
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