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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: LPS5 who wrote (10138)	5/4/2002 8:44:25 PM
From: Bob Kim	Read Replies (1) of 12617

LP, To borrow a phrase (and to give a bit of unsolicited advice to Spitzer's office): It's the research, stupid! Consider that a firm recommends the purchase of a stock trading at $170 even though the price target is only $62.50. The firm is recommending purchase of the stock with an implied NEGATIVE return. That IS a problem, not necessarily the analyst's problem, but definitely the analyst's firm's problem. Back to the emails for second, the affidavit did seem to suggest that Blodget downgraded one stock in retaliation for a lost underwriting assignment. Even the head of Merrill's research compliance department seemed to express some discomfort with that situation.

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