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Technology Stocks : Applied Materials No-Politics Thread (AMAT)
AMAT 235.24+4.5%Nov 19 3:59 PM EST

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To: Proud_Infidel who wrote (2475)8/16/2002 3:43:45 PM
From: Bob Kim  Read Replies (1) of 25522
 
What value has he added to SSB for that money? Dragging its name through the mud?

Brian,

Research comes out under the firm's name not the analyst's. So if SSB published Grubman's reports you should probably assume that SSB's research department and related legal staff gave it the necessary legal and regulatory stamps of approval. The firm essentially takes responsibility unless they fire the analyst and admit the research was faulty because the analyst broke laws or regulations.

Some analysts work the system or attempt to push the limits, others just assume that if they get published then they're okay and off the hook. At ML, it was possible for some analysts to put their research on approval tracks with low likelihood of getting second-guessed.
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