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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: J. P. who wrote (44065)5/31/1999 4:38:00 PM
From: Ilaine  Read Replies (1) of 86076
 
Excellent points, J.P.

I recently read an autobiographical book by a guy who worked in the bond department of, I believe, Merrill Lynch. There is supposed to be a "Chinese wall" between the sales department, and the analyst's department, to prevent the kind of back-scratching you describe. The temptation to "cheat" makes us suspicious, and sometimes the answer is to remove temptation. Doctors are prohibited from sending patients to allied health facilities they own, e.g., physical therapy centers, or at least it is strongly discouraged. Lawyers are prohibited from taking a business interest in a client's business, except under very strict guidelines. How can a company like Merrill Lynch ethically encourage investors to buy stocks that it has an interest in?
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