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To: Glenn D. Rudolph who wrote (118065)	2/18/2001 12:03:29 PM
From: Bob Kim	Read Replies (3) \| Respond to of 164685

Glenn, re: I believe Blodget will be terminated from Merrill soon. I think it is very unlikely unless Blodget is working without a contract (which I doubt), or ML does a 180 and decides to stop defending and promoting his research and research practices. I imagine the latter could be quite interesting from a spin perspective. From my observation and probably depending on the guarantee situation, ML typically brings in a replacement analyst and offers the incumbent analyst an alternative position. I also think there is some expectation that the incumbent will choose to leave voluntarily, relieving ML of bonus obligations. (Bonuses are paid in January at ML.) In the past, some of the incumbents have stayed just long enough to take the job vacated by their replacements at ML. I do not know if any replacement has been hired. Also I am not sure if there are any "ideal" candidates out there. It has been my impression that ML has been increasing their support of Blodget: promoting him to MD, highlighting him even more in print ad campaigns, featuring his MSFT comments on the ML website. So unless the "risk/reward profile" becomes dramatically worse, I imagine that ML will maintain the status quo. That said I wouldn't want to be the lawyer in charge of defending Blodget's research in a legal setting.