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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: SOROS who wrote (8245)	10/19/2002 11:59:01 PM
From: stockman_scott	Read Replies (1) \| Respond to of 89467

Schwab CEO: More disclosure needed from analysts 17:52 EDT Friday The co-chief executive of San Francisco-based discount brokerage firm The Charles Schwab Corp. (NYSE: SCH) said there should be a reform on analysts' research, calling some such documents "really marketing reports," according to media reports. Co-CEO and President David Pottruck, who spoke at the National Press Club, said there should be much more disclosure by investment banks on the biases and conflicts they potentially have when writing their research reports. He added that the recent disclosure rules posed by the Securities and Exchange Commission were a start, but should not be the finish. In particular, Pottruck said brokerages should have to disclose how they pay their brokers and how much they have earned in fees from companies whose stocks their analysts recommend. Pottruck also said he didn't expect the stock market to bounce back anytime soom. "I don't see any fundamental reasons for the stock market to go up," said Pottruck. Capital spending is stagnant, and consumers who " leveraged up their lifestyles in the '90s are finding it hard to make ends meet, " prompting many to borrow against equity in their homes, according to a Dow Jones report. Schwab has had its own fill of Wall Street woes; it posted a net loss of $4 million for the quarter ended Sept. 30, compared with net income of $13 million a year prior. Shares of the company closed down 2.8 percent Friday, to $9.18. © 2002 American City Business Journals Inc. sanfrancisco.bizjournals.com