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To: Elroy who wrote (130181)	7/16/2003 9:07:12 AM
From: kech	Read Replies (1) \| Respond to of 152472

Elroy - If all is so squeaky clean at CSFB as you indicate why does it happen ever quarter and why are they wrong every quarter? The analysts are either really really stupid or the buy side somewhere in CSFB is making money on it and talking their position. Tom

To: Elroy who wrote (130181)	7/16/2003 9:27:46 AM
From: Jon Koplik	Read Replies (2) \| Respond to of 152472

Re : why has "cheating" on Wall Street not been successfully exposed (again and again) I worked as a trader on Wall Street (options arbitrage, for the firm's own account) two different rounds (back in the 1980s). I believe that what usually happens when someone dares to be a "whistle blower" is the following : (And, by the way, this is exactly what happened a year or two ago when someone who used to work at Jim Cramer's hedge fund tried to become a "whistle blower") The "whistle blower" says his or her stuff. Maybe 95% of their information is exactly correct. The other 5% may be totally wrong, a tiny bit wrong, or something that weasel-like lawyers can talk around. The Wall Street firms have enormous access to money to spend on lawyers, public relations, etc. The "whistle blower" can be discredited. The "whistle blower" can be bogged down in legal stuff (over the 5% of information that is incorrect). The "whistle blower" can be fired immediately (and will most likely NEVER be hired for the rest of their life by any company in the securities business). Etc. etc. It is sort of similar to a tobacco company insider deciding to become a "whistle blower" against a tobacco company. (Ever seen the film "The Insider" ?) I hope I have made my point ... Jon.

To: Elroy who wrote (130181)	7/16/2003 9:59:33 AM
From: Art Bechhoefer	Read Replies (1) \| Respond to of 152472

Elroy, it's not a case of paranoia. The facts are that in more than 95 percent of cases, investment firms and their analysts are never called on the carpet by regulators. Consequently they do these things because they know there is a very high probability they can get away with it. And getting away with it can mean millions of dollars. As has been said somewhere before, just follow the money. <gg> And regardless of whether someone thinks these are serious instances of misconduct, they appear to violate the laws on false and deceptive advertising, in addition to the securities laws on disclosure of conflicts of interest. Art