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To: kech who wrote (130183)	7/16/2003 11:40:44 AM
From: Elroy	Read Replies (1) \| Respond to of 152472

Elroy - If all is so squeaky clean at CSFB as you indicate I never indicated anything was squeeky clean anywhere, don't put words in my mouf! My point is that in general research analysts at a given firm do not make estimate revisions or ratings changes to help the asset managers in their own firm. As far as I know there has never even been a single case to that affect. The idea that the research analysts tells the asset manager to buy 3 million shares of stock XYZ on Tuesday because he plans to upgrade it Wednesday is just plain wrong. Athough that scenario could be good for the asset manager (his fund would go up) it does nothing for the research analyst other than make him break the law. The compensation of the two (research and asset manager) is completely unrelated. If you think it is happening, other than a vast never-exposed conspiracy (i.e., the upper managements of the various departments involved have weekly meetings with the numerous employees involved to schedule this illegal trading), why would the research analyst participate in your scenario? What does he get other than a shot a getting fired and kicked out of the industry and lose his $250k-$1million per year job? Elroy