> The ability of analysts to spot and bring in corporate
> finance business provides the finances for research departments in stock
> brokerage firms
Which is why the conflict of interest between analysts who supposedly work with buy-side clients (investors) and investment bankers who work on corporate restructurings will never go away. The expenses (including compensation) of all Wall Street research departments are paid by fees and margins. The biggest fees come from the clients who fiddle with their balance sheets the most (thru mergers, acquisitions, financings, loan securitizations, etc.) It's an endless downward spiral. Nomi -------------- next part -------------- An HTML attachment was scrubbed... URL: <../attachments/20020913/4cb8a290/attachment.htm>