<HTML>In a message dated 9/13/2002 12:22:38 PM Eastern Daylight Time, laflame@aaahawk.com writes: <BLOCKQUOTE TYPE=CITE style="BORDER-LEFT: #0000ff 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px">The ability of analysts to spot and bring in corporate finance business provides the finances for research departments in stock brokerage firms</BLOCKQUOTE> 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 </HTML>