Independent Research: More Than a Fad?


Over the past year, Eliot Spitzer, the New York State attorney general, and Steve Cutler, head of enforcement at the USSecurities and Exchange Commission, have made life hell for brokerage houses, investment banks and analysts.

Fines were levied, heads rolled and the press had a perpetual source of negative front-page news stories. Strangely, no one went after the portfolio managers who were responsible for the five-year feeding frenzy that led up to the IPO craziness of 1999 and the inevita

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