You clowns want a firewall between analysts and investment bankers as not to bias their recommendations but now everybody is got their panties in a bunch because Morgan was the lead underwriter while at the same time cutting earnigs forecast. Well guess what, get over it. Go back to surfing porn. http://www.sec.gov/news/speech/factsheet.htm Structural Reforms The firms will separate research and investment banking, including physical separation, completely separate reporting lines, separate legal and compliance staffs, and separate budgeting processes
The analyst cutting the earnings estimate was not the problem. The problem is that they only told some of their big clients, and these clients were buying the IPO shares. The news should have been issued in a PR for all to see at the same time.