Securities firms are still debating a global settlement over equity research with New York state attorney general Eliot Spitzer, the SEC and other US prosecutors seeking to avenge investors’ losses. All the parties, though, seem to have lost sight of their true purpose. The changes proposed so far will neither restore faith in the system nor prevent future abuses. They are unworkable and thus irrelevant. Proposed reforms are targeted at the wrong level: at the institution not the individual.
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