NEW YORK ATTORNEY general Eliot Spitzer’s well-publicized crusade to expose, punish and eradicate sell-side equity research tainted with a conflict of interest has met with a mixed reception. Retail investors who lost out when the tech bubble burst may feel vindicated, if not reimbursed, but institutional fund managers – the chief consumers of much of this now discredited investment advice – have been strangely silent.
The managers attribute all the fuss to the lack of sophistication among retail investors, who were too witless or ill informed to translate the Wall Street language of buy, strong buy and hold.
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