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Assessing The Street's Wall

With the barrier between research and investment banking in ruins, what's the financial community to do?

By Dave Lindorff | Updated on June 01, 2002

Talk to a finance executive if you want to see why there are problems with the relationship between corporate America and Wall Street. “I have never looked at what an investment bank’s telecom analyst had to say about the telecom industry,” says the treasurer of one of the nation’s largest telecommunications companies. “If I want an industry outlook, I always go to an independent research firm.”

A very savvy assessment, given the latest news about even Wall Street’s most influential telecom analyst, Jack Grubman of Salomon Smith Barney Inc. But then ask the same treasurer how an investment banker is chosen to handle the telecom giant’s investment banking business: “If I am looking for a bank to handle my next bond placement, I’m sure as heck not going to go to a house whose analyst just wrote a bad report on my company.”

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