What can stock analysts do now?
Generals have a long tradition of fighting the last war. Financial regulators seem intent on copying them. Offer them a crisis, and they start fixing the last one.
Harvey Pitt, chairman of the US Securities and Exchange Commission (SEC), is walking straight into that trap. Pitt is struggling to control the scandals undermining public trust in Wall Street.
He is talking to Citigroup about changing the way its investment bankers and research analysts work together. Settlement details remain to be
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