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DH wrote:
Brokers are salesmen, kinda like realtors or used car salesmen. Whoever
sells the most makes the big bucks. How many realtors or used car
salesmen hire "analysts" to assess the condition of the market? How many
even care? All they care about is pushing the "product" and raking in
the commissions. Same for stock brokers and their bosses who know where
the money comes from.
True. But like all salesmen, they need something to cover their ass when
shit hits the fan: it's called analysts. If a broker picks a stock and
it fails, all they have to do is say that their analysts did their due
diligence and went thru the company and that's why they made the buy
recommendation because it represented a good value at that time, etc.
And these analysts have been thru some of the best schools in the nation
and have been taught by emminent Nobel laureates. And if these guys
can't get it right, then nobody can. And if these companies did
perpetrate a fraud...well you'd need a forensic accountant (or teams of)
to figure that out. Which these analysts weren't.
Just ask those poor bastards left holding the bag called Enron.
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