Why Independent Research?  Answer:  The potential problems with other forms of research have been well documented.  Want to be in the know?  Did you know all research is paid for by issuers and ultimately - shareholders?  Do you want paid for research whose fees are buried in corporate finance fees, trading commissions or are non-transparent? Read on......

"In sweeping investigations, the SEC, New York Attorney General Eliot Spitzer and other state regulators revealed that some stock analysts -- chiefly during the 1990s technology and telecommunications stock bubble -- published slanted research to drum up and retain investment banking business for their brokerages." (REUTERS)

December 21, 2005 - Money flows from Wall St. analysts settlement fund

"Professional investors seemed to have soured on investment research from brokers.  It's a popular complaint among some money managers, who privately use words like "garbage" and shorter synonyms to describe the stream of brokerage reports tracking every market blip and management burp of every major company in Canada." (National Post)

November 28, 2005 - Broker research tough sell on Street.  Many money managers simply ignore advice

"The Securities and Exchange Commission is investigating the firing of a Wachovia Corp. (WB) analyst, possibly in retaliation for the analyst refusing to buckle under to investment bankers who allegedly sought to influence his reports." (DOW JONES)

November 11, 2005 - SEC Investigates Firing of Wachovia Analyst

Solution?  Transparency, Quality, Diligence.....Capital Formation Subcommittee of the SEC Advisory Committee on Smaller Public Companies recommends company sponsored research (see Section 6)

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