The world sees things in black and white these days. Great issues are handled in a fractious and partisan manner. An example can be seen in the US approach to terrorism either you are with us or against us. Another can be seen in the actions of protesters against globalization. Shades of gray are a thing of the past.
One of the more pernicious issues that has recently emerged is in the debate over equity research and an assumption that analysts are little more than cheerleaders for their investment banking teams. Popular perception has it that they lie, cheat and deceive to make millions of unearned dollars by bilking unwary investors. Few commentators have...
