I agree.
My point was not that false information does not get posted by many companies, nor was my point that violated laws and regulations would keep business from doing that, my point is this:
. Research companies are founded exclusively to make money off said research.
. If said companies acted exclusively upon principal of hyping companies based upon "fed" press only they would be shut down.
. The degree of oversight is usually in this vein;
1. FA with retirement funds
2. Portfolio Managers with retirement funds
3. FA with general fiduciary responsability that does not include retirement funds.'
4. Brokerage houses and trading firms that do not provide advice
5. Finanial companies that provide generalized, non specific advice (such as Reuters, S&P, Cohens Research, etc)
6. Non listed companies
7. Listed companies.
The difference is between issuing false press and operating a business soley upon hyping press as legitimate research.
There is a significant difference.
FYI
Laws governing regulation are multi tiered:
Congressional laws, SEC and self regulatory bodies, Blue sky laws, and other state laws as determined by individual state governors.
