Table: Spitzer vs. the Street

New York State Attorney General Eliot Spitzer is pushing for greater separation between the investment banking and research arms of brokerages. Among the proposals on the table:

-- Spin off research departments from brokerages or strengthen firewalls between research and investment banking departments through surveillance of e-mails and other contacts

-- Establish separate boards for research departments, with some outside directors who have the final say over how research is managed

-- Require disclosure of potential and past investment-banking deals in research reports

-- Prohibit analysts from receiving pay based on investment-banking deals; instead, link their pay to how well their stock picks perform

-- Pay restitution to clients who lose money because of analysts' bad stock picks

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