in which John Houseman , on behalf of some Wall Street firm,growled "We make money the old fashioned way. We work for it." 

The Galleon case  and more , the media's treatment of it recalls that piece of hypocricy. The old  fashioned  work that firm, and Galleon , and all of Wall Streets analysts do is obtaining corporate profit forecasts so they can recommend a buy or sell of a particular stock. That's it. The columns of statistics that typically accompany that key sentence are window dressing and treated as such by the readers.

On those few occasions when they can't obtain it directly from the company, a couple of nights spent at the bar nearest to corporate headquarters will produce it from one or another of the  50 people present that night who know it.

Every firm which issues investment advice and every reporter  who covers that activity knows that. When a Galleon case comes along the question is not :Are they guilty.?Of course they are. The question is Why was this particular case  brought ?

Obviously I don't refer to the official forecasts published under  SEC pressure. I refer to the  forecasts in which  the company actually believes. And which  guide its actions.

 Rather than try to restrict such disclolsure  the SEC should  prohibit any sanction for the disclosurers. All those influential  analysts would be freed to go into some legitimate employment as bar tenders or palm readers. . 

The columns of statistics which often accompany that key sentence are window dressing and treated as such by the readers.

Every firm which issues investment advice and every reporter  who covers that activity knows that. When a Galleon case comes along the question is not :Are they guilty.?Of course they are. The question is Why was this particular case  brought ?

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