Brokerage firms and their executives cannot use threats regarding research activities as a way to obtain investment banking business. The threat to drop research coverage if Piper were not selected as the lead underwriter for a secondary offering was totally inappropriate and undermines the integrity of the market.
Protestantism as such is a better defender of the interests of Germanism, in so far as this is grounded in its genesis and later tradition; it fails, however, in the moment when this defense of national interests must take place in a province which is either absent from the general line of its ideological world and traditional development, or is for some reason rejected.