Migrant: Cohen left MER on his own, however it seems logical that MER didn't exactly go out of its way to keep him. After all, he was one of the few analysts willing to speak the truth, which means he missed the ride of the century. His mistake, and mine, was that he missed the supply/demand equation, which as we can see has been no small reason why David Gardiner and the like actually sport positive returns in their portfolios (I can never resist). Better lucky than smart, I guess. In any event, Cohen is at Wit Capital, a firm that I believe will be bought by a bigger house someday. Not a fnatstic group, but more than adeuate, and Cohen is a very serious guy. I really like Tom Weisel's new group. They really have all the guns going, and the primary deal flow to make it work. Watch out for them. As for Blodgett, I'll never know if he did what he did because he's a classic Opco employee, or because a gun was held to his head and told to do it. I will say that the MER boys are soon going to learn some hard truths about this biz, and that is, either change or die. Blodgett is one of the first signals to the large retail sales force there. They need to concentrate on gathering assets, not writing tickets. DLJ and DLJdirect coexist just fine. On the other hand, DLJ never sported a large retail sales force. Senor Blodgett will be seen by many MER veterans as the 'enemy within'. Watch for more fire here. It will be interesting.
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