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老鼠仓的事不能说绝对没有,但比中国要文明多了。SEC不是吃干饭的。有中国股市经验的常以为这里的机构设套屠宰小股民,实际上也太低估北美股市规则的健全程度了。不妨看几个例子。

1. Goldman-Sachs has its own trading desk. But majority of its profits comes from investment banking--underwriting. Goldman Sachs is a broker too. Its analyst can upgrade or downgrade a stock. Other institutions can subscribe services from Goldman Sachs. Goldmand Sachs wins commission business from those institutions (mutual funds and hedge funds).

2. Big institutions such as Fidelity can move a stock easily. However, they are not brokers, so they cannot upgrade or downgrade stocks. Otherwise, we have no way to play the game.
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