"Stock analysts should be trusted advisors, not salesmen with a hidden agenda. We must prevent analysts from touting weak companies because they happen to be clients of their own firm for underwriting or merger advice. This is a flat-out conflict of interest, and we'll aggressively enforce new SEC rules against this practice -- rules which take effect today."
	--President George Bush, Remarks by the President on Corporate Responsibility, July 9, 2002

"...[Precursor] is leading an effort, along with Argus Research, which caters to both retail and institutional investors, to set up the first trade group for independent outfits. Called Investorside Research Association, the trade group plans to offer an Internet clearinghouse to help investors find independent stock-pickers."
	--Excerpt taken from Former SEC Chairman Arthur Levitt's new book "Take On the Street: What Wall Street and Corporate America Don't Want You to Know"

"Encouraging competition to investment banking research should be on everyone's short list of common sense solutions to restore investor trust."
	--Former SEC Chairman Arthur Levitt, speaking about the Investorside Research Association, July 22, 2002

"I support the Investorside Research Association's stated goal of restoring trust in the U.S. capital markets by striving to eliminate the conflicts of interest that exist in investment services. Addressing these conflicts is an important step in restoring faith in our capital systems."
	--Senator John McCain, July 23, 2002

"...But investors need to ask themselves tough questions. Given that Wall Street analysts are housed in the same firms that tout new share offerings, they are always likely to be conflicted. Why pay for their services? Why not seek advice instead from research firms with no investment banking links?"
	--Wall Street's 'Big Lie', April 11, 2002 The Washington Post

"What would help you believe in Wall Street's stock recommendations again? 'Developing independent research boutiques that sell advice for fees,' says Arthur Levitt. Two small boutiques, Argus Research and Precursor Group, are trying to start an 'Investor-side' Research Association."
	--Jane Bryant Quinn, Now Who Do You Trust?, May 27, 2002 Newsweek

"Amidst the controversy over Wall Street research practices, independent research providers are responding by organizing a new trade group of their own, the Investorside Research Association."
	--Sarah Gordon, Indy Research Providers Form Trade Group, July 8, 2002 Institutional Investor's Wall Street Letter

"But more than anything, the Investorside Research Association's formation should convince Mr. Spitzer - if any convincing is necessary - that his goal of severing research from investment banking is reasonable and should be pursued."
	--Keith Girard, Independent Research is No Oxymoron, April 15 2002 Investment News

"Mr. Cleland has started an association of independent research firms, the Investerside Research Association, one objective of which is helping investors find sources of research that are free of the investment banking taint. It also will lobby for better investor education, better payment practices and revised regulation."
	--Michael J. Clowes, Obstacles to do pure research, April 29, 2002 Pensions & Investments

"Stories of analysts who touted underperforming stocks because the companies paid their firms fat banking fees have inspired a new marketing gimmick: independence. Within the next month, the Investorside Research Association, made up of several stock research firms that have no investment banking operations, is expected to announce its formation."
	--Business Digest, More Analysts Going Independent, May 28, 2002 The Seattle Post-Intelligencer

"I am a firm believer in the value of independent research, and in taking any action on the subject of soft dollars we will endeavor to promote a level playing field between independent research and proprietary research."
	--SEC Chairman William H. Donaldson in his remarks before the Foundation Financial Officers Group, May 12, 2005