April was a gloomy month for Wall Street research. First, President Obama signed the Jumpstart Our Business Startups (JOBS) Act, prompting a flurry of hand-wringing as pundits cautioned that a provision of the new law would allow research analysts to provide opinions about certain emerging companies before, during and immediately after their IPOs-effectively breaking down the Chinese wall that regulators erected in 2003 to separate research from investment banking.
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