Financial analysis is not only done by managers of a firm but by outside analysts as well. These outside analysts normally supply data to stock market and debt market investors. One of the great problems detected after the great bull market of the 1990s and continued to be a concern during the more recent financial crisis (2008) is that many analysts are not always as objective as they should be. (For example, the rating agencies - S&P, Moody's, etc. are in fact paid by the companies for whom they are doing the rating. Could this be a conflict of interest?)

Reflecting back on these two periods of economic contraction, and looking at the recent run-up of the market to historic high levels, what sorts of dysfunctional analytical practices occurred? What firms were involved? Why do you think these practices were prevalent? Have any controls been put into place to address the issue? Are additional controls warranted?