"The investment banking community has recently been the object of scorn, both on the regulatory front and in the press. Critics have alleged a distinct lack of independence in banks behaviour and policies with regard to the objectiveness and independence of the research reports and analyst recommendations. Retail investors, institutional investors, federal and state regulators, and Congress have expressed outrage over the conflicts of interest that can exist in these large banks. In particular, they are disturbed that these conflicts can lead analysts to craft research opinions that differ from what would be produced by a dispassionate and economically disinterested party." a) Identify the beneficiaries of the research report. [6 marks] b) Evaluate the conflict stated above. (5 marks] c) Recommend the possible solutions for the above scenario. [14 marks]