In recent months, for instance, Mr. Grubman has continued to recommend shares in companies that have lost more than 90 percent of their value.

Analysts may be motivated anew to recommend shares of companies to help improve their short-term performance on that score, they said.

Thanks to these investigations, investors know with certainty that analysts routinely recommended shares to keep their firms' investment banking clients contented.

Some analysts have even begun recommending such shares as trading opportunities, because it takes little to move a $5 stock to $6, for a 20 percent gain.

Even so, he recommends shares in Valence, of San Jose, Calif., but says the growth potential for electric vehicles is a side issue.

Analysts are recommending domestic-oriented shares such as department store companies and electronics concerns.

Some brokers have recommended particular shares so that they can win exotic trips.

Commissioner Bolkestein would have us believe that it only concerns journalists if they recommend shares.

Analysts and fund managers seldom recommend shares of soccer teams, although Manchester United is considered the best of the bunch.

"I like to recommend shares at 80 percent, but I'll ride them up to 120 percent," he said.