Subject: Scene from a new movie dealing with the current Wall Street Research Scandal Cast Tom Cruise-Eliot Spitzer, NY Attorney General Jack Nicholson-Henry Blodget, Merrill Lynch Internet Analyst(should be J.Grubman) Tom Cruise: "Did you rate that dog a 'Buy'" Jack Nicholson: "You want answers?" Tom Cruise: "I think I'm entitled." Jack Nicholson: "You want answers!!" Tom Cruise: "I want the truth!" Jack Nicholson: "You can't handle the truth!" Jack Nicholson: "You want to ask me about EBITDA. On the record, I tell you that I discourage the practice of using it as a proxy for cash flows in accordance with firm policy. Off the record, I tell you that it is an invaluable part of comparable company analyses and if it happens to go on without my knowledge, so be it! I run my model how I run my model. You want to spot check me? Roll the dice and take your chances. I do comps 300 yards from 150 bankers who are trained to kill me, so don't think for one second that you can come down here, flash a multiple and make me nervous! You see, we live in a world with GAAP and SEC regulations and those rules have to be implemented and interpreted by analysts with pocket protectors. Who's gonna do it? You? The SEC? I have a greater responsibility than you can possibly fathom. You loathe the CFO and curse the analysts. You have the luxury of not knowing what I know - that my adjustments to net income, while tragic, probably closed deals; and that my existence, while grotesque and incomprehensible to you, closes deals. Deep down in places you don't talk about - at road shows - you want me on that deal; you need me on that deal. We use acronyms like EBITDA, EPS and P&L. We use these words as the backbone of a life spent valuing corporations. You use them as a punch line. I have neither the time nor the inclination to explain my comps to a regulator who rises and sleeps under the blanket of the analysis that I provide and then questions the manner in which I provide it. I would rather you just said 'thank you' and went on your way. Otherwise, I suggest you pick up an HP-12C and discount your own cash flows! Either way, I don't give a damn what you think you are entitled to." Tom Cruise: "Did you rate it a Buy?" Jack Nicholson: "You're damn right I did-- there was 7 points in the deal!"