????不管戴蒙怎么做，操縱盈利都可能會(huì)引發(fā)監(jiān)管機(jī)構(gòu)的審查,。但分析師會(huì)仔細(xì)察看公司業(yè)績(jī)嗎,？

????安然丑聞之后，華爾街分析師繼續(xù)面臨與其研究對(duì)象相處的壓力,。由于獲得信息的艱難,，他們似乎不愿過(guò)多追問(wèn),，以免弄僵關(guān)系。讀過(guò)4月份和5月份摩根大通新聞發(fā)布會(huì)記錄的人很容易就可以發(fā)現(xiàn)分析師對(duì)戴蒙的遷就,。如果戴蒙說(shuō)他不會(huì)回答某個(gè)問(wèn)題,，或者說(shuō)已經(jīng)給出過(guò)答案，分析師就會(huì)退避三舍,。然而,，分析師不正是因?yàn)闀?huì)努力搜尋公司信息才得到高額薪酬的嗎？可至少到現(xiàn)在,，一直是記者們?cè)跊_鋒陷陣,。

????我們覺(jué)得，一旦對(duì)問(wèn)題采取了某種行動(dòng)（比如華爾街的和解）,，我們就可以束之高閣了,，這種想法可以理解。國(guó)會(huì)通過(guò)了某項(xiàng)法律,，比如多德-弗蘭克法案或者薩班斯-奧克斯利法案,，人們認(rèn)為問(wèn)題就得到解決了。如果沒(méi)解決,，他們就會(huì)歸罪于法律,。有的議員上個(gè)月就問(wèn)戴蒙：“多德-弗蘭克法案沒(méi)起作用，是吧,？”

????生活在美國(guó)的人對(duì)草坪一定再熟悉不過(guò)了,。割過(guò)草后，過(guò)一周再看,，肯定又得割了,。而在資本市場(chǎng)的世界里，我們卻常?？吹礁钸^(guò)一茬的野草春風(fēng)吹又生,。

????確實(shí)，認(rèn)識(shí)到公司需要治理并不容易,。即便沒(méi)有發(fā)現(xiàn)問(wèn)題,，若人們只是兩手空空地閑逛，不使用割草機(jī),，我們必然會(huì)回到雜草叢生的過(guò)去,。

????Eleanor Bloxham是董事會(huì)咨詢公司“價(jià)值同盟和公司治理同盟”（The Value Alliance and Corporate Governance Alliance, http://thevaluealliance.com/）的首席執(zhí)行官。

????No matter what Dimon does, managing earnings could draw regulatory scrutiny. But will analysts take a closer look?

????Post-Enron, Wall Street analysts continue to face pressures to get along with their subjects. Confronting an uphill road in getting information, they don't seem inclined to press them either. When you read the April and May J.P. Morgan transcripts, you can easily spot the analysts' deference to Dimon. When he says he isn't going to answer a question or that they already have the answer, analysts back off. And yet, analysts get paid big bucks to ferret out information on companies. It appears that, at least up until now, journalists are raising the alarms.

????It's understandable to want to believe that once we take action (like the Wall Street settlements), we can cross it off the list for good. Congress passes a law, like Dodd-Frank or Sarbanes Oxley, and some people believe the problems should be fixed. And if they aren't, they blame the law. "Dodd-Frank isn't working, is it?" members of Congress asked Dimon last month.

????If you live in the U.S., you are probably all too familiar with lawns. You mow a lawn and, lo and behold, a week later you must mow it again. Yet in the capital markets world, we always seem surprised to see unwieldy grass grow back again.

????True, recognizing that a company needs a fix is difficult. But even if you can't see the problems coming, if there are people wandering around without a mower, you can bet we'll soon be stuck in the high weeds of the past.

????Eleanor Bloxham is CEO of The Value Alliance and Corporate Governance Alliance (http://thevaluealliance.com/), a board advisory firm.