The president of the world's largest association of financial analysts and investment professionals urged the investment community to 'create an environment which fosters objective research', in the wake of the US$100 million settlement between Merrill Lynch and New York State. Thomas Bowman, the president and chief executive of the Association for Investment Managers and Research (AIMR), called on firms to voluntarily follow the lead set by Merrill Lynch. Under the settlement, Merrill agreed to 'completely sever' analyst evaluation and compensation from investment banking. The AIMR said research analysts' pay should be based on the quality of their research and accuracy of his or her recommendations over time. Merrill agreed to pay the US$100 million settlement and overhaul its research department after New York Attorney-general Eliot Spitzer released e-mails showing Merrill analysts privately derided technology stocks that they publicly recommended.