There was an interesting story over on The Wall Street Journal this morning, suggesting that Lehman Brothers (LEH: sentiment, chart, options) may have... oh, let's say "borrowed" some research from another firm. And no, it wasn't any of my hard-hitting commentary or observations. According to the report, LEH has apologized for issuing a report on the semiconductor industry that "closely resembled" 2 reports written by Sanford C. Bernstein & Co.'s Toni Sacconaghi. LEH admitted in a client letter that the "... material was not sourced to Bernstein and was used without the firm's permission."

Bernstein is seen as an independent research firm, as it isn't tied to an investment-banking operation like other firms (i.e. LEH). The thing is, LEH as the article notes has "poured millions of dollars into building its research department over the years." In fact, the company says that it ranked first for a fifth consecutive year in the "All-America Research Team" survey for equity analysts conducted by Institutional Investor magazine. In The Wall Street Journal's "Best on the Street" survey, LEH ranked seventh, Bernstein came in 71st (out of 72). Maybe The Journal may want to rethink those rankings.