Business Services Industry
Merrill "not yet off the hook".
Australasian Business Intelligence, May, 2002
May 13, 2002 (The Australian Financial Review
ABIX via COMTEX) -- New York Attorney-General, Eliot Spitzer, has moved to head off suggestions that Merrill Lynch will not be indicted. He said a deal is a long way off and he doubts the investment bank even understands what it has to do to restore marketplace integrity. During his investigations, Spitzer found evidence that Merrill analysts were privately decrying some stocks as "dogs" or "crap", while urging their clients to buy them. The probe has led to the US Securities & Exchange Commission (SEC) opening a federal investigation of all analysts' practices. Spitzer says it is a step in the right direction, but the SEC should get much more aggressive.
Publication Date: 14 May 2002
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