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A step forward for Wall Street.(evaluation of Eliot Spitzer and the Merrill Lynch settlement)(Brief Article)(Column)
Crain's New York Business, May, 2002
The settlement last week in which merrill Lynch agreed to provide a measure of independence to its research analysts has brought out all the doubting Thomases-those who say the steps are too small to affect Wall Street's behavior and those who say it's all theater designed to improve the fortunes of New York Attorney General Eliot Spitzer.
The doubters are wrong. The settlement will make a difference. There is clearly no regulatory system that can assure that Wall Street analysts operate independently of pressures to bolster investment banking profits, no matter the cost to investors. But perversely, the greed that drove Wall Street to seek investment banking profits at the expense of retail and institutional clients will help now. Once analysts are paid...
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