Merrill Refused to Settle
On Wall Street, November, 2002 by Tony Chapelle
Had Merrill Lynch decided to settle quietly with Eliot Spitzer, New York's attorney general would not have revealed the now famous flood of embarrassing e-mails from the firm's analysts that eventually led to a $100 million settlement.
"We had conversations (with Merrill) weeks, months before we filed our papers," Spitzer told a recent forum of business journalists at Baruch College in New York, "and it was only on Friday, April 5, that negotiations broke down, negotiations that I had hoped would lead to a resolution. (In) one of the (last) conversations that I had with one of their lawyers, he said to me, Eliot, Merrill Lynch has very powerful friends. Be careful.' And I said, Okay, thank you very much,' and hung up the phone. We then went forward."
Spitzer said he...
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