There are implications of the Spitzer probe for analysts at Merrill Lynch and beyond
When Eliot Spitzer settled with Merrill Lynch in late May, the core issue was whether analysts had been truthful and fair in their public pronouncements on companies for which the number one US brokerage firm did, or was seeking to do, investment banking. The settlement came after Spitzer, who is New York State's attorney general, aired various items of Merrill's dirty laundry, including e-mails in which analysts privately scorned stocks they had publicly lauded. A pattern of almost systematic
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