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To: TFF who wrote (10050)	4/25/2002 3:36:18 PM
From: TFF	of 12617

SEC to Begin `Formal Inquiry' Into Analyst Conflicts, Pitt Says SEC to Begin `Formal Inquiry' Into Analyst Conflicts, Pitt Says New York, April 25 (Bloomberg) -- The Securities and Exchange Commission will begin a formal investigation into conflicts of interest among Wall Street research analysts, SEC Chairman Harvey Pitt said. Prompted in part by e-mails New York Attorney General Eliot Spitzer released earlier this month of Merrill Lynch & Co. analysts disparaging stocks the firm recommended, the SEC will make sure ``if anybody's violated existing laws, those people are taken to task for that,'' Pitt said in an interview with Charlie Rose to be broadcast later today. Nine states have joined New York in investigating whether analysts committed fraud by issuing favorable research to attract or retain companies as investment banking clients. ``We have asked the various state regulators to join with us,'' Pitt told Rose.

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