Auric Goldfinger's Short List Message Board

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Non-Tech : Auric Goldfinger's Short List

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To: ayn rand who wrote (9605)	4/8/2002 4:35:51 PM
From: StockDung	of 19428

NY AG claims Merrill issued misleading stock picks NEW YORK (Reuters) - The New York State Attorney General on Monday said Merrill Lynch & Co. issued misleading stock picks and it has sought a court order to force the giant Wall Street firm to reveal conflicts of interest between its research analysts and investment bankers. Merrill, like other Wall Street firms, has faced a storm of criticism after analysts like former leading Web analyst Henry Blodget touted technology stocks that later cratered. Blodget left Merrill at the end of last year. At issue is whether Wall Street's research analysts fail to criticize companies they monitor for fear that their firms will lose lucrative investment banking and advisory business surrounding the issuance of stocks and bonds. A spokesman for Attorney General Eliot Spitzer's office declined to name a particular analyst or stock in the probe. The state's attorney general's office has been investigating how Wall Street conducts its research. Last July, Merrill paid $400,000 to settle allegations that Blodget's overly upbeat research caused a client to lose a bundle of money. The plaintiff in this arbitration case originally asked for $10.8 million in damages and losses. The brokerage house -- along with rivals Morgan Stanley and Credit Suisse Group Inc.'s Credit Suisse First Boston arm -- also took steps to limit analysts' ownership of stocks they follow. Morgan Stanley analyst Mary Meeker, once dubbed the "Queen of the Internet" for her bullish research, also has been named in lawsuits alleging she gave biased research on Internet companies eBay Inc. and Amazon.com Inc. 04/08/02 14:57 ET

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