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To: TFF who started this subject	4/26/2002 11:25:13 AM
From: TFF	Read Replies (1) of 12617

Merrill CEO Komansky Apologizes to Shareholders for E-Mails Merrill CEO Komansky Apologizes to Shareholders for E-Mails New York, April 26 (Bloomberg) -- Merrill Lynch & Co. Chief Executive David Komansky apologized to investors and clients for e- mails sent by some of its research analysts that have become the focus of probes by state and federal regulators. ``I want to take the opportunity to publicly apologize,'' Komansky said at the firm's annual shareholders' meeting in Plainsboro, New Jersey. New York Attorney General Eliot Spitzer this month released e- mails from Merrill Lynch analysts denigrating stocks the firm recommended. Komansky said the firm is ``redoubling'' its efforts to enforce existing policies and is negotiating with Spitzer, the Securities and Exchange Commission and other regulators to resolve claims its analysts gave favorable ratings to companies to retain investment-banking business. ``The e-mails that have come to light are very distressing and disappointing to us,'' Komansky said. ``They fall far short of our professional standards and some are inconsistent with our policies.'' Merrill's shares have tumbled in recent weeks as Spitzer's investigation into stock analyst conflicts has been taken up by other state and federal regulators. Securities and Exchange Commission Chairman Harvey Pitt yesterday said the agency will begin a formal probe into whether securities firms committed fraud by issuing favorable research to attract or retain companies as investment-banking clients. Merrill's stock fell 8 cents today to $42.42. It's down 21 percent since Spitzer launched his investigation April 8, and 19 percent year to date. Merrill Lynch is a passive, minority investor in Bloomberg LP, the parent of Bloomberg News.

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