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To: GST who wrote (141389)	4/10/2002 11:57:37 AM
From: Glenn D. Rudolph	Respond to of 164684

biz.yahoo.com "Trouble Brewing For Merrill Lynch By Dan Ackman It's not clear what he wants or where his probe is going, but the New York attorney general's investigation of Merrill Lynch could lead to trouble for the investment bank and its peers which are struggling to right themselves after suffering a black eye from the Internet stock deflation and the still-evolving Enron debacle. ADVERTISEMENT Merrill's (NYSE:MER - news) supposedly independent analysts' advice was in fact driven by the desire to obtain investment banking fees, according to Attorney General Eliot Spitzer. Spitzer alleges that there were specific quid pro quo deals between the firm and its investment banking clients in what he calls a "shocking betrayal" and "a major breakdown in the supposed separation between the banking and research divisions." Henry Blodget, once Merrill's star Internet analyst, who has since left the firm, was especially egregious in spewing opinions that were products of a conflict of interest, Spitzer says. Spitzer says his ten-month investigation will continue and could result in either criminal or civil charges against the firms or their employees"