Hahn, Avital Louria; Lugo, Denise
May 2003
Investment Dealers' Digest;5/5/2003, Vol. 69 Issue 18, p4
Trade Publication
Following expected but arguably large penalties announced by government regulators as of May 2003, some question the ultimate utility of the penalties because they will be of such limited value to small investors, who were the victims of the tainted research.Government regulators imposed the highest fines on Citigroup's Salomon Smith Barney unit, Merrill Lynch and Credit Suisse First Boston for issuing tainted research reports.In addition, regulators levied reforms aimed at insulating research analysts from investment banking pressures.Citigroup chairman and chief executive Sanford Weill told employees that all senior Citi executives, including himself, who perform an investment banking function with respect to any company, will now be subject to the same rules and policies governing interactions between investment bankers and research analysts.


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