Santini, Laura
May 2003
Investment Dealers' Digest;5/5/2003, Vol. 69 Issue 18, p34
Trade Publication
The U.S. Securities & Exchange Commission, New York AG Eliot Spitzer and other state regulators unveiled the long-awaited 1.4 billion dollar settlement in which ten of Wall Street's biggest investment firms agreed to fines and reforms to resolve conflicts-of-interest allegations regarding their research and investment banking business.The deal paves the way for more civil litigation against the firms, and unveiled some new practices, such as“guaranteed research,” in which underwriters paid other firms to provide positive research for their banking clients. GE is reportedly in talks to sell its financial guaranty insurance business for 2 billion dollar-plus to a consortium including mortgage insurer PMI Group and buyout firms Blackstone Group and Cypress Group.Tabular information about


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