TITLE

Taking Wall Street to Task

AUTHOR(S)
Hastings, Michael
PUB. DATE
May 2003
SOURCE
Newsweek (Pacific Edition);5/12/2003 (Pacific Edition), Vol. 141 Issue 19, p56
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
New York Attorney General Eliot Spitzer has sought reform ever since the popping of the 1990s tech bubble rocked Wall Street, exposing deep conflicts of interest inside its investment banks. U.S authorities, led by Spitzer, announced an unprecedented settlement with several of Wall Street's top firms. Citigroup's Salomon Smith Barney unit, Merrill Lynch and Credit Suisse First Boston were accused of fraud for pressuring analysts to give favorable reports on troubled companies, in order to lure their investment-banking business. None of the firms charged have admitted or denied wrongdoing, but they have agreed to institute reforms designed to insure that analysts are giving honest opinions, including the creation of a real fire wall between the analysts and investment bankers.
ACCESSION #
9902141

 

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