Chiefs at the big US brokerage firms are hoping that Harvey Pitt, SEC Chairman, may take a less aggressive approach in his investigation and that it may result in Spitzer being sidelined.
Spitzer, however, will not go quietly. He is determined to continue his campaign and will see this whole unsavoury business through to its natural conclusion - a slap on the wrist for several firms, a few hefty fines and meaningless apologies and then business as usual when the markets recover.
Bankers Welcome SEC Investigation
New York state attorney general Eliot Spitzer is making a nuisance of himself on Wall Street and many executives are nervous. The news that the US Securities & Exchange Commission (SEC) is now conducting its own investigation into alleged biased analysts' research has been welcomed by some of the Street's big names. The SEC investigation is thought likely to lessen Spitzer's influence and may perhaps take the wind out of his sails.
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