Spitzer, speaking on US ABC's This Week program, said: 'We have a long way to go, many substantial issues, where I do not believe they (Merrill) yet understand what they have to do to restore integrity to the marketplace.'
The New York state attorney general also criticised the new rules issued last week by the US Securities & Exchange Commission (SEC) to curb future abuses. Spitzer described the new regulations as 'very inadequate' and said that 'I think that the SEC needs to get more aggressive.'
Merrill Settlement Way Off
Despite reports last week that brokerage firm Merrill Lynch and New York state attorney general Eliot Spitzer were nearing a settlement following his investigation into overly optimistic research issued by the firm, the two parties now appear to be far apart on a number of significant issues.
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