The US Securities & Exchange Commission (SEC) has already launched 10 enforcement inquiries into analyst conflict of interest and have identified a further 37 cases that will need to be investigated.
The SEC has been criticised for not getting out in front of this emotive issue and it wasn't until New York state attorney general Eliot Spitzer got his claws into Merrill Lynch that the regulator announced it would formally look into Wall Street practices.
Merrill has already agreed to pay $100m to settle Sptizer's allegations that the firm's analysts hyped up stocks to gulible investors. The attorney general claimed that the analysts were encouraged to issue overly bullish research on companies which were Merrill clients to protect lucrative current or future investment banking fees.
Regulators Have 47 Analyst Conflict Cases
CBS MarketWatch reports that US regulators have confirmed that they have pending 47 cases of potential analyst conflict of interest as the probe of some of the top names in Wall Street hots up.
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