Tony Taggart, director of the Utah Division of Securities, is quoted as saying that 'Merrill Lynch probably was the cleanest company in the industry, so there's a good chance' of wrong-doing at other firms.
Although there is no reason to believe that Goldman has done anything illegal or unethical, Utah has been assigned the case as part of the investigation of several securities firms by 40 states and regulators which could take up to 12 months to complete.
Utah is teaming with Kansas and the New York Stock Exchange in the Goldman probe. The firm will cooperate fully with the inquiry and a spokesman has said that the company believed that the current debate on stock analysts was 'necessary and positive.'
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