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Merrill Lynch And NY Might Settle
from the too-bad dept
It seems that Merrill Lynch is beginning to realize just how bad the situation looks following the NY Attorney General's release concerning their hyping of stocks that they knew were junk. They're now negotiation a settlement. Not knowing the details, my initial reaction is that this isn't a good thing - especially if the settlement just involves some cash and no admittance of guilt (like the SEC's investigation of CSFB). If NY really wants to make an example of Merrill Lynch, they should push forward on the case. The evidence they've shown so far certainly looks damning. If this case gets buried by a settlement, it's unclear how much of an effect it will have on overall Wall Street behavior. However, a public trial could certainly affect public opinion, such that banks would feel a lot more obligated to be more ethical.
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