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| 2002 News and Press Releases |
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HEADLINE ARCHIVED:
Regulators
By: Barbara A. Rehm
American Banker, Vol. 167, No. 215. November 8, 2002
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EXCERPT: Tuesday was investment bankers' lucky day, with the GOP sweeping the probing
Democrats from power in Congress and Harvey Pitt announcing that he will leave the Securities and Exchange Commission, taking the steam out of regulators' efforts to reach a global settlement with the Wall Street firms. Emboldened by the victories, bankers began to balk at the idea of setting up an independent research co-op, the cornerstone of efforts by Mr. Pitt and New York Attorney General Eliot Spitzer to change the way analysts conduct research. What had been a fait accompli was suddenly more negotiable. The industry has turned to House Financial Services Committee Chairman Michael G. Oxley to help fight the idea of a research collective -- after all, the Ohio Republican has a track record of helping accounting firms fend off onerous regulations and regulators. In a speech Thursday, Rep. Oxley described Mr. Spitzer's effort to reach a global settlement as "a stretch to begin with" and said that SEC support would be needed for any agreement to be reached. He also said that he opposed having one state attorney general cut a deal with the entire investment banking industry.
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