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-Caveat Lector- Bravo Eliot Spitzer. Let the good times roll!Can't wait to see all those good files that the Street are so nervous about... bet there's going to be some red, red faces ducking into waiting limo's on the day the release of files occurs.Bravo Eliot Spitzer.----- Original Message -----From: Lic. Jim adamsTo: CIA-DRUGSSent: Monday, February 24, 2003 3:11 AMSubject: [CIA-DRUGS] US banks balk at damning evidence
US banks balk at damning evidence
By Simon English in New York (Filed: 24/02/2003)Wall Street banks are embroiled in a behind-the-scenes row with Eliot Spitzer, New York Attorney General, over his plans to make public his damning evidence that they routinely misled investors.
In the open: Eliot Spitzer plans to publish all subpoenaed documents The banks and state regulators are in talks to agree the final terms of the historic $1.4 billion (�880m) settlement announced last year after one of the most wounding periods of scandal in Wall Street history.
Banks are upset at Mr Spitzer's intention to make all the internal documents he subpoenaed publicly available. They argue this will encourage a mass of class-action lawsuits that will take years to resolve and cost billions of dollars.
Privately some accuse him of undermining the entire legal process that banks enter into when they share internal emails, papers and phone transcripts with regulators.
Wall Street agreed to pay a record fine and fund independent share research after allegations that the share tips they foisted on the investing public were little more than sales documents for their own clients. Citigroup is paying $400m, Merrill Lynch $200m, Credit Suisse First Boston $200m, Morgan Stanley $125m and Goldman Sachs $110m.
A legal adviser at one of the top banks said: "The Securities & Exchange Commission has been bringing enforcement action for 67 years - it has never taken files and made them public."
He believes Mr Spitzer is subverting both the attorney/client privilege that banks agree to waive when they release details of interviews with staff and rules passed by Congress aimed at cutting frivolous lawsuits.
Mr Spitzer's office declined to comment on the row, though a spokesman said the evidence being released would "further embarrass many brokerage firms that swore they were not engaging in such behaviour".
The crux of Mr Spitzer's case against Wall Street was that supposedly independent analysts gave optimistic reports on flaky companies in order to keep fees rolling in for investment banking work.
Damaging internal emails already released show high-profile finance experts admitting that the shares they were promoting were "dogs" and "pigs". The banks always insisted these emails were taken out of context and worry that the wider conversation which would exonerate them will not be included in the documents made public.
Many more class-action lawsuits are likely if Mr Spitzer goes ahead with his plan to release evidence of malfeasance, which is likely to include details of how analysts' bonuses were calculated.
The banks are also contesting the wording of the final settlement. Although Mr Spitzer said last week that talk of a disagreement was overblown and that "we are all on the same page", banks remain fiercely opposed to agreeing that they committed fraud.
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