Bush Scandals List

152. Financial analysis and investment (a supposed separation)

Eliot Spitzer the then New York State Attorney General (and not the SEC or the Bush Administration) announced on May 21, 2002 that Merrill Lynch had agreed to sever contacts between its analysis and investment divisions and to pay a $100 million fine. The lack of such separation was behind a lot of the dot com bubble in the 1990s as well as propping up Enron and facilitating its scams. It is a recognition of sorts of a systemic problem, although the fine was a tiny fraction of what investors lost and it is unclear how "objective" analysts are going to be even with the supposed wall to the investment side.

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