EVER SINCE New York Attorney General Eliot Spitzer announced his investigation of Merrill Lynch’s research analysts, he has vocally defended the rights of states. But other states’ privileges soon may leave the New York Attorney General quietly fretting.
At the very least, Mr. Spitzer now faces more negotiating, months after he closed a deal with the investment bank. It is a hassle he might have spared himself had he not accepted an unprecedented provision sought by Merrill Lynch: The bank will not have to pay a dime to any state unless all 50 states, the District of Columbia and Puerto Rico sign.
