SEC to probe analyst conflicts Chairman sees 'serious crisis' in credibility, confidence on Wall St.

NEW YORK--The Securities and Exchange Commission will begin aformal probe into Wall Street stock analysts' conflicts of interest,Chairman Harvey Pitt said.

Prompted in part by e-mails New York Attorney General EliotSpitzer released this month of Merrill Lynch & Co. analystsdisparaging stocks the firm recommended, the agency will seekdocuments and demand testimony from Wall Street firms.

"We have a serious crisis in my view in credibility and confidenceon Wall Street," Pitt said. The SEC will ensure "if anybody'sviolated existing laws, those people are taken to task for that."

The investigation, the biggest probe ever of Wall Street analysts,will examine whether …