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A FRIEND IN NEED: Grubman and Ebbers, Thick as Thieves in IPO Deals
NY POST ^ | August 31, 2002 | JESSICA SOMMAR

Posted on 08/31/2002 2:38:29 AM PDT by Liz

Edited on 05/26/2004 5:08:19 PM PDT by Jim Robinson. [history]

EASY MONEY: WorldCom's former CEO Bernie Ebbers cleaned up with shares of hot IPOs underwritten by Salomon Smith Barney. AP Photo.

WorldCom's maverick ex-CEO Bernie Ebbers raked in millions from his cozy relationship with Salomon Smith Barney and its former star telecom analyst Jack Grubman. Ebbers made a profit of $11.1 million on allocations of initial public offerings underwritten by the investment bank - an eye-popping $4.4 million of which was made on the first day of trading, Salomon Smith Barney admitted in a letter to the House Financial Services Committee yesterday.


(Excerpt) Read more at nypost.com ...


TOPICS: Business/Economy; Crime/Corruption
KEYWORDS:
Sherburne says Citigroup's investment bank gave IPO shares to executives because they were brokerage clients, not to win banking business.

Duh.

1 posted on 08/31/2002 2:38:29 AM PDT by Liz
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To: Liz
Bernie Ebbers:

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Jack Grubman:

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2 posted on 08/31/2002 3:01:09 AM PDT by backhoe
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To: Liz
Wasn't there a Jane Sherburne who was a major spokesperson for Clinton during the Clinton impeachment?
3 posted on 08/31/2002 4:00:58 AM PDT by Stirner
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To: Stirner
CIRCA 1999 Jane Sherburne, the past White House lawyer who was in charge of scandal damage control, and who still keeps in close contact with Hillary Clinton, was recently deposed in Judicial Watch's $90 million class action Filegate lawsuit. Ms. Sherburne's "insights" into the Clinton White House -- which Judicial Watch views with skepticism -- are featured prominently in Bob Woodward's new book, Shadow.

I believe she now works for PBS.

4 posted on 08/31/2002 4:25:46 AM PDT by Liz
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To: Liz
Jane Sherbourne was a CLINTON lawyer!!!! DIRTY LIAR.
5 posted on 08/31/2002 4:28:45 AM PDT by Ann Archy
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To: backhoe
ping ping
6 posted on 08/31/2002 5:59:59 AM PDT by Republican Babe
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To: Ann Archy
Birds of a feather.............
7 posted on 09/01/2002 4:00:18 AM PDT by Liz
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