Skip to comments.SOLLY'S ‘PIG' OUT (Citigroup Takes A Beating)
Posted on 10/01/2002 1:56:04 AM PDT by kattracksEdited on 05/26/2004 5:09:09 PM PDT by Jim Robinson. [history]
Prosecutors came out swinging yesterday against greedy telecom bigwigs, but it's Citigroup that's taking the worst beating.
New York Attorney General Eliot Spitzer's suit to recover $1.5 billion in IPO profits from former CEOs revealed damning e-mails from Citi's Salomon Smith Barney unit that labeled some investment banking clients "pigs" and questioned the quality of research the firm's analysts produced.
(Excerpt) Read more at nypost.com ...
A fine to Citibank resembles coals to Newcastle. You will also note there is no mention of Weill or any other 'usual suspects'.
The breathtaking scope of the wrongdoing is evident. They really thought they could get away with it.
Spitzer is taking a page from the Giuliani political playbook. G'ani made his name going after Wall Street criminals....most of the cases went nowhere. Except for Michael Milken (Gary Winnick's mentor), Ivan Boesky and a few others in the "greed is good" crowd.
Isn't it amazing (sarcasm) that the press never mentions Milken, Winnick and McAuliffe in the same sentence?
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