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SOLLY'S ‘PIG' OUT (Citigroup Takes A Beating)
New York Post ^
| JESSICA SOMMAR
Posted on 10/01/2002 1:56:04 AM PDT by kattracks
Edited on 05/26/2004 5:09:09 PM PDT by Jim Robinson.
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 ...
TOPICS: Business/Economy; Crime/Corruption; News/Current Events
posted on 10/01/2002 1:56:05 AM PDT
To: kattracks; Liz; terilyn
Mr. Spitzer is continuing to burnish his credentials. If he's taking a page out of Guiliani's playbook, can a run for higher office be far behind?
A fine to Citibank resembles coals to Newcastle. You will also note there is no mention of Weill or any other 'usual suspects'.
posted on 10/01/2002 3:20:42 AM PDT
........in January 2000, Salomon's top research execs held a "Best Practices Seminar" allegedly to teach its analysts how to fudge their financial models to help investment banking clients meet earnings expectations. "It probably goes beyond smacking of fraud. It is virtually an instruction on how to commit fraud" .......
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.
posted on 10/01/2002 3:31:33 AM PDT
I'm not convinced they're still not going to get away with it. Weill in particular has close personal friends on both sides of the political aisle.
Isn't it amazing (sarcasm) that the press never mentions Milken, Winnick and McAuliffe in the same sentence?
posted on 10/01/2002 3:46:55 AM PDT
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