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  • Congressional Panel Says Goldman Spun IPOs Widely (Rubin 'Perp Walk' Watch)

    10/02/2002 10:27:11 PM PDT · by anymouse · 7 replies · 583+ views
    Reuters ^ | Wednesday October 2, 11:55 pm ET | Kevin Drawbaugh
    Wall Street powerhouse Goldman Sachs gave officers or directors of 21 favored investment banking clients access to lucrative initial public offerings it managed, said a congressional committee on Wednesday in a scathing report Goldman slammed as "rubbish." The so-called "spinning" of IPOs by Goldman occurred from 1996 to 2000 and allowed numerous high-profile corporate executives to reap hefty profits from new, red-hot, mostly technology and telecommunication issues, said the report from the House of Representatives Financial Services Committee. Among those who received the IPO share access from Goldman were former Enron Corp. Chairman Kenneth Lay and former Tyco International chief...