Word: barney
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Spitzer is still working out the details of a separate case against five CEOs, calling on them to return profits made from stock offerings arranged by Salomon Smith Barney. On the basis of another roundup of e-mail, Spitzer says that Jack Grubman, then Salomon's chief telecommunications analyst, engaged with the executives in "spinning," a practice whereby a bank allocates hot, essentially risk-free shares in companies about to go public to CEOs of prospective clients. In return, the CEOs give the bank business, confident that, in turn, their own stocks will receive favorable ratings. It was from this...
...Krawcheck was hired in October from the independent stock-research firm Sanford C. Bernstein (where she was CEO) to be Citi's designated savior. Citigroup's proud CEO, Sanford Weill, personally wooed her, reorganizing a large chunk of Citi around her. Krawcheck is now CEO of a reconstituted Smith Barney, which encompasses Citi's stock-research and retail-brokerage operations...
Before Lawes, 35, became CEO last year, he engineered the $275 million acquisition of Lyrick Studios, the U.S. company behind Barney, the purple dinosaur that draws more than 1.5 million viewers for each of its TV episodes. Lawes just bought the firm behind another classic kids' character, Thomas the Tank Engine, and next fall will roll out a new show, Rubbadubbers, about bath toys come to life. "You're not just making a TV show," says Lawes, who has cleverly peddled toys and other merchandise based on HIT characters. They account for more than 40% of the firm...
...system, which it has treated as an always-replenishing piggy bank to fund its huge public-spending projects. And thus the giant, unproductive cycle of money and labor churns on. "After all this time, Japan still has the resources to muddle through," says Kiichi Murashima of Nikko Salomon Smith Barney. "And as long as Japan can muddle through, it will...
...corrupt, Jack Grubman says; he's just a liar and a braggart. A former star analyst of telecom companies for the Salomon Smith Barney unit of Citigroup, Grubman says that when he upgraded his investment opinion of AT&T in November 1999--after years of dissing the stock--it had nothing to do with winning investment-banking fees for Salomon, helping his boss Sanford Weill survive a power struggle or getting the Grubman twins into an exclusive nursery school. A string of emails in which he raised all these issues--and which were obtained by reporters last week--are "baseless...