Word: grubman
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...Lizzie Grubman had the good sense to be born to a father with celebrity connections. (He's an entertainment lawyer.) She was also clever enough to become a publicist and use those connections to build a successful business representing people like Britney Spears and Jay-Z. But her instincts failed her two summers ago, when she backed a Mercedes SUV into a crowd at a Hamptons nightclub and fled the scene. Grubman kissed her friends and the good life a temporary goodbye last week and began serving 60 days in jail. Although scared, Grubman has suggested that her former life...
...market in Treasury securities. "Salomon had a well-known cowboy culture, and he did not put in the controls that were needed," says Michael Mayo, a bank analyst at Prudential Financial. Weill has been personally taken to task on two fronts: for possibly asking former telecom analyst Jack Grubman to rethink his negative opinion of AT&T, on whose board Weill sits, and for directing some of Citi's charitable giving to his pet causes. Since his chance encounter with Spitzer in early September, however, Weill has made it clear that he has resolved to clean up his shop...
PLEADED GUILTY. LIZZIE GRUBMAN, 31, New York City publicist to the stars; to assault and leaving the scene of an accident, in which she plowed her Mercedes SUV backward into a crowd outside a Hamptons nightclub, injuring 16 people. Grubman will probably serve two months in jail and perform community service...
Even as WorldCom's future kept looking rosier to Grubman (see chart), its balance sheet, its "now," was imploding. At the end of 1999, the company claimed $10.3 billion in current assets and $30.3 billion in current liabilities and long-term debt. By year-end 2001, current assets had shrunk to $9.2 billion, while current and long-term debt had swollen to $39.2 billion. Graham liked companies whose current assets were at least twice their current liabilities. This measure, called the current ratio, tells you the working-capital cushion a company has at its disposal. Graham also believed that long...
...Grubman kept hollering "buy," all the way down to $6 a share. (Grubman did not respond to my requests for comment; a Salomon Smith Barney spokeswoman says Grubman "now admits that his thesis was wrong...