Word: grubman
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...financial results difficult to assess even for pros. It seemed unlikely that anything so complex could be widespread. But with WorldCom, as House Financial Services Committee chairman Mike Oxley, an Ohio Republican, says, it looks like "good old-fashioned fraud." Oxley's committee subpoenaed Sidgmore, Sullivan, Ebbers and Jack Grubman, telecom analyst for the Salomon Smith Barney unit of Citigroup, to a July 8 hearing. Not to be outdone, House Energy and Commerce Committee chairman Billy Tauzin, a Louisiana Republican, announced his investigation and ordered that by July 11 WorldCom turn over all records relating to its internal audit...
Though no one got voted off Kopple's island, reality gave the documentary--sorry, reality mini-series!--a twist straight out of a soap opera: the night that high-powered publicist and society figure Lizzie Grubman allegedly backed her SUV into a crowd at a nightclub, reportedly after angrily calling a doorman "white trash." The case became the best automotive metaphor for class conflict on Long Island since Daisy Buchanan ran over Myrtle Wilson in The Great Gatsby. But, surprisingly, Kopple gives it only a few minutes. "One thing shouldn't take over the whole summer," she says...
...doubt ABC would have had an easier time selling When Grubman Attacks! But The Hamptons' antisensationalism--occasionally to the point of dullness--is also its strength. It avoids cheap shots, even at a couple who model their wedding on Sean (P. Diddy) Combs' famous "white party" by having their guests dress up like Good Humor men. It treats the swank partygoers and the workers setting up the shrimp-cocktail bar with equal sympathy. Like Gatsby, The Hamptons shows how a summer place comes to represent and be changed by the dreams and appetites of the people who love and consume...
...that while the problems were well documented, regulators did nothing until investors had lost billions of dollars. Only since Spitzer's investigation turned up blunt double-dealing by analysts has the SEC intensified its efforts, currently looking at other firms too, like Salomon, where telecom analyst Jack Grubman earned more than $10 million a year reeling in underwriting clients. That princely pay had nothing to do with his stock advice. Grubman rated the disastrous stock WorldCom a strong buy until mid-March, although it was down 88% from its June 1999 peak. Salomon--which has told Spitzer...
...stock analysts on Wall Street for fraud. Unlike companies that, however foolishly, want to merge in order to grow, the analysts on Wall Street have been consciously deceiving the public for years. Spitzer’s investigation, and the dirt he has dug up on prominent analysts like Jack Grubman of Salomon Smith Barney and Henry Blodget of Merrill Lynch, has finally prodded the rest of the regulatory agencies into action. Both the Securities and Exchange Commission and the National Association of Securities Dealers are currently investigating Wall Street, fearful of losing control over the brokerage industry to 50 state...