Word: grubmans
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...York City, claims he lost more than $455,000 by following the advice of a Wall Street superstar. He invested his life savings in the telecom stock Global Crossing. And he did it, he says, based on tainted research reports by former Salomon Smith Barney analyst Jack Grubman, a onetime guru who has been barred from the securities industry for life...
That is Zicarelli's claim. He says his trades were often executed on the same day that Grubman released a new research report. To prove it, he has attached a dated list of his trades and losses to his arbitration claim. Now he will have to get in line--but at least the line is moving...
...billion settlement with 10 Wall Street firms accused of corrupt stock research; in Washington. The severe Citigroup stipulation, which comes on top of fines and sweeping policy changes required of all 10 banks, follows the disclosure, first reported in 1999, of Weill's efforts to persuade Citigroup analyst Jack Grubman to raise his rating of AT&T, where Weill was a director, from "neutral...
...Becker is the latest star analyst to face a public rebuke, following Henry Blodget of Merrill Lynch and Jack Grubman of Salomon. Both men resigned after being caught touting stocks about which they had internally expressed doubts-and which provided lucrative banking business to their employers. With regulators set to go public this week with e-mail and other documents from a long investigation of research practices, more stars are likely to fall...
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...