Word: ipos
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Weill, says a longtime friend, has become "horrified and embarrassed" by the mud-spattered image of Citi, which stands accused of unethical and illegal behavior on multiple fronts. Among the alleged transgressions: doling out shares of hot IPO shares to WorldCom executives in a bribelike manner to win banking business, devising complex financing to help Enron conceal debt and having stock analysts hype the shares of companies that were investment-banking clients. While Salomon Smith Barney was making the VIPs rich, another Citi subsidiary was charging consumers high fees and above-market interest rates on loans, according to charges Citi...
Citi, which denies doing anything illegal, remains under special scrutiny from at least five investigating bodies. Citi negotiators are now leading an effort to settle all matters regarding IPO allocations and analyst conflicts with all regulators and on behalf of all of Wall Street. The Citi team met with Spitzer last week and then had an initial "global" settlement session with the Securities and Exchange Commission (SEC). The National Association of Securities Dealers (NASD) and the New York Stock Exchange are in close contact with the discussions and will be part of any comprehensive deal. People close to those talks...
...beginning of what is shaping up as a far-reaching peace treaty. Spitzer, who used a $100 million settlement with Merrill Lynch to reform stock research on Wall Street, wants a similar and more expensive pact with Citigroup to address systemic abuses in the way lucrative initial public offerings (IPOs) of stock have been showered on ceos who sent investment-banking business to Citi. Spitzer is still digging for dirt, so any deal may be several weeks away. But playing to fat cats at the expense of retail investors is no longer defensible. Weill, says a longtime friend, has become...
Source: Citigroup presentation at Lehman Brothers conference, February 2002. All figures are for the full year 2001 Citi, which denies doing anything illegal, remains under special scrutiny from at least five investigating bodies. Citi negotiators are now leading an effort to settle all matters regarding IPO allocations and analyst conflicts with all regulators and on behalf of all of Wall Street. The Citi team met with Spitzer two weeks ago and then had an initial "global" settlement session with the Securities and Exchange Commission (SEC). The National Association of Securities Dealers (NASD) and the New York Stock Exchange...
...that is pushing Lauren to expand. It's pride. Lauren doesn't talk about his stock price in monetary terms. He calls it "a report card, which gets issued every day." And right now--with the stock of Polo Ralph Lauren hovering around $20, some $10 less than its IPO price--the company is getting poor marks. "When I went public, I had a great business," Lauren says. "I don't think the company has gone backward." Global expansion, he hopes, will prove to Wall Street that he's not just a designer but a businessman...