Word: salomons
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...time hacks come poking around. THE BOURSE Great Divide It may be too early to say if this is the wisdom of Solomon, but last week Citigroup tried to save itself by dividing in half. Responding to alleged conflicts of interest between the research and investment arms of its Salomon Smith Barney investment bank, the world's largest financial institution will split off analysts into a new unit called Smith Barney and headed by Sallie Krawcheck. As CEO of independent research firm Sanford Bernstein, Krawcheck became the model of honest analysis while banks like Citigroup were rocked by scandal...
...meeting that followed, at the attorney general's Manhattan office, between Spitzer and Charles Prince, the new head of Citi's subsidiary Salomon Smith Barney, marked the 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...
...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 just settled with the Federal Trade Commission...
...finding in his probe of the financial behemoth. Within days a high-level session followed, and even Spitzer was impressed with Weill's sense of urgency. The meeting that followed, at the attorney general's Manhattan office, between Spitzer and Charles Prince, the new head of Citi's subsidiary Salomon Smith Barney, marked the 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...
...shares in the late 1990s - a period during which those shares were virtually guaranteed to rise sharply. Spitzer filed a legal action last week. A prominent target is former WorldCom CEO Bernard Ebbers, who made $11 million in trading profits over four years on IPO shares he bought through Salomon, according to documents obtained by Congress. Spitzer would like to prohibit IPO allocations to executives that can't be justified by the amount of business those executives provide their broker through personal accounts. "You cannot give shares in an effort to persuade the CEO of a big company to bring...