Word: salomons
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...year-old videotape editor in New 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...
...During the period in question, Zimmerman was employed at Omega Advisors, a hedge fund based in New York City, while Becker worked at Jennison Associates and then at Salomon Smith Barney. In the case of Drugstore.com, Zimmerman allegedly bought the stock just before Becker issued a positive report. With Avon and eBay, Zimmerman sold shares short-a bet that their prices would fall-just ahead of the release of negative reports. The Avon tip allegedly came not from Becker's research but from that of a former colleague at Salomon, who had asked Becker for advice before issuing a negative...
...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...
...help fix the reputation of Citigroup's Global Corporate and Investment Bank--formerly Salomon Smith Barney--Lago will oversee the legal-compliance and business practices of the division beginning this month. Citi recently agreed to pay $400 million to settle accusations that Salomon misled investors by touting stocks of its investment-banking clients. Lago, who was once head of international affairs at the Securities and Exchange Commission, knows a thing or two about enforcement...
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...