Word: weill
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...recent statement by Sanford I. Weill, the chairman of Citigroup, that he supports the acceptance of women for membership in the elite Augusta National Golf Club marks a small victory for women’s lobbying groups who have been attempting, unsuccessfully, to end gender discrimination at the club. Augusta National is the site of golf’s annual Masters Invitational tournament, and Weill is the first member to speak out against the club’s policy. Weill’s courage should serve as an example to other members of the club and to the wider golf...
...awkward moment. Sandy Weill, the world's most powerful banker, came face-to-face with Eliot Spitzer, the toughest cop on Wall Street. Both were among the guests at a Sept. 10 lunch hosted by New York City Mayor Michael Bloomberg at Gracie Mansion. Their exchange was brief. But Weill, 69, CEO of Citigroup, indicated he was eager to talk about the ugly business that Spitzer, the ambitious New York State attorney general, has been finding in his probe of the financial behemoth. Within days a high-level session followed, and even Spitzer was impressed with Weill's sense...
...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 the whole episode signaled a thaw in Weill's ice-age thinking. Playing to fat cats at the expense of retail investors was no longer defensible. Almost overnight, what had been de rigueur was deplored, and Weill's giant firm had been singled out as the poster child for big bad banks...
...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...
...bankers. Amid all the probing, Citi's stellar financial results - the company posted earnings of $8.9 billion in the first half of 2002, a 26% jump from the same period last year - are being seen in a different light. The stock has fallen nearly 40% so far this year. Weill's 23 million shares have lost more than $400 million in value. But just as grating to Weill is the threat to his legacy of bringing down the walls between banks, brokers and insurers. More than any other, it was Weill whose persistent lobbying persuaded Congress to deregulate the industry...