Word: worldcom
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...spent much of his life puffing up his image. He has lied about his schooling and which Philadelphia neighborhood he grew up in. At the height of the telecom bubble, he saw himself less as a stock analyst than as a power broker, socializing with CEOs, including WorldCom's Bernie Ebbers, and offering them advice. But the newly obtained e-mails, brought to light in New York State attorney general Eliot Spitzer's probe of conflicts of interest on Wall Street, are being taken seriously by those investigating Grubman. The e-mails fit squarely into a familiar pattern of greed...
...late July, after the corruption at Enron, Worldcom and Tyco had seemingly mortally wounded consumer confidence, and the uproar against corporate crime was reaching its peak, it was convenient for Bush to join the battle cry and come down hard on the corporate villains. Likewise, it was convenient for Congress to pass the Sarbanes-Oxley Act of 2002—also called the “Accounting Reform Act”—reaching out to the victimized common man and calling for the eradication of big business deceit...
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...
...with the unraveling of Enron and WorldCom and recent allegations of legal and ethical lapses at Citigroup, Seereeram's cries are finally being heard. As a result of his investigations, Trinidad's tiny island neighbor Dominica has filed suit against the Citibank unit, alleging that it secretly and aggressively overcharged the government of Dominica on a bond issue to finance the island's first international airport. "We believe the allegations are without merit," says Lula Rodriguez, a Citibank spokeswoman. Seereeram hopes Dominica's lawsuit will bring renewed scrutiny to a case closer to home: a 1993 deal to refinance...
...immediate goal, say sources close to him, is the disgorgement of profits that executives reaped through generous allotments of IPO 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...