Financial Services Industry
Industry: Email Alert RSS FeedSalomon's sorrow. (The Week in Review).
Investment News, September, 2002
NASD on Monday fined Salomon Smith Barney Inc. a paltry $5 million for putting out shady research. It also filed a separate complaint against Salomon's former telecommunications analyst, Jack Grubman, and his research assistant, Christine Gochuico, alleging that they promoted Winstar Communications Inc.
to investors in public, but privately dissed the Newark, N.J., company which filed for Chapter 11 bankruptcy protection last year. While $5 million may seem like a hefty amount to those scrimping to come up with the 49 bucks it costs for a yearly subscription to this publication, it's a drop in the bucket for Salomon, a unit of New York's Citigroup Inc. Look at it this way: The settlement is less than one-sixth of Mr. Grubman's $32.3 million severance...
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