Jack Grubman

Jack Grubman emerged from the working-class neighborhoods here more than 30 years ago with little more than an aptitude for numbers and a reputation as someone who was going places. That place was Wall Street, where Grubman became one of the most influential and highest-paid securities analysts of the 1990s, pulling down a reported $20 million a year during the stock market boom.

In a rare win for investors seeking redress for biased analyst research, a Boston couple has been awarded $2.41 million in arbitration against Citigroup Inc. and analyst Jack Grubman for his recommendations on WorldCom Inc. stock. The couple, Joseph M. Salerno and Beverly T. Salerno, claimed they invested $1.

Citigroup Inc. Chief Executive Sanford Weill on Wednesday said he urged former analyst Jack Grubman to reexamine his rating on AT&T Corp. but denied that he asked for the stock to be upgraded to gain favor with AT&T. Weill's disclosure was the first time he has admitted publicly to being involved in the day-to-day business of the firm's stock analysts, and it deepens questions about Wall Street practices already under investigation by federal and state regulators.

In an unusual move, a group of small investors who say they lost their life savings because of Wall Street analyst Jack Grubman's puffed-up stock rating for WorldCom Inc. are taking their complaints en masse to the security industry's watchdog group. More than 100 investors are filing an arbitration claim today with the National Assn. of Securities Dealers, said Robert Weiss, the investors' attorney. Weiss said his firm could handle up to 100,000 similar claims.

In a rare win for investors seeking redress for biased analyst research, a Boston couple has been awarded $2.41 million in arbitration against Citigroup Inc. and analyst Jack Grubman for his recommendations on WorldCom Inc. stock. The couple, Joseph M. Salerno and Beverly T. Salerno, claimed they invested $1.

In an unusual move, a group of small investors who say they lost their life savings because of Wall Street analyst Jack Grubman's puffed-up stock rating for WorldCom Inc. are taking their complaints en masse to the security industry's watchdog group. More than 100 investors are filing an arbitration claim today with the National Assn. of Securities Dealers, said Robert Weiss, the investors' attorney. Weiss said his firm could handle up to 100,000 similar claims.

I'm a mortgage holder, nervous about the economy, employed in an industry that is sensitive to ups and downs, dismayed about the losses in my 401(k) mutual-fund retirement savings, dubious about the future of Social Security and furious--staggered--by perversions of our free-market system. And, oh yes, a voter who refuses to give up on the system. I think I fit the profile. I'm one of those whom Wall Street, the Bush administration, Congress and the Federal Reserve want to soothe.

Jack Grubman, the former Salomon Smith Barney stock analyst whose rosy recommendations helped Global Crossing Ltd. and WorldCom Inc. become telecommunications giants before they collapsed, tentatively agreed Friday to pay a $15-million fine and be barred for life from the securities industry.

Salomon Smith Barney agreed Monday to pay a $5-million fine to settle civil charges by the National Assn. of Securities Dealers that its former analyst Jack Grubman touted a telecom stock despite signs that the company was in severe financial trouble. The NASD also brought a similar complaint against Grubman and his assistant, analyst Christine Gochuico.

Salomon Smith Barney telecom analyst Jack Grubman warned top WorldCom Inc. executives that investment strategists at his firm were dropping the company from the brokerage's recommended list before the information was publicly released, the House Financial Services Committee said Tuesday.

Jack Grubman, the former Salomon Smith Barney stock analyst whose rosy recommendations helped Global Crossing Ltd. and WorldCom Inc. become telecommunications giants before they collapsed, tentatively agreed Friday to pay a $15-million fine and be barred for life from the securities industry.

Citigroup Inc. Chief Executive Sanford Weill on Wednesday said he urged former analyst Jack Grubman to reexamine his rating on AT&T Corp. but denied that he asked for the stock to be upgraded to gain favor with AT&T. Weill's disclosure was the first time he has admitted publicly to being involved in the day-to-day business of the firm's stock analysts, and it deepens questions about Wall Street practices already under investigation by federal and state regulators.

Salomon Smith Barney agreed Monday to pay a $5-million fine to settle civil charges by the National Assn. of Securities Dealers that its former analyst Jack Grubman touted a telecom stock despite signs that the company was in severe financial trouble. The NASD also brought a similar complaint against Grubman and his assistant, analyst Christine Gochuico.

Salomon Smith Barney telecom analyst Jack Grubman warned top WorldCom Inc. executives that investment strategists at his firm were dropping the company from the brokerage's recommended list before the information was publicly released, the House Financial Services Committee said Tuesday.

I'm a mortgage holder, nervous about the economy, employed in an industry that is sensitive to ups and downs, dismayed about the losses in my 401(k) mutual-fund retirement savings, dubious about the future of Social Security and furious--staggered--by perversions of our free-market system. And, oh yes, a voter who refuses to give up on the system. I think I fit the profile. I'm one of those whom Wall Street, the Bush administration, Congress and the Federal Reserve want to soothe.

Jack Grubman, once the most powerful telecommunications analyst on Wall Street, resigned from Salomon Smith Barney late Thursday amid a litany of government probes into whether financial conflicts tainted his stock recommendations. In what the brokerage called a "mutual agreement," Grubman resigned after accepting a severance package totaling $13.2 mil- lion.

Jack Grubman, once the most powerful telecommunications analyst on Wall Street, resigned from Salomon Smith Barney late Thursday amid a litany of government probes into whether financial conflicts tainted his stock recommendations. In what the brokerage called a "mutual agreement," Grubman resigned after accepting a severance package totaling $13.2 mil- lion.

Citigroup Inc. received a congressional subpoena demanding documents on any role stock analyst Jack Grubman played in allocating initial public offering shares to WorldCom Inc. executives. The House Financial Services Committee, which issued the subpoena, is investigating whether Grubman helped favored executives obtain IPO shares in return for their giving investment banking business to Citigroup's Salomon Smith Barney Inc. unit.

Jack Grubman emerged from the working-class neighborhoods here more than 30 years ago with little more than an aptitude for numbers and a reputation as someone who was going places. That place was Wall Street, where Grubman became one of the most influential and highest-paid securities analysts of the 1990s, pulling down a reported $20 million a year during the stock market boom.