October 7, 2005 |
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.
January 13, 2003 |
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.
August 21, 2002 |
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.
December 21, 2002 |
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.
September 24, 2002 |
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.
September 4, 2002 |
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.