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Salomon Gave a Big Helping of New Stocks to WorldCom

Date: August 27, 2002
Author: Gretchen Morgenson
QUOTE: '[Salomon Smith Barney recognizes] that the simple fact of an allocation to a C.E.O. or other decision maker of a company that is also an investment banking client can raise the appearance of a conflict.'

ABSTRACT: More evidence surfaced today indicating that the "wall" between investment bankers and securities analysts at many Wall Street firms was highly permeable if not outright porous. Jack Grubman, a high profile analyst, appears to have been involved in allocating shares of Initial Public Offering (IPO) stock to reward insiders at companies doing business with Salomon Smith Barney. --- D. Doernberg

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