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Salomon Smith Barney Inc.

• Homepage: http://www.salomonsmithbarney.com/

• Self Description
• Third-Party Descriptions

• Relationships
• Articles and Resources

Self Description

February 2002: "Salomon Smith Barney is a global, full-service financial firm, which provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. As a leader in the U.S. securities industry, Salomon Smith Barney's core services include sales, research and trading for individuals and institutions, underwriting, advisory and specialty financing for corporations and government entities, mutual fund services, futures and asset management. As the nation's second largest retail brokerage firm..." http://www.salomonsmithbarney.com/abt_sb/

Third-Party Descriptions

May 2007: The use of big-boy letters is about to face its first significant legal challenge. In a lawsuit set to go to trial next month, a Texas hedge fund contends that it was on the losing end of such a letter in 2001, when Salomon Smith Barney, now Smith Barney, sold more than $20 million worth of World Access bonds to the Jefferies Group, the investment bank, using a big-boy letter.

http://www.nytimes.com/2007/05/22/business/22bigboy.html

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November 2004: A three-member arbitration panel ruled that Citigroup Inc.'s Salomon Smith Barney unit violated its fiduciary duty to the workers by granting favors to company founder Bernard J. Ebbers to help win lucrative investment banking fees. Salomon Smith Barney's pursuit of those fees was in conflict with its duties to former WorldCom employees, who lost millions of dollars when the company in 2002 made the nation's largest Chapter 11 filing for bankruptcy protection, the arbitrators ruled.

http://www.washingtonpost.com/wp-dyn/articles/A23629-2004Nov3.html

Relationships

Role	Name	Type	Last Updated
Status/Name Change to	Citigroup Global Markets	Organization	Nov 17, 2004
Status/Name Change from	Salomon Brothers	Organization	Sep 28, 2004
Employee/Freelancer/Contractor (past or present)	Jack Benjamin Grubman	Person
Organization Head/Leader (past or present)	John Gutfreund	Person
Employee/Freelancer/Contractor (past or present)	Henry Kaufman	Person

Articles and Resources

22 Articles and Resources. Go to:  [Next 2]

Date	Fairness.com Resource	Read it at:
Mar 18, 2008	Amid Brokers' Woes, Investor Accounts Are Mostly Protected QUOTE: ...Bear's situation raises concerns about what could happen to individual investors if a major brokerage firm goes under. Fortunately, the system of regulatory rules in place should protect most investors.	Wall Street Journal, The (WSJ)
May 22, 2007	Side Deals in a Gray Area QUOTE: Big-boy letters...are widely used and represent a private contract between presumably sophisticated investors. Lawyers agree that big-boy letters do not technically shield either party from insider trading laws, but rather protect the two parties from suing each other.	New York Times
Apr 23, 2006	Whistle-Stop Campaigns: Some Firms Are Trying to Limit Protection Of Workers Who Expose Wrongdoing QUOTE: the 2002 Sarbanes-Oxley Act...included sweeping provisions to encourage employees to blow the whistle on corporate wrongdoing...Now those provisions are being tested, with attempts underway to narrow the scope of the act. This is troubling to the bill's supporters, who view whistle-blowers as a first line of defense for investors, fellow employees, retirees and ultimately the public at large...	Washington Post
Jan 10, 2006	Six Women at Dresdner File Bias Suit QUOTE: Six women who are senior bankers at Dresdner Kleinwort Wasserstein Services have sued the investment bank, contending that they were denied equal bonuses and promotions that went to men with less experience.	New York Times
Nov 27, 2005	How to Balance the Scales Between Bankers and Clients QUOTE: IT is a perverse incentive system. Bankers are not typically paid for advising against a deal. Sure, there are times when the bankers may offer such advice, but more often than not, if there is an opportunity to do a deal, there is a banker who wants to do it.	New York Times
Jun 01, 2005	Citigroup to Pay $208 Million in Funds Case ABSTRACT: Citigroup pays investors $208 million for discount fraud.	New York Times
Nov 04, 2004	Citigroup Liable In WorldCom Worker's Loss: Company Granted Favors to CEO While Overseeing Employee Stock Plan QUOTE: Arbitrators have awarded $75,000 to a longtime WorldCom Inc. employee who argued that bankers contributed to her financial losses by profiting from their relationship with the struggling company and its chief executive...	Washington Post
Jul 13, 2004	Wall Street Sex-Bias Case Settled QUOTE: Morgan Stanley continues to deny that it practiced discrimination, but the firm also agreed to pay $2 million to improve diversity training and to create other internal programs designed to prevent and address discrimination...	Washington Post
May 10, 2004	Citigroup to Pay $2.65 Billion in Deal With WorldCom Investors QUOTE: ...set aside $4.95 billion in the second quarter to cover legal costs, including a pretax payment of $2.95 billion to settle claims with investors in WorldCom Inc....the Citigroup brokerage subsidiary, was instrumental in winning banking business for the firm through [Jack Grubman's--Ed.] glowing research reports on WorldCom.	New York Times
May 05, 2003	Puny Penalty, Given Damage To Investors QUOTE: In return for cheating their own customers, screwing up the nation's stock market for several years and wiping out billions of dollars of personal wealth, Wall Street is paying a penalty that amounts to less than $5 a head to the people of America.	Washington Post
Apr 29, 2003	SEC Approves Wall Street Settlement QUOTE: The Securities and Exchange Commission announced today that it had approved a settlement of civil claims against 10 of Wall Street's largest firms, a $1.4 billion deal that ends several probes into alleged conflicts of interest that hurt investors.	Washington Post
Aug 27, 2002	Salomon Gave a Big Helping of New Stocks to WorldCom 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.'	New York Times
Aug 16, 2002	After Criticism, a Top Analyst Quits Salomon QUOTE: Jack Grubman, the beleaguered telecommunications analyst who was once among the most powerful figures on Wall Street, resigned from Salomon Smith Barney yesterday...	New York Times
Aug 11, 2002	Pressuring Analysts: Hard Habit to Break QUOTE: ...according to one of Salomon's junior analysts, Kenneth A. Boss, two Salomon investment bankers had exerted improper influence on him.	New York Times
Aug 02, 2002	Wall St. Banks May Be Fined for Discarding E-Mail Traffic QUOTE: Securities regulators have told six investment banks, including the biggest firms on Wall Street, that they may have to pay as much as $10 million in penalties for not keeping e-mail messages as required...	New York Times
Jun 19, 2002	What Happens to the Inner Circle of the Ousted CEO? QUOTE: ...board members and/or the new CEO face a huge dilemma: How should they deal with the inner circle of an ousted CEO – those top executives who presumably supported, or at the very least were aware of, the actions and initiatives of their former boss?	Knowledge@wharton
Jun 18, 2002	A Wall St. Push to Water Down Securities Laws QUOTE: Some members of the securities industry are pushing Congress to prevent states from pursuing those who violate securities laws, including Wall Street firms now under investigation...	New York Times
Jun 18, 2002	Before Enron's Collapse, a Windfall for Officials QUOTE: In the year before the Enron Corporation collapsed last December, about 100 executives and energy traders collected more than $300 million in cash payments...	New York Times
Apr 25, 2002	Wall Street Inquiry Expanded QUOTE: ...[investors] worry that Wall Street's recommendations on stocks have been biased by the firms' efforts to win business from the companies whose stocks they promote.	New York Times
Apr 15, 2002	'It's a Living Hell' QUOTE: Whistleblowing makes for great TV. But the aftereffects can be brutal.	Fortune

22 Articles and Resources. Go to:  [Next 2]

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