Former Citigroup analyst Jack Grubman
says Wall Street hasn't changed how it works in more than 10 years.
, Weill's star telecommunications analyst, became the poster child for promotional investment advice, earning up to $20 million a year.
L), ("xG"), announced today that telecom and technology industry veteran Jack Grubman
has been appointed to the MBTH board of directors, effective immediately.
The flaws in the investment process are highlighted by the tales of Henry Blodget of Merrill Lynch, Jack Grubman
of Salomon Smith Barney, and Frank Quattrone of Credit Suisse First Boston.
In particular, his evil "twin," Jack Grubman
of Smith Barney, is one of the major villains of the piece.
, at Salomon Smith Barney and, after the merger, Citigroup, was known as the "King of Telecom" for his relentless promotion of WorldCom, Global Crossing, and Qwest over traditional telecommunication companies.
Companies are rethinking their definitions of proper conduct, said Weill, who faced controversies over his bank's involvement with Enron as well as the actions of analyst Jack Grubman
Did you know Jack Grubman
is still being paid $200,000 a year by Solomon Smith Barney?
People such as Henry Blodget, Mary Meeker, and Jack Grubman
were the darlings of Wall Street.
A good case study in this regard is the coverage of a stock analyst with the Dickensian name of Jack Grubman
The most egregious example of the incestuous analyst's back-scratching game was former Citigroup (Salomon Smith Barney) analyst Jack Grubman
, who allegedly changed his rating on AT&T stock at the behest of his boss, Sandy Weill (who was seeking to persuade AT&T's CEO, a Citigroup board member, to support Weill in an internal company fight).
As now disgraced former Salomon Smith Barneys telecommunications stock analyst Jack Grubman
once said, [the Clinton administration] made "what used to be a conflict [into] a synergy.