Monday, August 05, 2002

Dead Horse [NYT] Salomon Smith Barney, and its now infamous telecom analyst Grubman, supposedly gave Worldcom execs IPO shares from companies trying to get contracts with Worldcom. Then there's this detail:
For example, sometime after the initial offering of Rhythms NetConnections, a company whose shares were underwritten by Salomon in April 1999, Mr. Sullivan tried to deposit a check that was written to Mr. Ebbers but endorsed to Mr. Sullivan by Mr. Ebbers, Mr. Spartis said. The check was in the middle six-figure range, he said, and he recalled that in the memorandum line on the check had been a reference to Rhythms NetConnections. "Scott told me, `We're splitting profits on a stock sale,' " Mr. Spartis said.

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