Friday, August 16, 2002

Goodbye Mr. Grubman [NYT]
The SSB telecom analyst finally "resigned."
Howard S. Jonas is chairman of the IDT Corporation, a telecommunications services provider that has survived the carnage in the industry and is profitable. He said of Salomon: "I tried to go to Jack and say we're the best of our peers and we're solvent, but I couldn't get in his office. If you had big merger-and- acquisition opportunities, then you had a chance. Once you got inside then you were sort of protected. Mergers were arranged between you."
Some lawyer was on CSPAN [it's the restatement video] Wed., explaining how Worldcom was literally a Ponzi scheme. [link added 8/22]

Where are these onomatopoeic names coming from? Grubman, Reich, Malarkey.

8/20:Morgenson reamed Grubman on Sat.:

"The current climate of criticism," Mr. Grubman wrote, has made it impossible for him to perform to his high standards. Apparently, Mr. Grubman is effective only when stock prices are rising.

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