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Salomon Smith Barney Fires Its Chief Investment Banker
Salomon has fired Michael Carpenter in an attempt to distance itself from the debacle surrounding its own telecommunications stock analyst Jack Grubman. CEO Sanford Weill continues to defend the firm, claiming that its underwriting and analysts' activities were "nothing illegal". The firm now welcomes higher standards. Meanwhile, Congress continues to investigate Salomon and Grubman, including its inner relationships with Worldcom and its founder Bernard Ebbers.
Source: New York Times, September 9, 2002
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