Magazine article American Banker

In Brief: Grubman Says He Made Up AT&T E-Mail

Magazine article American Banker

In Brief: Grubman Says He Made Up AT&T E-Mail

Article excerpt

Jack Grubman, a former Salomon Smith Barney analyst, says that e-mail he wrote asserting that he altered his research as part of a deal to help Citigroup Inc.'s chairman and chief executive, Sanford I. Weill, oust his former co-CEO, John Reed, was a fabrication created to impress a business associate.

Citi and Mr. Grubman issued press statements on Wednesday in response to reports that New York Attorney General Eliot Spitzer had discovered e-mail hinting at a quid pro quo between Mr. Weill, Mr. Grubman, and Michael Armstrong, the chairman of AT&T Corp. The collusion rumor was first mentioned on CNBC last week.

In the e-mail, Mr. Grubman claimed that he changed his rating on AT&T to help Mr. Weill persuade Mr. Armstrong -- a member of Citi's board -- to vote in favor of Mr. Reed's ouster.

Mr. Grubman said Wednesday that he invented the scenario to make himself look important. …

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