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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 226.99

-1.1%

Dec 8 3:59 PM EST

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To: Bill Harmond who wrote (144652)	8/3/2002 9:03:35 PM
From: Glenn D. Rudolph	Read Replies (1) of 164684

"In his testimony before Congress last month, Mr. Grubman said he could not recall whether executives at WorldCom had received popular stock offerings from his firm. Salomon, a unit of Citigroup, said it did not allow employees to offer quid pro quos to clients or potential clients, and it denied that Mr. Grubman had any say over I.P.O. allocations. But the former employee said the telecom executives had routinely been among the top recipients of the stock in each Salomon offering. They received shares that Salomon held back from other clients, this person said, adding that the allocations had been made to executives when Salomon wanted to build relationships with the executives' companies or keep existing relationships strong. These executives were, in effect, part of an exclusive, very prosperous club, and membership was controlled by Mr. Grubman. Mr. Grubman routinely got a list of favored clients for each new stock offering for review, the former Salomon employee said, and changed the allocations if he did not deem them appropriate. " The entire article is worth reading. nytimes.com

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