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Politics : Formerly About Applied Materials

AMAT 322.32

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Jan 30 9:30 AM EST

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To: StanX Long who wrote (65359)	8/25/2002 10:39:15 PM
From: StanX Long	Read Replies (1) of 70976

Citigroup Analyst's Rating Prompts AT&T Subpoena (Update12) By George Stein New York, Aug. 23 (Bloomberg) -- Citigroup Inc. is being investigated by New York's attorney general over whether analyst Jack Grubman raised his recommendation on AT&T Corp. to help the bank win a role arranging a $10.6 billion stock sale in 2000. Citigroup shares dropped 3.4 percent after two days of gains on concern Chief Executive Officer Sanford Weill, who sits on AT&T's board, influenced Grubman's decision, investors said. AT&T spokeswoman Eileen Connolly said Attorney General Eliot Spitzer sent a subpoena asking for information on how it picked Citigroup to underwrite the AT&T Wireless unit's share sale. ``We'll all be better off if corporations and executives and their boards hew the lines of honesty and integrity,'' said Marshall Front, who manages $2 billion of assets including 1 million Citigroup shares at Chicago-based Front Barnett Associates LLC. ``Whether Grubman was influenced by Sandy Weill, that's for the investigators to find out.'' quote.bloomberg.com

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