Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 165.03

+1.0%

Nov 24 3:59 PM EST

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To: waitwatchwander who wrote (128837)	5/9/2003 10:26:22 AM
From: carranza2	Read Replies (1) of 152472

Did you by chance see Frontline last night? Unbelievable. The focus was on WorldCom and they way a highly placed analyst at SSB, Jack Grubman, manipulated things to a fare-thee-well. The SOB actually sat on a meeting of WC's Board of Directors. Although he was theoretically a neutral analyst, he arranged for WC's CEO to participate in some juicy IPOs. At one point, SSB set up a fairly secret division that dealt exclusively with clients of his heft. They were actually offered appreciated just-out-of-IPO stock for the IPO price. Free money, in other words. The quo for that quid was, naturally, steering the investment banking business to SSB. The demand on the side was for favorable coverage by the analysts, which was of course provided. I call it mutual a bribery. John Shannon, is (for once) correct: tip of the iceberg. Wonder what the Queen of the Internet--some gal who was promoting the bejesus out of worthless .coms, I don't recall her name--is doing? Those two need to share a jail cell. Spitzer and his settlement of the charges for a billion bucks in penalties was also a focus of the program. which I highly recommend. But the most trenchant observation was on the part of some of the insiders themselves--no reform until the bastards get jail time. This Spitzer refused to do. There's probably a story there, too. The NY State AG's penalty is a drop in the bucket. I hope the class action boys crank it up big time.

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