Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Proud_Infidel who wrote (37455)	9/26/2000 10:47:20 AM
From: Ian@SI	Read Replies (1) \| Respond to of 70976

Slimey Balarney gets some WSJ coverage in today's Heard on the Street Column. Whole story (for subscribers) at: interactive.wsj.com September 26, 2000 Heard on the Street Salomon Smith Barney Broker Faces California Bribery Inquiry By GREGORY ZUCKERMAN Staff Reporter of THE WALL STREET JOURNAL Federal securities regulators have launched an inquiry into whether a Salomon Smith Barney broker bribed officials of San Bernardino County, Calif., in exchange for fees and excessive commissions on more than $7.5 billion of investments for the county. The investigation by the Securities and Exchange Commission comes on the heels of a lawsuit filed last month by the county against the firm, now part of Citigroup Inc. The suit alleges that the broker, Peter Morrison, bribed county officials with cash, trips to foreign hot spots, entertainment and dinners for six years ending in 1998; charged excessive commissions; and put the county in inappropriate investments. County officials say the losses resulting from Mr. Morrison's actions could total more than $30 million. Mr. Morrison and Salomon Smith Barney have not filed a response to the suit, filed in San Bernardino County Superior Court. "The SEC last week made contact with county officials, they're concerned and asked questions about the case," said Dick Larsen, treasurer-tax collector of San Bernardino County. He added: "It's a preliminary inquiry that may lead to a formal investigation." ...