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To: craig crawford who wrote (144080)	7/23/2002 8:19:12 AM
From: H James Morris	Read Replies (1) \| Respond to of 164684

Craig, it appears Citigroups slut salomon smith barney is a problem. BTW This has not been a good year for investment bankers. $XBD >>"As always, we cooperate fully with any inquiry," the firm said in a statement. "Mr. Grubman's calls on Winstar were part of a consistent and reasonable investment thesis developed and held in good faith for many years. There was certainly no intent to mislead investors." "Mr. Grubman continues to be an active member of the firm's research team," the statement said. Shares of Citigroup fell 11 percent on the news, dropping $3.96 to close at $32.04 on the New York Stock Exchange. The planned enforcement moves come as the NASD, the Securities and Exchange Commission, New York state attorney general Eliot Spitzer and state securities regulators have been investigating alleged conflicts of interest among analysts at several big Wall Street firms. In a settlement with Spitzer's office, Merrill Lynch & Co., the nation's largest brokerage firm, agreed in May to pay a $100 million fine and to separate its analysts from its lucrative investment-banking business to avoid future conflicts of interest.<< seattlepi.nwsource.com