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Pastimes : Where the GIT's are going -- Ignore unavailable to you. Want to Upgrade?

To: Ish who wrote (53230)	2/12/2003 2:06:57 PM
From: sandintoes	Read Replies (1) \| Respond to of 225578

Do you think Citigroup is in trouble for all their underhanded dealings with Enron, or Ex Treas. Rubin? Citigroup's Weill takes no 2002 bonus And: Weisel joins in Wall Street pact, to pay $12.5 mln By Luisa Beltran, CBS.MarketWatch.com Last Update: 1:07 PM ET Feb. 12, 2003 NEW YORK (CBS.MW) -- Sanford Weill, the chairman and chief executive of Citigroup, will not receive a bonus for 2002 due to the decline in the share price of the world's largest financial services company. Weill informed Citi's personnel and compensation committee that he would not accept any bonus, in cash or stock, for 2002 performance. The committee accepted his decision, Citigroup said in a statement Wednesday. However, Weill will receive options to buy 1.5 million shares, Citigroup said. Weill, who has a $1 million salary, got bonuses of nearly $17 million in 2001 and $18.5 million in 2000. He had received an $8.7 million bonus in 1999, according to regulatory filings. Shares of Citigroup (C: news, chart, profile) have lost some one-third of their value from a 52-week high of $47.09. The stock fell 25 cents to $31.80 in afternoon trading. Last year, Citigroup and Weill came under intense scrutiny due to conflict-of-interest allegations at investment-bank subsidiary Salomon Smith Barney. As part of a $1.4 billion settlement clinched in December, Citi agreed to pay a total of $400 million. See story Salomon has been the target of several probes because of research provided by former telecommunications analyst Jack Grubman. New York Attorney General Eliot Spitzer investigated whether Weill pressured Grubman to reconsider his view on AT&T Corp. to gain lucrative investment-banking business. Fine to total $10 mln in settlement Separately, Thomas Weisel Partners became the last securities firm to sign on to the pact settling conflicts of interest. San Francisco-based Thomas Weisel will pay a total of $12.5 million as part of the settlement, broken down as $10 million in fines and $2.5 million for research, spokeswoman Amanda Duckworth said. In December, Citigroup, Goldman Sachs (GS: news, chart, profile) and Morgan Stanley (MWD: news, chart, profile) were among 10 firms that agreed to take part in the $1.4 billion settlement, which separates investment banking from research at the firms and bans any allocation of IPO shares to executives or directors of public companies -- a practice known as "spinning." U.S. Bancorp Piper Jaffray on Dec. 30 joined the settlement, agreeing to pay $32.5 million. See story Both Weisel and U.S. Bancorp (USB: news, chart, profile) had taken part in weeks of negotiations but didn't sign onto the Dec. 20 settlement. Privately held Weisel, considered an "investment boutique" compared to its larger counterparts, had reportedly faced a fine of $60 million but complained that such a fine would cripple the firm. Shares of Goldman slipped 32 cents to $64.73, Morgan Stanley lost 42 cents to $35, and U.S. Bancorp added a penny to $20.22 in recent trading Wednesday. cbs.marketwatch.com{52201362-03AF-4974-88C1-2DE40A5364AE}&siteid=go2net