Documents going back as far as 1998 will now be used by Spitzer in the latest leg of his high-profile probe against Wall Street in respect of biased stock research.
In the late 1990's Grubman urged investors to purchase share in untested telecoms businesses and to stay with them until their values plummeted in value. At the same time that Grubman was earning up to £14m per annum and recommending the companies' shares, he was also allegedly helping Salomon win lucrative investment banking fees from issuing telecommunications securities.
The attorney general has focused on the research of 54 companies and Grubman wrote the research reports on all but one of them.
Wall Street Probe Targets Salomon
New York State Attorney General Eliot Spitzer has now issued a subpoena to Salomon Smith Barney (SSSB), requiring the securities house to produce all documents relating to research produced by top-rated telecoms analyst Jack Grubman.
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