Citigroup Subpoenaed in WorldCom Probe
Citigroup Inc. received a congressional subpoena demanding documents on any role stock analyst Jack Grubman played in allocating initial public offering shares to WorldCom Inc. executives.
The House Financial Services Committee, which issued the subpoena, is investigating whether Grubman helped favored executives obtain IPO shares in return for their giving investment banking business to Citigroup’s Salomon Smith Barney Inc. unit.
“We will continue to cooperate with the committee’s inquiry,” a Citigroup spokeswoman said.
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