> This latter request suggests that investigators are focusing their probe on
> a practice known as spinning, which was wide-spread on Wall Street during
> the bull market. It involved handing out shares of sought-after IPOs to top
> executives with the hope that they would later repay the bank with their
> company's investment banking business.
>
Not only was spinning prevalent, so was a practice called 'drive-by
offerings', in which the particulars of a transaction were kept from
investors, who were arm twisted into buying deals at higher than market
prices, to get a 'piece of the action.'
(In keeping with the thread of narcissism) - this piece I co-authored in Fortune magazine in June digs into many of Grubman's ties to Global Crossing, indeed shows how Global Crossing's criminal behavior would not have been possible without Jack's help. Nice to see that's not going to be ignored. For the record, Gary Winnick denied everything about his relationship with Grubman, but other senior insiders painted a very different picture.
<A HREF="http://www.fortune.com/indexw.jhtml?channel=artcol.jhtml&doc_id=208320&page=4">http://www.fortune.com/indexw.jhtml?channel=artcol.jhtml&doc_id=208320&page=1</A>
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