Analyst Grubman Quits Salomon Smith Barney

Beleaguered telecommunications stock analyst Jack Grubman has resigned from Salomon Smith Barney in what the firm described as a "mutual agreement".

Grubman is blamed for his unfettered optimism and uncanny company involvement of the stocks he covered purportedly as an independent analyst. His ethics, and Salomon Smith Barney's ethics and supervision of him, have been questioned. Investors lost about $2 trillion in the telecommunications industry while Grubman, Salomon Smith Barney and company insiders reaped hundreds of millions of dollars.

Source: New York Times, August 16, 2002