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At this the Christmas season, the officers of Salomon Smith Barney
need your help.
A climate of bad ethics and questionable morals has taken over the
firm. New ideas and new approaches are needed before it is too late.
Witness the following:
1) More than $70 million to be paid for cheating stock investors on
the NSDAQ stock market.
2) More than $5 million paid to Dade County, Florida for misleading
public officials.
3) More than $1 million paid in fines for attempting to influence
former Secretary of Agriculture Michael Espy with luxury Super Bowl
tickets.
4) A district manager is forced to resign for committing election fraud.
5) The "boom-boom room" sex harassment case involves potentially
20,000 female employees.
Consider this:
All of the officials involved in supervising the boom-boom room, Dade
County, Espy, NASDAQ scandals are still in place making similar
decisions.
Consider this:
Employee morale is so bad that there are now anti-Salomon Smith Barney
web sites.
Consider this:
All of the fines and sanctions thus far paid amount to less than
oneself of Sandy Weill's 1996 compensation.
Consider this:
An August 1997 story in the Wall Street Journal suggests that there is
still another scandal brewing, called yield-burning, that could cost
the firm
$50 to $100 million.
Consider this:
The much heralded "boom-boom room" settlement actually blocks female
employees with successful claims from recovering their full attorney's
fees -- despite Federal law to the contrary. No wonder a firm
spokesman suggested the settlement was too good to be true.
The atmosphere of "do it til you are caught and then blame
subordinates" is rampant.
Help is needed? Do you have ideas?
To communicate your thoughts [or to be removed from this mailing list]
please contact:
Deryck Maughan CEO 212-783-7395
Robert Mundheim General Counsel 212-783-7508
James Boshart Transition Chief 212-816-8219
Note this is not an official Salomon Smith Barney mailing. For more
information on Salomon Smith Barney please see http://www.smithbarney.com.
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