Printer Friendly PageCitigroup Settles NASD Winstar Inquiry Without Admitting or Denying the Allegations
To: All Employees
From: Chuck Prince, Chairman and Chief Executive Officer Global Corporate and Investment Bank
We are pleased that the NASD has settled its inquiry into Salomon Smith Barney's research coverage of Winstar Communications without the firm admitting or denying the allegations. This $5 million settlement is consistent with our determination to do all that we can to resolve the issues facing SSB. We have worked constructively with the NASD in achieving this resolution.
We are determined to take a leadership position in establishing higher standards for Wall Street research. We are continuing to review our policies and procedures and, in the near future, we will announce some additional changes to ensure that the quality and integrity of SSB's research consistently leads the industry.
Given the ongoing litigation surrounding these issues, we are not at liberty to discuss the details of this matter.
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