Grubby of the Week Debuts
And, after an investigation revealed how widely he used his influence as a supposedly neutral stock analyst to help his firm collect hundreds of millions in banking fees, Grubman became even more things to more people (see Salomon Slammed in Settlement). We can't mention those things in a family publication, sorry.
We can, however, celebrate and deride all things Grubman, if for no other reason than to remind ourselves how insanely greedy the telecom industry was during the Internet bubble. And, of course, to remind us that we should always keep our "experts" in check.
On that note, it is our pleasure to introduce a new feature on Light Reading: "Grubby of the Week – The Latest Bon Mots From the World of Grubman." You can find it on the front page of www.lightreading.com, just below the tally of the most recent message board posts. Each week we'll pore through all of the emails and other evidence recently released by New York Attorney General Eliot Spitzer’s office to bring you the most salacious tidbits from the life and times of Jack Grubman.
In the end, of course, Grubman had the last laugh, as his quasi punishment for years of cupidity and deceit was merely to pay half of his severance pay in fines (see Of Greed & Grubbiness). Our sources also indicate he was slapped severely on the wrist. But that won't stop us from having a laugh or three at his expense. And should you feel the need to join in the fray or to post your own "Grubby" from your observations of the industry, we've provided a special message board for just that reason. Remember: Jack Grubman isn't the only one in the telecom industry who can do grubby things.
We hope you enjoy the new feature. In Grubman's oxymoronic honor, we rate it a Strong Buy, even though we know its future is sketchy and its earning potential highly questionable.
— Phil Harvey, Senior Editor, Light Reading