Citigroup Response to the Wall Street Journal Story--11/13/02--Part 2.NEW YORK--(BUSINESS WIRE)--Nov. 13, 2002 The following is a memo addressed to all Citigroup employees concerning today's Wall Street Journal story. To: Senior Management From: Sandy Weill Date: November 13, 2002 Re: Regulatory Matters - Update ---------------------------------------------------------------------- Today, we learned that a number of false and inflammatory emails that we provided to regulators have become public. The regulators have already received unequivocal sworn testimony The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Sworn testimony is evidence given by a witness who has made a commitment to tell the truth. from the author of the emails that they are fabrications with zero basis in reality. Recognizing the defamatory def·a·ma·tion n. The act of defaming; calumny. de·fam  a·to ry adj. nature of these emails, we asked the
regulators to maintain their confidentiality and to conduct an
accelerated investigation in order to verify (1) To prove the correctness of data.(2) In data entry operations, to compare the keystrokes of a second operator with the data entered by the first operator to ensure that the data were typed in accurately. See validate. their falsity. Regrettably, the emails have reached the newspapers in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite their lack of factual basis. Many of us share a deep outrage OUTRAGE. A grave injury; a serious wrong. This is a generic word which is applied to everything, which is injurious, in great degree, to the honor or rights of another. at this. These emails wrongly assert a connection between Mr. Grubman's decision to raise his rating on AT&T stock and Michael Armstrong's vote on our Board in connection with the departure of John Reed as Co-Chief Executive Officer. There was absolutely no connection between these events. I have said before, and will say again: I never told any analyst what he or she had to write and I never would. Nor would I ever attempt to manipulate manipulate To cause a security to sell at an artificial price. Although investment bankers are permitted to manipulate temporarily the stock they underwrite, most other forms of manipulation are illegal. a Board member's vote. Any suggestion that I did is just wrong. Mr. Armstrong has categorically denied that his Board vote was in any way connected to the upgrade. Mr. Grubman has testified under oath Under oath could refer to:
I did suggest to Jack Grubman that he take a fresh look at AT&T in light of the dramatic transformation of the company and the industry. I always believed that Mr. Grubman would conduct his own research and reach independent conclusions that were entirely his own. Most of the issues that have been raised to date by regulators and others over the course of the past several months are prompting necessary change. Indeed, they have resulted in the entire industry taking a hard look at some of the ways we have done business, and as we have said before, we intend to be a leader in raising standards in the industry. I hope that this information helps you put this particular matter into context. |
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