Salomon is scolded by AT&T chairman, who calls bid scandal 'unforgivable.' (Salomon Brothers Inc.)(Robert E. Allen)

Article Abstract:

Robert E. Allen, AT&T chairman, publicly chastises Salomon Brothers Inc by stating that the investment bank's Treasury-bidding violations were 'unforgivable' and that AT&T is not inclined to do business with the company. AT&T's statement was the most scathing yet from an American corporation, following the public disclosure of Salomon's violations. Salomon has admitted to the repeated violation of Treasury-auction bidding regulations. The investment bank is being investigated by the Justice and Treasury departments, the Securities and Exchange Commission and a task force of about three dozen states. Allen was once Salomon's chief financial officer. Since the scandal surfaced, the company had lost a number of clients, including the British Treasury.

Telephone communications, exc. radio, Security brokers and dealers, Management, Officials and employees, Telecommunications services industry, Telecommunications industry, Investment banks, Securities industry, Beliefs, opinions and attitudes, Chief executive officers, Investigations, Legal Issues, Allen, Robert E., Investigation, Salomon Brothers Inc.

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AT&T offering incentives to staff at computer unit

Article Abstract:

AT&T has been offering financial incentives to its computer division employees to remain with the company for another six months. The reported exodus follows the company's attempts to acquire the computer manufacturer, NCR Corp. Analysts maintain that, should the acquisition come to pass, most of AT&T's computer division will either be merged into NCR operations or discontinued altogether. No employment guarantees have been given to employees that stay with AT&T up to the takeover. In Dec 1990, employees totalled about 9,000 for the computer division. Since then the unit has already cut 1,000 jobs in an effort to reduce huge financial losses.

Electronic computers, Planning, Computer industry, Human resource management, Mergers, acquisitions and divestments, Acquisitions and mergers, NCR Corp., NCR, Strategic Planning, Personnel Management, Incentives, Reorganization, Takeovers, Work Force Reduction

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