Jack Grubman

Jack Benjamin Grubman is an American former managing director of Salomon Smith Barney and the lead research analyst for the telecommunications sector.

He was born in Northeast Philadelphia, Pennsylvania, to Isador and Mildred Grubman, who was one of 12 children of Russian Jewish immigrants.^[1] His father worked for the City of Philadelphia Sanitation Department, while his mother worked at a home as dressmaker. He holds a bachelor's degree in mathematics (cum laude) from Boston University and a master's degree in probability theory from Columbia.^[2]

In 1977, he started work at AT&T. In 1985, he moved to PaineWebber. By 1994, he was making a million dollars a year and moved to Salomon Brothers. During this period, he was the most important analyst of the telecommunications industry during a time of great upward activity in the sector. In 1998 when Salomon Brothers became Salomon Smith Barney, he was the managing director and became Head of Global Telecommunications Research. As a result, Grubman became the highest paid analyst on Wall Street; earning $25 million per year from 1998 through 2002.^[2]

The sector reached a peak by 2001, however Grubman still made public statements calling for investors to buy. In March 2001, he listed ten stocks in the sector to buy of which five were selling for less than a dollar per share a year later.^[2] It was his activities during these years that led him into legal problems.^[2]

The commission found that from 1999 to 2001, Grubman had issued research reports and other documents that concealed material facts and which misled investors.^[3]

In 1999, he upgraded his opinion of AT&T stock from "neutral" to "buy". In a 2001 e-mail, Grubman explained the change was part of a plan to get his children into the 92nd Street YM-YWHA's preschool program.^[4]

グルブマンは、グローバル・クロッシングなどの通信会社と投資家の両方に同時に助言を行っていた。^{[ 2 ]}これは明らかな利益相反であった。2003年4月、米国証券取引委員会は、不正行為を理由にグルブマンを金融業界から永久追放した。グルブマンは1​​500万ドルの罰金も支払うよう命じられた。^{[ 3 ]}フォーブスの記事によると、グルブマンは罰金を支払った後、約7500万ドルから1億ドルの純資産を持っていた。^{[ 4 ]}

2004年、彼はDistinctive Devicesにコンサルタントとして採用され、この動きは同社の株価上昇につながった。^{[ 5 ]}

2003年、彼はMagee Group, LLCを設立した。同社は、通信およびテクノロジー企業に対するアドバイスや戦略コンサルティングを専門とするコンサルティング会社であり、特にIP、ワイヤレス、ブロードバンド、次世代ネットワーク分野における基盤となるアプリケーションやテクノロジーを開発する企業に重点を置いている。

2011年8月現在、彼はマギー・グループの経営パートナーを務めていた。^{[ 6 ]}