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Table: Where Does the Buck Stop?


Investigations into Wall Street's conflicts of interest have so far focused on analysts. Among brokerage bosses, only Merrill Lynch Chairman and CEO David H. Komansky has shouldered blame and apologized. Others, however, may soon have some explaining to do:

SANFORD WEILL

Chairman and CEO of Citigroup

His bank has issued $17 billion in telecom IPOs since 1997, thanks in part to Jack Grubman. The rainmaker analyst pushed now-bankrupt firms such as Teligent and Global Crossing, which Citigroup's Salomon Smith Barney took public. Now, Spitzer's office is eyeing Grubman. Weill said in the bank's last conference call that investor confidence is important.

JOHN MACK

CEO of Credit Suisse First Boston

When he took over in July, the bank was already under investigation for unfairly allocating IPOs. Mack finished reining in the empire of star tech banker Frank Quattrone and later settled with regulators for $100 million. He said on Apr. 22 that Wall Street research departments needed to be restructured.

PHILIP PURCELL

Chairman and CEO of Morgan Stanley

The bank earned $264 million underwriting tech companies during the boom, one of the biggest takes on Wall Street. In August, a federal judge dismissed eight investors' claims against Morgan Stanley and its star Internet analyst Mary Meeker for misleading them over Amazon.com and eBay stock. But it may not get the same result with Spitzer.


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