| 00:01:06 |
none, -
AND CREATED CITIGROUP,
|
| 00:01:09 |
Unidentified Speaker, -
HE TORE DOWN THE BANKING WALLNESS EFFECT TO PUT TOGETHER THIS MONSTER. >> HIS PICTURE IS ON THE SCREEN. TELL US ABOUT IT. >> HE IS A LARGER THAN LIFE...
|
| 00:01:33 |
Unidentified Speaker, -
PERSON LEAST LIKELY TO SUCCEED WHICH IS WHAT IS
|
| 00:01:37 |
Unidentified Speaker, -
SO FASCINATING. YOU SEE THE INSECURITY, WORRY, FEAR AND LOVING ACCOLADES EVEN TODAY NOW THAT HE IS A BILLIONAIRE. >> HERE A PICTURE OF HIM WITH ...
|
| 00:02:05 |
Unidentified Speaker, -
COMPANIES. HE'S VERY APPRECIATIVE TO SANDY FOR THAT. >> HOW DID HE GET RUBIN TO WORK FOR HIM? >>
|
| 00:02:10 |
Unidentified Speaker, -
WAS THAT WAS A MAJOR COUP. AS YOU KNOW, EVERYBODY WANTED BOB RUBIN WHEN HE CAME OUT OF THE CLINTON ADMINISTRATION. SANDY WAS SANDY. HE CAN BE A SALESMAN...
|
| 00:02:28 |
Unidentified Speaker, -
GOT RUBIN TO JOIN US -- JOIN ON. >>
|
| 00:02:31 |
Unidentified Speaker, -
HERE'S A PICTURE OF THREE PEOPLE. HE'S IN THE CENTER. ROBINSON ON THE RIGHT. ON THE LEFT IS HIS SECOND WIFE. >> LINDA. IT IS A GREAT STORY BETWEEN...
|
| 00:02:52 |
Unidentified Speaker, -
THEY WERE THE EXACT OPPOSITES. THEY COULD NOT GET ALONG. ULTIMATELY, JIM ROBINSON WON OUT OVER SANDY WEILL WHO WOULD CONTROL AMERICAN EXPRESS AND IT...
|
| 00:03:02 |
Unidentified Speaker, -
IN HIS CAREER BUT TODAY THEY ARE FRIENDLY. >> YOU SAY THIS MAN IN THIS PICTURE DOWN HERE IS THE LARGEST STOCKHOLDER IN CITIGROUP. >> PRINCE LEE OF SAUDI...
|
| 00:03:26 |
Unidentified Speaker, -
BOUGHT CITY CORP STOCK AND IT HAS SKY ROCKETTED. WHEN SANDY WENT TO
|
| 00:03:33 |
Unidentified Speaker, -
VISIT HIM IN THE SAUDI DESERT HE WAS TRYING TO WIN A SPOT OVER JOHN REID TO TAKE OVER CITIGROUP ONCE THE MAN MERGED TRAVELERS AND CITYY GROUP. -- CITIGROUP....
|
| 00:04:14 |
Unidentified Speaker, -
EUROPEAN JEWS. SO SANDY IS THE SON OF POLISH IMMIGRANTS. SO HE WAS KIND OF THE
|
| 00:04:20 |
Unidentified Speaker, -
WRONG KIND OF JEW. HIS WHOLE LIFE HAS BEEN A LOT OF CLASS STRUGGLE. NOT JUST JEWISH BUT COMING -- HAVING NO CONNECTIONS, NO POLISH, YOU KNOW, HE'S...
|
| 00:04:54 |
Unidentified Speaker, -
BECAUSE SANDY FELT DISCRIMINATED AGAINST TO SOME DEGREE. JESSE JACKSON DID AND WAS A CIVIL RIGHTS LEADER. AND SO THE TWO OF
|
| 00:05:00 |
Unidentified Speaker, -
THEM BONDED OVER SEVERAL YEARS AND HELPED EACH OTHER. IT WAS A CLASSIC CASE OF YOU SCRATCH MY BACK AND I WILL SCRATCH YOURS. JESSE JACKSON WAS ABLE TO...
|
| 00:05:51 |
Unidentified Speaker, -
JACKSON WITH HIS CAUSES FINANCIALLY. >> WHY SHOULD SOMEONE WHO DOESN'T BUY STOCK OR PAY ANY
|
| 00:05:58 |
Unidentified Speaker, -
ATTENTION TO THE STOCK MARKET CARE ABOUT YOUR BOOK? WHAT'S IN THERE -- IN THIS BOOK THEY CAN LEARN? >> YOU KNOW, I THINK THAT SANDY'S LIFE TELLS THE...
|
| 00:06:16 |
Unidentified Speaker, -
THE MOVES HE'S MAKING IN BUSINESS, YOU ALSO SEE AMERICAN SOCIETY CHANGING. THERE ARE THINGS IN THERE HOW HE TRIED TO HELP CARNEGIE HALL AND
|
| 00:06:25 |
Unidentified Speaker, -
WAS USING THAT TO BREAK INTO THE WHITE GLOVE SOCIETY IN NEW YORK. HE WAS NEW MONEY VERSUS OLD MONDAYY. YOU WILL SEE THINGS ABOUT AMERICAN HISTORY AND...
|
| 00:07:07 |
Unidentified Speaker, -
POLL PARTICULAR. HILLARY CLINTON IS COMING ON THE SCENE. HE WAS INSTRUMENTAL IN HAVING SANDY GET OUT OF WHAT TURNED
|
| 00:07:12 |
Unidentified Speaker, -
OUT TO BE A VERY TROUBLED BUSINESS. >> HE FIRED HIM FROM THE BOARD JUST LIKE THAT? >> YES. SANDY, AS YOU WILL SEE, HE EXPECTS LOYALTY BUT SOMETIMES HE'S...
|
| 00:07:35 |
Unidentified Speaker, -
UNDERSTAND. OTHER DIRECTORS, LONG
|
| 00:07:37 |
Unidentified Speaker, -
TIME FRIENDS, DIDN'T LIKE SANDY SHOVING HIM ASIDE AS HE WAS MOVING UP THE LADDER. >> FRANK CZAR? >> HE WAS THE ONE THAT SANDY FIRST HIRED IN THE...
|
| 00:08:08 |
Unidentified Speaker, -
AT BEAR STEARNS IN THE 1950'S. EVEN THOUGH HE HAD A COLLEGE
|
| 00:08:11 |
Unidentified Speaker, -
DEGREE. AND HE LEARNED THE BACK OFFICE. SO THEN WHEN HE GOT CONTROL OF A LITTLE FIRM, TWO-OFFICE FIRM HE STARTED WITH THREE OTHERS, ARTHUR LEVITT BEING...
|
| 00:08:54 |
Unidentified Speaker, -
THE BOARD
|
| 00:08:56 |
Unidentified Speaker, -
OF CITY -- CITI CORP. >> WHICH PERSON IN THIS PICTURE IS JOHN REID? THE ONE RIGHT THERE? >> YES. THAT ONE. >> AND WHERE IS HE TODAY? >> HE'S VERY HAPPY...
|
| 00:09:25 |
Unidentified Speaker, -
JOHN REID WAS READY TO RETIRE AND SANDY
|
| 00:09:27 |
Unidentified Speaker, -
WASN'T. SANDY OUTMANEUVERED HIM THE WHOLE TIME. JOHN
|
| 00:09:30 |
Unidentified Speaker, -
REID TODAY HAS A HOUSE IN
|
| 00:09:31 |
Unidentified Speaker, -
THE SOUTH OF FRANCE AND HE TEACHES SOME AND SPEAKS AND HE'S VERY HAPPY. HE SOLD CITIGROUP STOCK WHEN IT WAS VERY HIGH. SHE A HAPPY MAN NOT WORRYING...
|
| 00:10:12 |
Unidentified Speaker, -
SCANDALS. >> HOW BIG A COMPANY IS CITIGROUP? >> IT HAS A TRILLION DOLLARNESS ASSETS A MARKET CAPITALIZATION OF NEARLY $200 BILLION. IT IS ONE OF
|
| 00:10:21 |
Unidentified Speaker, -
THE TOP FIVE LARGEST COMPANIES, U.S. COMPANIES, AND THE BIGGEST FINANCIAL CONGLOMERATE IN THE WORLD. >> WHERE IS IT LOCATED? >> BASED IN, NO ON -- NEW...
|
| 00:10:33 |
Unidentified Speaker, -
100 COUNTRIES. IT IS TRULY -- SANDY
|
| 00:10:36 |
Unidentified Speaker, -
WANTS TO MAKE IT WHAT A MCDONALD'S OR A COKE IS ALL OVER THE WORLD SO IT STANDS FOR FINANCIAL SERVICE. >> WHAT DOES IT OWN? >> A LOT. APART FROM CITIBANK...
|
| 00:10:48 |
Unidentified Speaker, -
ON -- NOT EVERYWHERE BUT YOU SEE IT ON EVERY STREET
|
| 00:10:51 |
Unidentified Speaker, -
CORNNER NEW YORK CITY. IT ALSO -- IT DID OWN TRAVELERS AND DIVESTED TRAVELERS WHICH WAS A BIG INSURANCE COMPANY. IT ALSO OWNED CITI CARDS. DID YOU KNOW...
|
| 00:11:03 |
Unidentified Speaker, -
ALL CREDIT CADS ARE FROM CITIBANK IN THIS
|
| 00:11:06 |
Unidentified Speaker, -
COUNTRY? A LOT OF PEOPLE WATCHING PROBABLY HAVE A CITI CARD. CITI FINANCIALS. THEY NAMED EVERYTHING CITY AND THEY HAVE SOMETHING CALLED P.F.S.,...
|
| 00:11:49 |
Unidentified Speaker, -
YACHT AND IS GETTING A BIGGER YACHT . >> HOW MANY CHILDREN DOES HE HAVE? >> HE HAS TWO CHILDREN. A SON, MARK, AND A DAUGHTER, JESSICA.
|
| 00:11:56 |
Unidentified Speaker, -
THEY ARE BOTH IN THEIR 40'S AND HAVE BOTH WORKED IN AND OUT OF THEIR FATHER'S COMPANIES. SANDY USED TO SAY HE WAS IN FAVOR OF NEPOTISM. TODAY HE WILL...
|
| 00:12:11 |
Unidentified Speaker, -
BOOK THAT SEEMS
|
| 00:12:12 |
Unidentified Speaker, -
TO BE AN IMPORTANT MOMENT WHEN A MAN NAMED JAMIE DIAMOND WOULD NOT PROMOTE HER WITHIN ONE OF SANDY WEILL'S COMPANIES. EXPLAIN. >> JAMIE DIAMOND WAS SANDY'S...
|
| 00:12:28 |
Unidentified Speaker, -
BUSINESS SCHOOL WITH SANDY WEILL, THEY BUILT CITIGROUP TOGETHER. SANDY WANTED TO PROMOTE JEAS CAN A. SHE'S THE APPLE OF HIS EYE. SHE'S VERY SAVVY...
|
| 00:12:42 |
Unidentified Speaker, -
AND INVESTMENT MANAGEMENT AND JAMIE DID NOT THINK SHE WAS READY FOR THE JOB AND DIDN'T THINK SHE SHOULD DO IT. SHE THOUGHT SHE SHOULD GO OUT AND...
|
| 00:13:20 |
Unidentified Speaker, -
IT IS AN INDEPENDENT PROJECT. SO I INTERVIEWED 500 PEOPLE. CLEARLY, I WANTED TO RESONATE WITH
|
| 00:13:25 |
Unidentified Speaker, -
WHO SANDY -- RESONATE WITH SANDY SO PEOPLE WOULD RECOGNIZE HIM. I TRIED TO SPEND AS MUCH TIME AS HE WOULD ALLOW ALTHOUGH HE WENT BACK AND FORTHWITH...
|
| 00:14:04 |
Unidentified Speaker, -
CAN SEE. THERE'S SOME PEOPLE IN THE BACK, I THINK, FOR BEING CRITICAL SOURCES. >> LET ME READ
|
| 00:14:09 |
Unidentified Speaker, -
A QUOTE. THIS IS ONE. I WANT TO ASK YOU TO TALK ABOUT THE SUBJECT MATTER. "YOU ARE NOT LOYAL, YOU S.O.B.," UNDIDN'T SAY IT. YOU SAID THE FULL THING....
|
| 00:14:29 |
Unidentified Speaker, -
SUPPORT ME. THIS IS AROUND -- PAGE 81, TALKING ABOUT COHEN. >> PETER CONE. WHO WAS HIS DEPUTY IN BUILDING HIS FIRST EMPIRE. AND THAT WAS WHEN SANDY...
|
| 00:14:53 |
Unidentified Speaker, -
THE SCENES STUFF YOU SEE. YOU THINK BIG BUSINESS IS DECIDED BY LOOKING AT THE BOTTOM LINE OR LEDGER. THEY ARE SITTING HERE HAVING A FIGHT LIKE BROTHERS...
|
| 00:15:44 |
Unidentified Speaker, -
TO BOTH SANDY WEILL AND PETER COHEN. AND SO I WOULD OBVIOUSLY TRY TO RUN ANYTHING BY THEM AND MAKE SURE THAT IT'S ACCURATE. ALSO, THERE WERE PEOPLE...
|
| 00:15:54 |
Unidentified Speaker, -
BAR. I DON'T REMEMBER EXACTLY WHICH ONE THAT WAS. BUT
|
| 00:15:56 |
Unidentified Speaker, -
THERE COULD BE OTHER PEOPLE WHO HEARD IT AT THE TIME
|
| 00:15:58 |
Unidentified Speaker, -
OR WERE TOLD
|
| 00:16:00 |
Unidentified Speaker, -
IMMEDIATELY AFTER. YOU KNOW I DID RECONSTRUCT DIALOGUE IN THE BOOK TO TRY TO MAKE IT REAL SO YOU FEEL LIKE YOU ARE THERE. I DID IT IN A PAINSTAKING...
|
| 00:16:52 |
Unidentified Speaker, -
IS CONVENIENT. HE 6
|
| 00:16:54 |
Unidentified Speaker, -
ADORES, HIS
|
| 00:16:56 |
Unidentified Speaker, -
GOLF SWING. A G-4. NOW IT IS A G-5.
|
| 00:16:59 |
Unidentified Speaker, -
HIS JET T. LUXURY JET. ONE PART WHEN HE WAS TRYING TO BUY SMITH BARNEY HE DIDN'T LIKE THE SELLER OF SMITH BARNEY HAD THE GOLDEN PARACHUTES. IF HE WAS...
|
| 00:18:06 |
Unidentified Speaker, -
SEEN. AND WHEN HE
|
| 00:18:08 |
Unidentified Speaker, -
WAS OUSTED FROM AMERICAN EXPRESS AND WAS INN CORPORATE EXILE FOR A YEAR AND A HALF HE TOOK AN OFFICE IN THE BUILDING THE FOUR SEASONS RESTAURANT...
|
| 00:18:45 |
Unidentified Speaker, -
HALL WOULDN'T WANT HIM ANYMORE. HE DIDN'T HAVE A POSITION. HE SO IDENTIFIED WITH HIS COMPANY HE NEVER THOUGHT HE WAS WORTHY IN
|
| 00:18:52 |
Unidentified Speaker, -
AND OF HIMSELF. HE WAS -- GOT A PHONE CALL FROM ICE RACK STERN AND THOUGHT HE'S GETTING READY TO ASK ME TO LEAVE THE BOARD. HE VOLUNTEERED. I WILL LEAVE...
|
| 00:19:48 |
Unidentified Speaker, -
IN CHICAGO. NATION'S FIFTH OR SIXTH LARGEST BANK. HE GOT THAT JOB AFTER BEING IN CORPORATE EXILE HIMSELF WHEN SANDY FIRED HIM IN 1998 AFTER FINALLY...
|
| 00:20:00 |
Unidentified Speaker, -
CITI CORP. SANDY
|
| 00:20:04 |
Unidentified Speaker, -
FIRED JAMIE.
|
| 00:20:05 |
Unidentified Speaker, -
EVERYBODY VIEWED THEM SO TOGETHER. AND THEN JAMIE, TOOK HIM A YEAR OR SO TO PICK A JOB AND GET THE RIGHT JOB HE'S NOW IN CHICAGO. PEOPLE TODAY THINK...
|
| 00:20:48 |
Unidentified Speaker, -
BANKER. HE BASICALLY PUSHED ASIDE PETER CONE AND DIDN'T TAKE THE FIRING BUT PUSHED HIM ASIDE. THEN YOU CAN GO, YOU KNOW, JOHN REID WHO HE
|
| 00:20:59 |
Unidentified Speaker, -
PROMISED -- HE PUSHED HIM OUT. JAMIE DIAMOND. THOSE WERE THE MOST OBVIOUS NAMES. IT HAPPENED A LOT. WHETHER IT ISING A DIRECTOR OR SOMEONE THAT WORKED...
|
| 00:21:39 |
Unidentified Speaker, -
FEEL LIKE THEY GOT TO PERFORM FOR HIM. HE PUSHES PEOPLE IN THE POST DRAW MATIC FASHION. THEY ARE -- I WAS CALLING PEOPLE. THEY WERE IN THEIR OFFICE...
|
| 00:21:50 |
Unidentified Speaker, -
THESE WERE PEOPLE THAT ARE MULTIMILLIONAIRES, 6:00 IN THE MORNING, MULTIMILLIONAIRES RUNNING HUGE EMPIRES WITHIN CITIGROUP AND USES THAT TO THE ADVANTAGE...
|
| 00:22:40 |
Unidentified Speaker, -
IT TRULY WAS A WHITE EMPIRE. IT 'TWAS PRIVATE CLUB SET. AND SO -- IT WAS THE PRIVATE CLUB SET. THE
|
| 00:22:51 |
Unidentified Speaker, -
DIFFERENCES WERE SO STARK BETWEEN
|
| 00:22:53 |
Unidentified Speaker, -
SANDY AND HIS TEAM. THEY STARTED WITH NOTHING. VERSUS
|
| 00:22:56 |
Unidentified Speaker, -
THE BUTTON-DOWNED GUY WHOSE CAME FROM PRIVILEGE AND JIM ROBINSON WAS THE THIRD FOURTH ONE. BANKER FROM ATLANTA. HIS FAMILY WAS VERY WELL KNOWN. SO...
|
| 00:23:59 |
Unidentified Speaker, -
SHEERSON AND WANTED TO -- ANNOUNCED TO HIS COMPANY HE BUILT FROM NOTHING, HE BROKE DOWN AND CRIED. A FEW TIMES, AS
|
| 00:24:06 |
Unidentified Speaker, -
YOU SAY, IN THE BOOK WHERE HE DOES BREAK DOWN AND CRY. HE TOLD ME WHEN HE READ THE LAST CHAPTER OF THIS BOOK HE BROKE DOWN AND CRIED. HE IS AN EMOTIONAL...
|
| 00:24:40 |
Unidentified Speaker, -
HE WANTED THE FIRST COP Y. I
|
| 00:24:43 |
Unidentified Speaker, -
SAID NO. FINALLY I SAID I WILL GIVE ONE OF THE FIRST COPIES I GET OFF THE PRESSES. YOU ARE THE SUBJECT OF THE BOOK. I WILL DO THAT. HE WAS AT A SENIOR...
|
| 00:25:51 |
Unidentified Speaker, -
AND EATING A LOT AND HAVE HIM SLEEPING ON THE COUCH WITH
|
| 00:25:54 |
Unidentified Speaker, -
THE TUFTED LEATHER COUCH ON HIS KMEEK AND SLOBBER RUNNING OUT HIS MOUTH. HE GOES WHY DO YOU HAVE TO PUT THAT? HE DOESN'T LIKE SOME OF THOSE THINGS....
|
| 00:26:44 |
Unidentified Speaker, -
WEEK. IF THERE WAS AN HONOR TO BE BE GIVEN IN THE LAST FEW YEARS HE WANTED IT. >> WHY DID HE WANT THIS AWARD SO MUCH? >> THAT IS C.E.O. OF THE YEAR...
|
| 00:26:56 |
Unidentified Speaker, -
THAT PRECEDED HIM JACK WALSH, BIG HEAVY HITTERS AND IT IS NOT JUST THE FINANCIAL SERVICE. C.E.O. OF THE YEAR. THAT MEANT A LOT TO HIM. HE WANTED THAT...
|
| 00:27:11 |
Unidentified Speaker, -
HE STARTED SHIVERING. HE WAS SO
|
| 00:27:13 |
Unidentified Speaker, -
EXCITED. AND HERE THIS MAN -- THIS WAS THIS PAST SUMMER AND HE WAS SO EXCITED HE'S SHIVERING AND FLIES IN HIS MOTHER-IN-LAW FROM CALIFORNIA WHO NEVER...
|
| 00:27:56 |
Unidentified Speaker, -
THAT'S ANOTHER THING I SHOULD HAVE MENTIONED. SOLOMON SMITH BARNEY WAS THE KEY BANKER
|
| 00:28:00 |
Unidentified Speaker, -
FOR THESE INSTITUTIONS AND GRUBMAN WAS THE ANALYST AND THE BANKER ON THE TRANSACTIONS. SO GRUBMAN WAS HAULED IN TO WASHINGTON TO TESTIFY ABOUT HIS INVOLVEMENT....
|
| 00:29:18 |
Unidentified Speaker, -
TAPED IN EARLY APRIL. >> YES. >>
|
| 00:29:22 |
Unidentified Speaker, -
YOU SAY THAT
|
| 00:29:23 |
Unidentified Speaker, -
HE WAS EMOTIONAL ABOUT THE LAST CHAPTER. A LOT YOU ARE TALKING ABOUT IS IN THE LAST CHAPTER. WHY WAS HE EMOTIONAL? >> BECAUSE IT SHOWED HIM GOING...
|
| 00:29:37 |
Unidentified Speaker, -
WAS LIKE A GLOBETROTTER. THAT IS ONE OF THE
|
| 00:29:40 |
Unidentified Speaker, -
OTHER THINGS HE LOVES IS GETTING A REPUTATION AND LEARNING ABOUT
|
| 00:29:44 |
Unidentified Speaker, -
CHINA. A KID FROM BROOKLYN DOING THIS STUFF. AND HE HAD TO WITH THIS CRISIS GOING IN THE STOCK OF CITY
|
| 00:29:53 |
Unidentified Speaker, -
GROUP PLUMENTED, 40% IN A THREE-MONTH PERIOD. IT LOST $100 BILLION IN MARKET VALUE. THAT'S A LOT. SO HE WAS ON THE FENCE, HAVING TO EXTEND HIS REPUTATION...
|
| 00:31:35 |
Unidentified Speaker, -
QUALITIES TO THAT SO A LOT OF KEY
|
| 00:31:40 |
Unidentified Speaker, -
EXECUTIVES BELIEVE HE IS LEADING THEM TO GREATNESS. I MEAN THE COMPANY IS A GREAT COMPANY. AT THE SAME TIME THEY ARE GETTING VERY RICH. ONE PERSON...
|
| 00:32:27 |
Unidentified Speaker, -
TREASURY SECRETARY. HE WAS SUCH A BIG GET AND HE GIVES SO MUCH CACHE THEY WERE GIVING HIM TO
|
| 00:32:38 |
Unidentified Speaker, -
A, OR GIVE HIM A LUBE RA ACTIVE PASSAGE. CITIGROUP BOUGHT ONE OF THE TWO LARGEST BANKING EMPIRES IN MEXICO AND THAT IS BECAUSE THE MEXICAN BANKER CALLED...
|
| 00:33:38 |
Unidentified Speaker, -
FORD IN THE PRESIDENTIAL SUITE AT THE WALDORF HOTEL WHEN HE WAS IN
|
| 00:33:43 |
Unidentified Speaker, -
FOR A BOARD MEETING AND HE SAID
|
| 00:33:45 |
Unidentified Speaker, -
HE HAD SET UP TRUSTS FOR CITIGROUP STOCK AND US APPRECIATIVE
|
| 00:33:52 |
Unidentified Speaker, -
BECAUSE YOU KNOW A LIFE LONG POLITICIAN LIKE FORD DOESN'T HAVE THAT MUCH WEALTH SO HE HAS DONE WELL. >> HOW DO YOU SEE HIM? HOW DID HE USE HIM? >> HE...
|
| 00:34:22 |
Unidentified Speaker, -
IN BALTIMORE. HE PUT FORD ON
|
| 00:34:25 |
Unidentified Speaker, -
SHEER SON IN 1980 AND BROUGHT HIM BACK ON THE BOARD WHEN HE BOUGHT ANOTHER COMPANY. SO FORD HELPED HIM JUST IN CREDIBILITY AND SANDY WOULD HAVE HIM GO...
|
| 00:35:14 |
Unidentified Speaker, -
HIS SALRY, BONUS -- SALY, BONUS AND STOCK OPTION EXERCISE. >> HOW MUCH IS HE
|
| 00:35:22 |
Unidentified Speaker, -
WORTH? >> HE WAS WORTH MORE THAN WHEN THE WALT CRISIS OCCURRED LAST YEAR. HE IS NOW IN THE BILLION PLUS RANK AND MOST OF IT IS TIED UP IN CITIGROUP...
|
| 00:35:42 |
Unidentified Speaker, -
COMPANIES BEFORE THEY WENT DOWN. HIS WEALTH IS INVOLVED WITH HOW
|
| 00:35:46 |
Unidentified Speaker, -
WELL THE COMPANY DOES. >> WHAT ROLE DOES HIS WIFE PLAY? >> I CALL JOAN THE MOST IMPORTANT MERGER OF HIS CAREER AND THAT IS SIGNIFICANT BECAUSE HE HAS...
|
| 00:36:10 |
Unidentified Speaker, -
LIFE AND SHE HAS STUCK
|
| 00:36:11 |
Unidentified Speaker, -
WITH HIM AND SHE IS THE ULTIMATE CORPORATE WIFE. WE HAVE SEEN A LOT OF THEM OVER THE YEARS AND SHE TRULY IS. SHE HAS STAYED WITH HIM THROUGH THICK...
|
| 00:36:57 |
Unidentified Speaker, -
CAMPAIGN AND GOT MARRIED AND MAYBE I WANT TO PRACTICE
|
| 00:37:00 |
Unidentified Speaker, -
LAW, MAKE MORE MONEY. SEE IF I LIKE IT BECAUSE I DID ENJOY LAW SCHOOL AND I DID ENJOY IT AND I'M GLAD I DID IT BECAUSE NOW IT MAKES ME A BETTER...
|
| 00:37:13 |
Unidentified Speaker, -
BECAUSE I REPRESENTED CLIENTS WHO WERE IN THE PRESS AND WHO HAD TO
|
| 00:37:16 |
Unidentified Speaker, -
FACE CRISES SO I UNDERSTAND MORE OF HOW THEY ARE DOING IT AND I PRACTICED CORPORATE LAW WHICH IS HELPFUL TO ME AS A WALTER REPORTER TO UNDERSTAND --...
|
| 00:37:51 |
Unidentified Speaker, -
AND NEW YORK
|
| 00:37:52 |
Unidentified Speaker, -
AND WASHINGTON WERE VERY GOOD JOURNALISM TOWNS AND I REALLY LIKED WASHINGTON
|
| 00:37:56 |
Unidentified Speaker, -
WHEN I CAME TO VISIT GEORGETOWN
|
| 00:37:58 |
Unidentified Speaker, -
AND SO I DID THAT. KNOWN I MOVED TO NEW YORK FOR THE WALL STREET JOURNAL. I MOVED THERE AND THEN MOVED BACK HERE AND THEN PRACTICED LAW, THEN MOVED BACK...
|
| 00:38:41 |
Unidentified Speaker, -
HELPED TREMENDOUSLY. THIS BOOK WOULDN'T HAVE BEEN
|
| 00:38:43 |
Unidentified Speaker, -
POSSIBLE WITHOUT HIS BEING THERE TO HOLD THINGS DOWN EVEN THOUGH HE HAD A FULL-TIME JOB BECAUSE ONCE I STARTED WRITING IF IS SUCH A SOLITARY PROCESS AND...
|
| 00:39:35 |
Unidentified Speaker, -
HIGH, I THINK ONE KEY TIME IS I FELT LIKE I UNDERSTOOD WHAT HAPPENED AT THE BOARD MEETING. >> WHICH
|
| 00:39:42 |
Unidentified Speaker, -
ONE? >> WEAKEN JOHN REED AND SANDY WHILE OF WHICH WOULD CONTROL THE EMPIRE AND BOB RUBIN WAS KEY
|
| 00:39:50 |
Unidentified Speaker, -
AND YOU
|
| 00:39:51 |
Unidentified Speaker, -
SAW THESE PEOPLE. THE DIRECTORS OF SOME OF THE BIGGEST COMPANIES IN THE WORLD ARE ON THE CITIGROUP BOARD AND THEY ENDED UP DECIDING THINGS BASED ON...
|
| 00:40:02 |
Unidentified Speaker, -
OR JOHN REED'S
|
| 00:40:05 |
Unidentified Speaker, -
EGO OR SANDY WANTS THE JOB BAD. AND YOU GET TO SEE HOW EGO, AMBITION, GREED AND PETTY EMOTIONS CAN BE IMPORTANT IN WHAT HAPPENS IN CORPORATE AMERICA....
|
| 00:41:05 |
Unidentified Speaker, -
TO COOPERATE. HE WANTED CITIGROUP OUT OF HIS LIFE AND HE WAS GLAD TO BE GONE.
|
| 00:41:10 |
Unidentified Speaker, -
I SAW HIM AND CHATTED WITH HIM ON DIFFERENT THINGS THAT I PUSHED. JOHN REED IS THE ONE ON THE LEFT >> WOULD BE RUBIN OO THE RIGHT, SANDY WHILE IN THE...
|
| 00:41:38 |
Unidentified Speaker, -
WHEN SANDY PROPOSED TRAVELERS MERGE WITH CITICORP HE WAS GETTING THE
|
| 00:41:43 |
Unidentified Speaker, -
BENEFIT AFTER GREAT INSTITUTION THAT
|
| 00:41:45 |
Unidentified Speaker, -
HAD BEEN AROUND A LONG
|
| 00:41:47 |
Unidentified Speaker, -
TIME BUT IT HAD TROUBLE BUT IT WAS AROUND BEFORE AND WHEN SANDY WAS TRYING TO BREAK IN ON WALL STREET HE WOULD SEE THE CITICORP BUILDING, CITY BANK...
|
| 00:42:39 |
Unidentified Speaker, -
HE SAID WE WILL DO IT TOGETHER AND SHARE POWER AND
|
| 00:42:41 |
Unidentified Speaker, -
WHEN THEY TOOK THE DEAL TO THEIR BOARDS THE BOARDS
|
| 00:42:44 |
Unidentified Speaker, -
WERE LIKE OH MY GOOD WILL YOU KIDDING YOU
|
| 00:42:47 |
Unidentified Speaker, -
BOTH HAVE HUGE EGOS, YOU ARE USED TO RUNNING YOUR OWN SHOWS, THIS WILL NEVER WORK AND THEY
|
| 00:42:54 |
Unidentified Speaker, -
BOTH SAID YES, IT
|
| 00:42:57 |
Unidentified Speaker, -
WILL. WE WILL -- WE HAVE KNOWN EACH OTHER 30 YEARS, WE WILL MAKE IT WORK. AT THE TIME IT WAS THE BIGGEST MERGER EVER. THEY DID IT IN SIX WEEKS ONLY NEGOTIATED...
|
| 00:43:58 |
Unidentified Speaker, -
AT THE SAME TIME OR AT LEAST JOHN READ
|
| 00:44:01 |
Unidentified Speaker, -
THOUGHT. >> JOHN REED THOUGHT THEY WOULD PUT THIS THING TOGETHER AND LEAVE AS SOON AS THE DIAL WAS SOLID, AS SOON AS THE MERGER HAD HAPPENED AND...
|
| 00:44:14 |
Unidentified Speaker, -
SANDY APPARENTLY NEVER TOLD HIM OH NO THAT IS WRONG OR OH YES, THAT'S RIGHT. AN ON THE NIGHT THE DEAL WAS TO
|
| 00:44:23 |
Unidentified Speaker, -
BE ANNOUNCED IN NEW YORK SANDY'S LOYAL GENERAL COUNSEL NOTICES SOME LANGUAGE IN A FILING THAT SAYS WHEN THE DEAL IS DONE THEY WILL LEAVE TOGETHER AND...
|
| 00:45:25 |
Unidentified Speaker, -
WITH
|
| 00:45:26 |
Unidentified Speaker, -
SANDY, WHEN HE OUSTED JOHN REED SANDY COMMITTED THAT WITHIN TWO YEARS A SUCCESSOR WOULD BE IN PLACE OR THE PROCESS WOULD BE WORKING AND THAT WAS HOW...
|
| 00:46:37 |
Unidentified Speaker, -
INVESTOR AND IT HAS DONE
|
| 00:46:38 |
Unidentified Speaker, -
WELL FOR HIM. SO I DON'T KNOW
|
| 00:46:40 |
Unidentified Speaker, -
THAT -- HE KNOWS EVERYTHING THAT IS HAPPENING THOUGH. THEY KEEP HIM
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| 00:46:44 |
Unidentified Speaker, -
ABREAST. >> HE ORIGINALLY
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| 00:46:47 |
Unidentified Speaker, -
INVESTED FIVE HUNDRED AND SOME
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| 00:46:49 |
Unidentified Speaker, -
MILLION? >> RIGHT. >> WHEN WAS THAT >> THAT WAS IN 1991 A -- I MAY BE OFF A LITTLE. BUT IT WAS WHEN THEY WERE HAVING A LOT OF TROUBLE BECAUSE OF ...
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| 00:47:07 |
Unidentified Speaker, -
STORY. GRUBMAN WAS
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| 00:47:09 |
Unidentified Speaker, -
WHO? WHAT WAS HIS
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| 00:47:10 |
Unidentified Speaker, -
JOB? >> HE WAS AN ANALYST. AND HE --
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| 00:47:15 |
Unidentified Speaker, -
FOR SALMON SMITH BARNEY. AND AN ANALYST IS SUPPOSED TO WRITE WHAT COMPANIES TO INVEST IN. AND HIS EXPERTISE WAS TELECOMMUNICATIONS. SO, HE WAS
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| 00:47:26 |
Unidentified Speaker, -
TOUTING WORLDCOM LIKE CRAZY. WELL, UNBEKNOWNST TO THE INVESTING PUBLIC HE WAS ALSO ADVISING
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| 00:47:33 |
Unidentified Speaker, -
WORLDCOM ON WHAT TO DO AND WAS VERY CLOSE TO THE C.E.O. NONE OF THIS CAME OUT UNTIL THE STOCK MARKET PLUMENT IN THE LAST YEAR OR SO. THEN INVESTORS AND...
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| 00:48:20 |
Unidentified Speaker, -
CRITICIZING WAS AT&T. SANDY WAS ON THAT BOARD AND HE WANTED GRUBMAN
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| 00:48:25 |
Unidentified Speaker, -
TO QUIT BEING SO DOWN
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| 00:48:27 |
Unidentified Speaker, -
ON AT&T. SANDY AND ARMSTRONG BELIEVED IN AT&T.
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| 00:48:31 |
Unidentified Speaker, -
THEY WERE ON EACH OTHER'S BOARDS AS YOU KNOW. FINALLY GRUBMAN GIVES, IM-- HE IMPROVES HIS RATING AND SANDY SAYS TAKE A FRESH LOOK. HE SAYS HE NEVER...
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| 00:49:49 |
Unidentified Speaker, -
HOW DID
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| 00:49:50 |
Unidentified Speaker, -
THAT DO THAT? WHAT ARE THEY DOING GIVING A
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| 00:49:53 |
Unidentified Speaker, -
MILLION TO THAT SCHOOL? >> APPARENTLY SANDY
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| 00:49:56 |
Unidentified Speaker, -
MADE A CALL THERE AND SAID IF YOU CAN GET GRUBMAN'S KIDS GET
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| 00:50:01 |
Unidentified Speaker, -
IN. SANDY SAYS HE DID NOT KNOW THAT, THE CONTENT OF THE EMAILS AND
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| 00:50:06 |
Unidentified Speaker, -
GRUBMAN WAS CHANGING THE RATING TO HELP SANDY. SANDY SAID HE HELPED GRUBMAN
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| 00:50:11 |
Unidentified Speaker, -
BECAUSE HE WAS A VALUED EMPLOYEE AND GRUBMAN SAID MAKE A CALL
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| 00:50:16 |
Unidentified Speaker, -
TO 92ND STREET Y AND OBVIOUSLY SANDY HAD BECOME THE BIG NAME. SO HE CALLED AND THEN HE SAID AND LOOK CITIGROUP WILL HELP OUT AND HE GAVE A MILLION DONATION....
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| 00:51:13 |
Unidentified Speaker, -
SCENES? >> THERE WERE A LOT OF PEOPLE WHEN HE WAS ON THE FRONT PAGES THAT WERE PRIVATELY CHEERING. THERE ARE A LOT OF PEOPLE THAT HE HAS CROSSED WHO
|
| 00:51:23 |
Unidentified Speaker, -
DON'T LIKE
|
| 00:51:24 |
Unidentified Speaker, -
HIM AND THINK IT IS TIME HE GETS WHAT HE DESERVES. THERE ARE OTHERS FEEL HE HAS GIVEN A LOT, HE HAS GIVEN CHARITABLE
|
| 00:51:35 |
Unidentified Speaker, -
CONTRIBUTIONS TO CORNELL MEDICAL CENTER, A LOT TO CARNEGIE HALL. THEY THINK HE HAS TRIED TO HELP, YOU KNOW, THE COMMUNITY, SOCIETY AS WELL AS HE MADE...
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| 00:52:12 |
Unidentified Speaker, -
TO, SO
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| 00:52:14 |
Unidentified Speaker, -
HE BREAKS OUT IN A SWEAT. >> YOU SAY HE HAS ERRATIC MOOD SWINGS. >> YES, HE IS A VERY UNPREDICTABLE PERSON AND THAT IS WHAT MAKES HIM HARD TO WORK...
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| 00:52:40 |
Unidentified Speaker, -
TRIUMPHS AND FITS. MANAGED BY
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| 00:52:43 |
Unidentified Speaker, -
GOSSIP. >> YES, HE MANAGES BY GOSSIP OR ROAMING AROUND AND HE -- SOME C.E.O.'S LIKE MEMOS AND DETAILED ANALYSIS. PART OF SANDY'S STRENGTH IS HE NOT ONLY...
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| 00:52:59 |
Unidentified Speaker, -
AND HE LOOKS SOMEBODY IN THE EYE AND TRIES TO DECIDE CAN I TRUST THIS PERSON,
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| 00:53:05 |
Unidentified Speaker, -
CAN I WORK WITH THIS PERSON? SO HE LIKES TO ROAM BY MANAGING OR GOSSIP TO GET THE TRUE STORY, NOT JUST WHAT IS ON PAPER. BECAUSE HE DOESN'T REALLY...
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| 00:53:45 |
Unidentified Speaker, -
A BIGGER NAME AND COMPANY AND APPLYING HIS MANAGEMENT SKILLS TO THE COMPANY. THAT WAS A PARTICULARLY THORNY MERGER. IT FEELS SO HUGE. HE WAS BUYING...
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| 00:54:01 |
Unidentified Speaker, -
TOGETHER AND PEOPLE WOULD CALL SAYING WHERE IS MY STOCK. IT WAS LIKE THEY WERE ABOUT TO HAVE A MELTDOWN. SO, THE MARKETING PEOPLE WERE BLAMING THE TECHNOLOGY...
|
| 00:55:09 |
Unidentified Speaker, -
AUGUSTA NATIONAL WAS A BIG THING FOR SANDY. HE LOVED IT. AND YOU KNOW
|
| 00:55:13 |
Unidentified Speaker, -
WHO GOT HIM IN WAS JIM ROBINSON, HIS ARCH ENEMY AT AMERICAN EXPRESS. JIM ROBINSON BESTED HIM AT AMERICAN EXPRESS THEN FAST FORWARD 20 YEARS LATER HE HELPS...
|
| 00:56:28 |
Unidentified Speaker, -
WAS AN ISSUE ONGOING WITH
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| 00:56:30 |
Unidentified Speaker, -
HIM. BUT GOSH, I FEEL LIKE THE PEOPLE I INTERVIEWED, SO MANY I WOULD SAY DO YOU LOVE HIM OR HATE HIM AND THEY WOULD SAY BOTH. THANK IS WHAT A LOT OF PEOPLE...
|
| 00:57:17 |
Unidentified Speaker, -
IS A
|
| 00:57:18 |
Unidentified Speaker, -
LARGER THAN LIFE PERSONALITY. >> ANYBODY ELSE
|
| 00:57:21 |
Unidentified Speaker, -
MAD AT YOU? >> MAD AT ME? >> ANYBODY ELSE NOT
|
| 00:57:25 |
Unidentified Speaker, -
LIKE THE BOOK IN ANYBODY SAY YOU MISREPRESENTED THEM? >> I THINK NOT. SOME OF THEM I HAD SAID YOU REALLY NAILED IT. >> MONICA LANGLEY THIS, IS "TEARING...
|
| 00:57:41 |
Unidentified Speaker, -
CITIGROUP. >> THANK
|
| 00:57:42 |
Unidentified Speaker, -
YOU, MY PLEASURE. >>
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| 00:57:45 |
Unidentified Speaker, -
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| 00:57:49 |
Unidentified Speaker, -
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| 00:57:55 |
Unidentified Speaker, -
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| 00:58:04 |
Unidentified Speaker, -
FOR A VIDEO COMPANY CALLED CALL C-SPAN. FOR A TRANSCRIPT VISIT US AT BOOK NOTES.ORG. ...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.