Spitzer Raises the Heat on Citigroup

The New York AG's suit against five telecom execs is further evidence that he's really gunning for the financial giant's Salomon Smith Barney

At first glance, New York Attorney General Eliot Spitzer's main target with his latest civil suit on Sept. 30 appears to be the five telecom executives named in the filing. After all, the defendants -- former WorldCom CEO Bernard J. Ebbers, ex-McLeod USA CEO Clark E. McLeod, former Quest Communications Chairman Philip F. Anschutz, Metromedia Fiber Networks founder Stephen A. Garofalo, and ex-Qwest CEO Joseph P. Nacchio -- are being called upon to "disgorge," or give back, some $28 million in profits from selling shares in initial public offerings and some $1.5 billion in profits from sales of their own stock.

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