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Citi Investors Push for Smith Barney Sale

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Citi Investors Push for Smith Barney Sale nb16p01.qxp 4/13/2007 7:54 PM Page 1 TOP STORIES REPORT From small shops REAL ESTATE to Bloomie’s, Builders cope with retailers go green staff gap; top PAGE 2 architectural firms ® PAGE 19 Tough fights loom over key provisions in New York City’s new building code VOL. XXIII, NO. 16 WWW.NEWYORKBUSINESS.COM APRIL 16-22, 2007 PRICE: $3.00 PAGE 3 The city’s leading Bronfman universities show CITI INVESTORS PUSH their ethics are just quits IDB like Wall Street’s GREG DAVID, PAGE 13 FOR SMITH BARNEY SALE board after Web site operator Divesting crown jewel is key to value; CEO balks moves toward IPO probe as tech issues BY AARON ELSTEIN Charges he used gather momentum after last week’s tepid reaction to Citigroup Inc.’s cost-cutting plan, Chief Executive post to benefit PAGE 14 Charles Prince faces mounting pressure to dismantle the massive conglomerate assembled by longtime colleague Sanford Weill.The most logical place to start: Smith Barney, the himself are denied Spitzer ready to well-known and highly profitable retail brokerage arm. tackle brownfields, A growing investor chorus is arguing that Mr. Prince must do more BY ANNE MICHAUD AND judicial selection than take incremental steps to shore up the world’s largest TOM FREDRICKSON THE INSIDER, PAGE 37 financial institution. His muddled announcement—that the firm would cut 17,000 jobs, or 5% of its workforce, yet matthew bronfman,son of continue to raise head See INVESTORS on Page 7 prominent financier Edgar Bronf- BUSINESS LIVES man,resigned from the board of Is- THE MAGIC PILL NOT CUTTING IT: Charles Prince’s incremental moves don’t rate. rael Discount Bank of New York Friday, following a board inquiry Addicts stay on the job into whether he used his position to thanks to a remedy benefit himself. that spares them At a board meeting Friday methadone’s side morning, Mr. Bronfman and an- PAGE 39 effects other director, Michael Rubinoff, resigned after being asked to step down. A third board member, Chairman Leonard Grunstein,was voted off after he refused to resign. He did not attend the meeting. A spokeswoman for the bank MORE ON CITIGROUP says that the board of the bank’s Workers who got laid off go into parent company in Tel Aviv, Israel AT DEADLINE good job market Page 7 Discount Bank Ltd., told the New Editorial: City should fear what might come next Page 12 York board to replace any directors DON IMUS’ FORMER LISTENERS who had an ownership interest in ARE EXPECTED to scatter no any part of the company. That matter whom CBS Radio applies to the three board mem- chooses to replace the fired bers who were asked to resign; the shock jock. Starting today, remaining nine members are in- sports-talk hosts Mike and the 7, 3 0 0 1,600 $51.57 $51.60 dependent or are bank employ- Mad Dog will be the U.S. JOB CUTS NYC JOB CUTS STOCK PRICE, APRIL 9 STOCK PRICE, APRIL 13 ees, such as IDBNY Chief Execu- temporary replacements in the bloomberg news See BRONFMAN on Page 8 morning drive-time slot that Mr. Imus had filled on WFAN for 30 years. “His audience is similar to Howard Stern’s—it’s a coalition,” says consultant Lots of tennis lovers, but where to play? Robert Unmacht. Plugging the hole with sports programming could be the DelPrete, a managing partner and best way to build a new Private courts lost to development general manager of the club. audience. “They have a lot of as public venues become more crowded The sumptuous facility is the choices if they go all-sports,” exception in a city where private says Talkers magazine editor vious sign of a coming oasis of lux- tennis clubs have been shuttered at Michael Harrison. BY LISA FICKENSCHER ury fitness for New York’s agile an alarming rate in recent years. classes. The deteriorating situation for in- THE FRAUD AND BREACH OF two large white bubbles were The new facility, CityView door courts means that people de- FIDUCIARY DUTY lawsuit inflated over seven brand-new Racquet Club, sits on the roof of termined to play under cover must See AT DEADLINE on Page 2 tennis courts in Long Island City, the former Swingline Staples fac- pay exorbitant fees for a private Queens, this month, the first ob- tory. Expected to open this sum- space—as much as $125 an hour— mer, the tennis and squash center or reserve time for a public court 16 will operate like a country club, well in advance. 5 with spa rooms and an upscale The city’s public courts are also lounge and café with vistas of the becoming more crowded. Robert Manhattan skyline. See TENNIS on Page 8 ELECTRONIC EDITION “CityView is the first new in- door tennis club to be built in New COURTING THE ELITE: Michael DelPrete, a York in the last 20 years, and it will managing partner in CityView Racquet Club, NEWSPAPER says the time is right for a luxury tennis club. buck ennis 71486 01068 be the first of its kind,”says Michael 0 CNYB 04-16-07 A 2 4/13/2007 7:46 PM Page 1 AT DEADLINE Continued from Page 1 wares online and in select against New York Stock department stores, plans to Exchange Chief Executive John launch a wedding ring collection Thain will go ahead, a this summer. Manhattan judge ruled late last week. At least four seat holders MANHATTAN’S INFORMATION have sued both the NYSE and TECHNOLOGY JOB MARKET Mr.Thain, charging that he lied slipped in the first quarter.The about the NYSE’s pending Pace/SkillProof IT Job Index merger with Archipelago at a declined by 11% from the breakfast meeting with floor previous quarter, though the traders just weeks before the index was still higher than it was deal was announced.The in the first quarter of 2006.The plaintiffs sold their seats based index, which tracks job on Mr.Thain’s denial about the openings in Manhattan, deal, missing out on millions in attributed the drop to softness gains.The judge dismissed the in the overall job market. cases against the NYSE itself. THE NEW YORK STOCK EXCHANGE THE CENTER FOR URBAN IS IN “ACTIVE DISCUSSIONS” COMMUNITY SERVICES has paid with at least two “promising” SALES FORCES OF NATURE: more than $5 million for two Vietnamese companies about MooShoes’ vegan wares are commercial condominiums on listing their shares on the Big so popular that Sara and Erica the top two floors of 2212 Third Board, says an NYSE official. Kubersky (from left) are moving the store to a bigger Ave., at the corner of East 121st One of Vietnam’s largest location. Street in Harlem.The enterprises, Vinamilk, listed on nonprofit, which provides Singapore’s exchange last services to the homeless, will month. The NYSE has been relocate to the 24,000-square- working to cultivate ties with foot space from 120 Wall St. Vietnam, which has one of the Colliers ABR was the exclusive fastest-growing economies in broker on the deal. Asia. The nation’s former prime minister, Phan Van Khai, rang JEWELRY DESIGNER ALEX WOO IS the opening bell at the buck ennis BREAKING INTO the bridal exchange during a visit to New market with a pendant York two years ago. Last collection that features lower- month, NYSE Chief Executive case initials.The pendants, John Thain wrote to Vietnam’s which can be engraved with the current prime minister, Nguyen Greening of retailers wedding date, start at $128 for Tan Dung, offering to exchange silver and top out at $2,200 for information and share the triple-diamond version. Ms. experience with Vietnam and Eco-friendly goods, practices win patrons; only a fad? Woo, who has found success the country’s booming among celebrities by selling her securities market. I BY ELISABETH BUTLER CORRECTIONS as earth day approaches, green is becoming the new black in New York. Retailers About.com’s 600 experts post a total of 3,000 new articles a week. An April 9 article throughout the city are cashing in on the growing crowd of consumers who want eco-friendly misstated the frequency of new postings. apparel and other goods. Kipton Cronkite is a distant relation of Walter Cronkite’s. Their relationship was misstated in the April 2 article “For rich kids, it’s only money.” Small stores such as Kaight and MooShoes, founded to cater to environmentally conscious shoppers, are ringing up more sales. Department stores like Bloomingdale’s are stocking jeans made with organic cotton. Other retailers are quietly changing business practices to become more THIS WEEK IN CRAIN’S eco-friendly and connect with customers who care: The Museum of Modern Art Design Store recently replaced its gift boxes with 100% biodegradable versions made of minerals, not trees. SMALL BUSINESS ------------------- 11 Consumers in their 20s and baby boomers who remember Woodstock values are behind See ECO-FRIENDLY RETAILERS on Page 8 GREG DAVID ------------------------------------13 NEIGHBORHOOD JOURNAL------------------------------------------16 REPORT: REAL ESTATE ------19 NYPD, nightclubs in talks TOP ARCHITECTS -------------------26 Seeking common Bar and club owners have long also at issue. 41 DEALS--------------------------------------------------28 complained that the NYPD has not “It [27th Sreet] is still like a war ground over safety, been receptive to the problems they zone that we think needs to be toned THE WEEKS AHEAD ----------------29 face controlling unruly clubgoers. down a bit,” says Mr. Bookman, re- underage drinking The relationship between officers ferring to mounted officers pa- CLASSIFIEDS ----------------------------------32 at Chelsea hot spots and club owners has historically trolling the area and flashing signs WEEK IN REVIEW -----------------------34 been adversarial.
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