Bear Stearns Paid McGreevey Ally $250K for N.J. Tobacco-Deal Help

Braun, Martin Z.
May 2003
Bond Buyer;5/22/2003, Vol. 344 Issue 31641, p37
Trade Publication
Bear, Stearns & Co. paid 250,000 dollars to a political ally of New Jersey governor James E. McGreevey for helping the bank in securing the role as book-runner in the state's 1.65 billion dollar tobacco deal in February 2003, according to a quarterly report filed with the Municipal Securities Rulemaking Board (MSRB). The MSRB Rule G-38 requires that firms' payments to consultants and contributions by consultants be reported. Of the five firms that served as co-senior managers on the state's second and final tobacco bond deal, three had New Jersey-based consultants and paid them monthly fees ranging from 4,000 to 6,000 dollars. UBS PaineWebber Inc. earned 469,309 dollars in fees on the tobacco deal and pays Trenton-based consultant Stewart Agency 4,000 dollar a month. Commerce Capital Markets Inc., the broker-dealer arm of Commerce Bancorp, earned 1.1 million dollar in fees. Salomon Smith Barney Inc., now Citigroup Global Markets Inc., earned 494,067 dollar in fees on the tobacco deal.


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