The US government investigation into whether Salomon Smith Barney (SSB) distributed shares from "hot" initial public offerings to directors at WorldCom has received a setback because SSB failed to retain potentially vital internal e-mails exchanged between staff.
In a letter to the Congress financial services committee, Jane Sherburne, attorney for Citigroup, said that although SSB stored internal e-mails on monthly back-up tapes, they were only available since January 2001 â a breach of US regulations.
