-Caveat Lector-
from:
http://www.thetimes.co.uk/article/0,,40507,00.html
Click Here: <A HREF="http://www.thetimes.co.uk/article/0,,40507,00.html">
http://www.thetimes.co.uk/�icle/0,,40507,00.html</A>
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THURSDAY NOVEMBER 23 2000
How drugs habit finally got up daddy�s nose
FROM ADAM JONES IN NEW YORK AND STEVE BIRD
ONE of America�s most powerful bankers has been sacked by his father from his
Wall Street job managing �79 billion ($113 billion) because of his cocaine
addiction.
Marc Weill, 44, a key figure in managing Citigroup�s multi-billion investment
portfolio, has also been linked to a pornographic actress who lists a �sick
and twisted mind� as one of her �top turn ons�.
The controversy surrounding Mr Weill�s demise has rocked American financial
institutions and raised new fears about the use of drugs by senior executives
in leading financial jobs. Mr Weill�s rapid rise at the financial services
group made him one of the most eligible men in Manhattan. He was believed to
command an salary of �1.4 million.
But when Mr Weill took a leave of absence from his gruelling job at the
company in May, rumours soon spread about the reasons behind the decision.
His ex-wife, E. D. Donahey, a television talk-show host, yesterday claimed
what had been common knowledge in Wall Street watering holes � that Mr Weill
was being treated for his drug habit.
She told The Wall Street Journal: �Mark is in treatment for drug addiction.
The only thing that is important is that Mark is getting help for his drug
addiction.� She spoke out in an effort to help his recovery from the habit,
the newspaper said. It also quoted a source as claiming that Mr Weill was
hooked on cocaine and had twice been hospitalised for pneumonia as a result
of his addiction. It was claimed that his erratic behaviour before his
departure from the firm even saw him distracting fellow executives at a
company meeting with his raucous snoring. Since leaving his job, Mr Weill has
been linked with pornography star Brittany Andrews by a New York gossip
column. On her website, Ms Andrews says she rates a �sick and twisted mind�
as being among her �top five turn ons�.
She adds that she also likes to spend her spare time volunteering for two
children�s charities: �It gives me such a really good feeling to put my
energy to such worthy causes.�
Before Mr Weill turned his attentions towards Ms Andrews he invested some of
his own money in Moomba, a fashionable Greenwich Village restaurant and
nightclub that regularly attracts stars such as Gwyneth Paltrow, Ben Affleck
and Russell Crowe.
Some have now claimed that his problems have been complicated by having his
father as his boss.
Sandy Weill, one of Wall Street�s legendary dealmakers, is the chairman of
Citigroup, which owns Citibank, the American high street bank, and Salomon
Smith Barney, the investment bank. Sandy Weill reportedly told the board
himself that his son was taking leave of absence, without explaining why.
Citibank�s directors include Robert Rubin, the former US Treasury Secretary
who was one of the architects of America�s record economic boom.
Mr Weill worked with his father for more than a decade, witnessing the string
of mergers that eventually led to the formation of Citigroup in 1998. His
sister, Jessica Bibliowicz, has also worked for the �family business� but she
left after a few years.
Before she left, Ms Bibliowicz is said to have fallen out with Jamie Dimon,
an executive who had been seen as Sandy Weill's heir apparent. When Mr Dimon
was subsequently ousted from Citigroup, conspiracy theorists had a field day.
Marc Weill's tenure at Citigroup had been financially uncontroversial,
however, helped by the fact that the investment arm of the business has been
performing well.
Earlier this year, James McDermott, the chief executive of a Wall Street
investment bank, was given a prison sentence after he was found guilty of
leaking deal secrets to his former mistress, a pornographic actress named
Marylin Star.
The boom on Wall Street has brought enormous salary and bonuses to workers at
financial firms such as Citigroup.
Although their status as �masters of the universe� was challenged for a while
by the instant wealth of the dot-com elite, the subsequent collapse of many
Internet companies has been taken as a vindication of the long hours that
investment bankers and money managers put in.
In 1999, Sandy Weill�s salary and bonus alone amounted to nearly $10 million
(�7 million). He also reaped $75 million (�52 million) from exercising stock
options. A Citigroup spokeswoman was not available for comment last night.
Other bankers have also fallen victim to the curse of cocaine. Lawrence
Kudlow, a former official in President Reagan's administration, is a
recovered cocaine addict, but this did not stop him being made chief US
economist at ING Barings earlier this year. In 1994 Mr Kudlow said he was
addicted to cocaine and alcohol. Last year, Marion Barry, the former mayor of
Washington who was filmed smoking crack cocaine, was employed as a consultant
by M.R. Beal, an investment bank. He served six months in prison after being
convicted for cocaine possession.
Copyright 2000 Times Newspapers Ltd.
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