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	<title>Observer &#187; You&#8217;ve Got Friends: Why Mark Green Can I.M. AOL</title>
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		<title>Observer &#187; You&#8217;ve Got Friends: Why Mark Green Can I.M. AOL</title>
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		<title>You&#8217;ve Got Friends: Why Mark Green Can I.M. AOL</title>

		<comments>http://observer.com/2001/07/youve-got-friends-why-mark-green-can-im-aol/#comments</comments>
		<pubDate>Mon, 23 Jul 2001 00:00:00 -0400</pubDate>
					<link>http://observer.com/2001/07/youve-got-friends-why-mark-green-can-im-aol/</link>
			<dc:creator>Alexandra Wolfe</dc:creator>
				
		<guid isPermaLink="false">http://www.observer.com/2001/07/youve-got-friends-why-mark-green-can-im-aol/</guid>
		<description><![CDATA[<p>Mark Green, the Mayoral candidate, was in the lobby of 55</p>
<p>Broad Street on Monday, June 25, working up a frothy pitch about the Internet,</p>
<p>technology, high-speed access.</p>
<p> "We have to expand broadband," the Democratic candidate said</p>
<p>at the campaign stop. "The next Mayor has to sit down with Verizon and AOL Time</p>
<p>Warner and do a survey right away, and then make sure that all businesses and</p>
<p>families in our city have broadband and I.S.P. connections."</p>
<p> Mr. Green's staff had chosen the setting to emphasize his</p>
<p>coziness with New York's business and technology honchos-and to give him a</p>
<p>chance to show off his big plans for a fully wired city, lorded over by a city</p>
<p>tech guru.</p>
<p> But the companies Mr. Green named that afternoon seemed to</p>
<p>be carefully selected as well. While AOL Time Warner would have occurred to any</p>
<p>Mayoral candidate talking about the Internet that day, Mr. Green had an added</p>
<p>incentive to bring them up: He has important friends there.</p>
<p> Or as his spokesman, Joe DePlasco, put it: "Mark Green has a</p>
<p>lot of support at AOL."</p>
<p> Ken Lerer, the executive vice president, is a former</p>
<p>roommate. Bob Friedman, president of AOLTV, is a close friend, as is Richard</p>
<p>Bressler, the former chief financial officer of Time Warner Inc. who's now the</p>
<p>chief financial officer of Viacom. And if that wasn't enough, Mr. Green's wife,</p>
<p>Deni Frand, is a vice president at the AOL Time Warner Foundation.</p>
<p> Sources in the company also said that Bob Pittman (co–chief</p>
<p>operating officer of the company and one of the founders of MTV), Michael</p>
<p>Lynton (president of AOL Time Warner International) and Neil Davis (vice</p>
<p>president of interactive marketing) are all Green supporters.</p>
<p> A spokeswoman for Mr. Pittman said: "Bob Pittman is a friend</p>
<p>and admirer of Mark Green," although she said that Mr. Pittman is not</p>
<p>supporting him. The other two did not return calls for comment.</p>
<p> Part of the support is related to Mr. Green's background,</p>
<p>and the kinds of acquaintances he made at Harvard and through Nader's Raiders,</p>
<p>public service and other runs for higher office. Part comes from being on the</p>
<p>New York social scene, connecting with many young, similarly ambitious players</p>
<p>along the way.</p>
<p> "A lot of his old friends are now in very senior positions"</p>
<p>in New York media, said one executive at AOL Time Warner. "We were 25 years old</p>
<p>building cable, and as we grew up, Mark was growing up. Then new media came</p>
<p>around. Now you're looking and you're saying, 'Jesus, there are seven company</p>
<p>presidents who are friends with him!'"</p>
<p> Part of the support is also related to the personality of</p>
<p>AOL Time Warner-and, indeed, the personality of other new-media and</p>
<p>entertainment companies in the uniquely liberal (at least on social issues)</p>
<p>business community of New York.</p>
<p> "People grow and evolve over time, and I think Mark has,"</p>
<p>said one AOL Time Warner executive, referring to Mr. Green's amicable</p>
<p>relationship with business. "New York is a better place for many of the</p>
<p>pro-business things that have happened during the last administration, and I</p>
<p>think Mark recognizes this. But he also stands for not ignoring the pro-social</p>
<p>things."</p>
<p> Still, AOL Time Warner</p>
<p>executives insist that no company-wide endorsement exists.</p>
<p> "He's one of my best friends and I love him dearly, and I</p>
<p>hope he becomes Mayor," said Mr. Lerer. "But," he added, "there's no</p>
<p>institutional support."</p>
<p> Indeed, the upper ranks of Viacom's companies are also rife</p>
<p>with Friends of Mark: Andrew Rasiej, a Silicon Alley fixture, is his point man</p>
<p>on technology. And Mr. Green's liaison to Wall Street is none other than Bruce</p>
<p>Wasserstein, the legendary banker.</p>
<p> Sources at AOL Time Warner also cited as Mark backers Matt</p>
<p>Blank, chief executive officer of Showtime; Tom Rogers, chairman and chief</p>
<p>executive of Primedia; Judy McGrath, president of MTV; Tom Freston, chairman of</p>
<p>MTV Networks; and John Sykes, president of VH1. All of those people declined to</p>
<p>comment for this article.</p>
<p> Some of these connections were made during Mr. Green's years</p>
<p>as New York's consumer-affairs chief, some as Public Advocate, some because he</p>
<p>was often front, center and outspoken on social and economic issues that</p>
<p>affected the quality of life in the city-and kept his profile in the media.</p>
<p> "He's been around a long</p>
<p>time," said Mr. Lerer. "He's won a few things, he's lost a few things and he's</p>
<p>gotten to know a lot of people."</p>
<p> But Mr. Green's connections to AOL Time Warner are</p>
<p>particularly extensive, and particularly important given his campaign themes.</p>
<p> In addition to putting the city's government bureaucracy</p>
<p>online-"transforming city government into E-government," as the press release</p>
<p>reads-Mr. Green wants to speed along the languishing initiative to create a</p>
<p>Board of Education portal and provide free at-home Internet access to every</p>
<p>public-school student and teacher in New York. To sell such involved plans to</p>
<p>the City Council, he'll need more than the services of the city's largest</p>
<p>Internet, telephone and cable companies; he'll also need to show that the</p>
<p>project has their support.</p>
<p> The Board of Education sent out a request for proposals for</p>
<p>the portal project last year and is now selecting vendors.</p>
<p> "The other candidates probably don't even know what the</p>
<p>Portal I.S.P. project is," said Mr. Rasiej, who first met Mr. Green in the</p>
<p>early 1990's when he owned the club Irving Plaza and butted heads over street</p>
<p>posters with the then Commissioner of Consumer Affairs. "Mark has been thinking</p>
<p>about technology and talking to technologists about New York for five or six</p>
<p>years now …. The technology community is behind him."</p>
<p> Mr. Rasiej said that Mr. Green's plan not only is to employ</p>
<p>certain companies to install servers and cables, but to make "partnerships"</p>
<p>with corporate "donors" who would take an active role in teaching the</p>
<p>technology to students.</p>
<p> But Mr. Rasiej emphasized that "Mark is completely unaware</p>
<p>of the bidders," referring to the Board of Ed's proposal request. "I can't</p>
<p>imagine AOL not being happy" about Mr. Green's ideas, Mr. Rasiej said, "but I</p>
<p>can almost completely assure you that no one at AOL has talked to Mark about</p>
<p>it."</p>
<p> Deni Frand, Mr. Green's</p>
<p>wife, also claimed that communication between her husband and her company has</p>
<p>been minimal.</p>
<p> "I am excited about him advocating on these issues, but I</p>
<p>really haven't been part of his policy planning and thinking," she said. A vice</p>
<p>president at the AOL Time Warner Foundation, Ms. Frand specializes in</p>
<p>public-education initiatives involving the Internet.</p>
<p> Mr. Green's AOL friends have been helpful in raising money</p>
<p>for him. Last year, Mr. Lerer co-chaired a fund-raiser for Mr. Green with</p>
<p>Messrs. Friedman, Blank and Bressler. Mr. Bressler declined to comment. Also</p>
<p>last year, Mr. Friedman co-hosted a fund-raiser with film and television</p>
<p>producer Steven Haft ( Dead Poets Society , Jakob the Liar ).</p>
<p> Mr. Lerer met Mr. Green in 1974, when they were working on</p>
<p>the Senatorial campaign of civil-rights lawyer Ramsey Clark. Mr. Green was an</p>
<p>idealistic young attorney working for Ralph Nader; Mr. Lerer was Mr. Clark's</p>
<p>deputy campaign manager. Although Mr. Clark lost, the two men hit it off,</p>
<p>became roommates and even met their wives together. Unlike his friend, Mr.</p>
<p>Lerer got out of politics and, in the early 1980's, went to work for Time</p>
<p>Warner. Later he started a corporate communications consultancy, left that in</p>
<p>the mid-1990's to go to AOL, and now finds himself back, merged with his old</p>
<p>employer, in New York. Mr. Lerer has gradually moved his way up the corporate</p>
<p>ranks, all the while staying close with Mr. Green.</p>
<p> "Mark has a lot of relationships throughout the entertainment</p>
<p>and information business in New York," said one executive at AOL Time Warner.</p>
<p>"Here's why: These are people who didn't want to move to L.A. They are die-hard</p>
<p>New Yorkers, as is Mark."</p>
<p> Utah Sex, Drug Scandal Stirs the Troops at CSFB</p>
<p> Credit Suisse First Boston's morning call on June 21 was</p>
<p>going along just fine: the analysts doing their usual bland run-down, the</p>
<p>troops on the receiving end casually throwing down cups of caffeine. And then,</p>
<p>into their midst, there came one of those spit-out-the-coffee moments.</p>
<p> By the way, reported an analyst whose group includes the</p>
<p>Zions Bancorporation of Utah, the bank's C.F.O. has been arrested. On sex and</p>
<p>drug charges. It was news, gossip, scandal, and the troops-hardened New York</p>
<p>bankers though they are-feasted upon it for the rest of the day.</p>
<p> Zions Bancorporation is a Mormon bank, founded by Brigham</p>
<p>Young himself. Its chief financial officer, 41-year-old Dale Gibbons, had been</p>
<p>charged with felony counts of methamphetamine possession, dealing in material</p>
<p>harmful to a minor and endangering a child.</p>
<p> The police apparently had been brought into the case by Mr.</p>
<p>Gibbons himself, who had called 911 on Monday, July 11, after finding his</p>
<p>19-year-old girlfriend and 15-year-old daughter nearly comatose from what</p>
<p>police thought was an overdose of either ketamine, an animal anesthetic also</p>
<p>known as Special K, or GHB, a date-rape drug.</p>
<p> "He said his 19-year-old girlfriend tried to commit suicide</p>
<p>because she had been raped four hours earlier, but he'd been with her all</p>
<p>night," said Salt Lake City Police Sergeant Darren Carr. Further, Sgt. Carr</p>
<p>said, Mr. Gibbons had been uncooperative on the phone with 911. Asked "Is she</p>
<p>breathing?", Mr. Gibbons allegedly replied, "I don't know." They advised him to</p>
<p>administer C.P.R. and learned later that he hadn't. "He didn't want to touch</p>
<p>her," said Sergeant Carr.</p>
<p> When police arrived,</p>
<p>they allegedly found the girlfriend naked, sprawled on a bed. A video camera</p>
<p>and tripod were set up nearby.</p>
<p> Mr. Gibbon's daughter</p>
<p>was found passed out in another bedroom-along with seven hard-core porn</p>
<p>magazines, several spent nitrous-oxide containers and rave beads personalized</p>
<p>with the name "Dale" on them, police said.</p>
<p> Police also said they</p>
<p>found a gram of methamphetamine in Mr. Gibbon's night stand.</p>
<p> Police said neighbors had been complaining of large, noisy</p>
<p>parties. "Underage kids started showing up passed out on neighbors' lawns,"</p>
<p>said Sgt. Carr. Police also said Mr. Gibbons would pull up to nightclubs in a</p>
<p>stretch Jaguar limo with a license plate that read "ROLLING"-"basically</p>
<p>advertising Ecstasy," Sergeant Carr charged.</p>
<p> Mr. Gibbons has hired Robert Shapiro, formerly of the O.J.</p>
<p>Simpson "Dream Team," to defend him. Mr. Gibbons is free on bail, which was</p>
<p>originally set at $200,000, but lowered to $75,000 on July 12.</p>
<p> "We're convinced of our client's innocence," said Sara</p>
<p>Caplan, a member of the Shapiro firm.</p>
<p> Mr. Gibbons, who'd been at the bank since 1996 and was</p>
<p>responsible for $21 million in assets, was immediately suspended. He resigned</p>
<p>on June 28, saying in a statement: "I regret reaching this decision at this</p>
<p>time; but I feel strongly that I must put my personal considerations and those</p>
<p>of my family first …. As an innocent man, my focus must be on the court</p>
<p>proceedings ahead." The next scheduled court date is Aug. 14.</p>
<p> Meanwhile, those jaded New York traders and analysts were</p>
<p>titillated by the story-but not tainted. An analyst at Credit Suisse First</p>
<p>Boston, whose group deals with the Zion stock, said: "We think Mr. Gibbons is a</p>
<p>key component of the management team, but until they say what his long-term</p>
<p>future is, we'll know better" whether or not to downgrade the stock.</p>
<p> In fact, the stock went up after the arrest-from $56.24 on</p>
<p>June 11 to $57.67 on June 25. It closed on Monday, July 16, at $57.84.</p>
]]></description>
		<content:encoded><![CDATA[<p>Mark Green, the Mayoral candidate, was in the lobby of 55</p>
<p>Broad Street on Monday, June 25, working up a frothy pitch about the Internet,</p>
<p>technology, high-speed access.</p>
<p> "We have to expand broadband," the Democratic candidate said</p>
<p>at the campaign stop. "The next Mayor has to sit down with Verizon and AOL Time</p>
<p>Warner and do a survey right away, and then make sure that all businesses and</p>
<p>families in our city have broadband and I.S.P. connections."</p>
<p> Mr. Green's staff had chosen the setting to emphasize his</p>
<p>coziness with New York's business and technology honchos-and to give him a</p>
<p>chance to show off his big plans for a fully wired city, lorded over by a city</p>
<p>tech guru.</p>
<p> But the companies Mr. Green named that afternoon seemed to</p>
<p>be carefully selected as well. While AOL Time Warner would have occurred to any</p>
<p>Mayoral candidate talking about the Internet that day, Mr. Green had an added</p>
<p>incentive to bring them up: He has important friends there.</p>
<p> Or as his spokesman, Joe DePlasco, put it: "Mark Green has a</p>
<p>lot of support at AOL."</p>
<p> Ken Lerer, the executive vice president, is a former</p>
<p>roommate. Bob Friedman, president of AOLTV, is a close friend, as is Richard</p>
<p>Bressler, the former chief financial officer of Time Warner Inc. who's now the</p>
<p>chief financial officer of Viacom. And if that wasn't enough, Mr. Green's wife,</p>
<p>Deni Frand, is a vice president at the AOL Time Warner Foundation.</p>
<p> Sources in the company also said that Bob Pittman (co–chief</p>
<p>operating officer of the company and one of the founders of MTV), Michael</p>
<p>Lynton (president of AOL Time Warner International) and Neil Davis (vice</p>
<p>president of interactive marketing) are all Green supporters.</p>
<p> A spokeswoman for Mr. Pittman said: "Bob Pittman is a friend</p>
<p>and admirer of Mark Green," although she said that Mr. Pittman is not</p>
<p>supporting him. The other two did not return calls for comment.</p>
<p> Part of the support is related to Mr. Green's background,</p>
<p>and the kinds of acquaintances he made at Harvard and through Nader's Raiders,</p>
<p>public service and other runs for higher office. Part comes from being on the</p>
<p>New York social scene, connecting with many young, similarly ambitious players</p>
<p>along the way.</p>
<p> "A lot of his old friends are now in very senior positions"</p>
<p>in New York media, said one executive at AOL Time Warner. "We were 25 years old</p>
<p>building cable, and as we grew up, Mark was growing up. Then new media came</p>
<p>around. Now you're looking and you're saying, 'Jesus, there are seven company</p>
<p>presidents who are friends with him!'"</p>
<p> Part of the support is also related to the personality of</p>
<p>AOL Time Warner-and, indeed, the personality of other new-media and</p>
<p>entertainment companies in the uniquely liberal (at least on social issues)</p>
<p>business community of New York.</p>
<p> "People grow and evolve over time, and I think Mark has,"</p>
<p>said one AOL Time Warner executive, referring to Mr. Green's amicable</p>
<p>relationship with business. "New York is a better place for many of the</p>
<p>pro-business things that have happened during the last administration, and I</p>
<p>think Mark recognizes this. But he also stands for not ignoring the pro-social</p>
<p>things."</p>
<p> Still, AOL Time Warner</p>
<p>executives insist that no company-wide endorsement exists.</p>
<p> "He's one of my best friends and I love him dearly, and I</p>
<p>hope he becomes Mayor," said Mr. Lerer. "But," he added, "there's no</p>
<p>institutional support."</p>
<p> Indeed, the upper ranks of Viacom's companies are also rife</p>
<p>with Friends of Mark: Andrew Rasiej, a Silicon Alley fixture, is his point man</p>
<p>on technology. And Mr. Green's liaison to Wall Street is none other than Bruce</p>
<p>Wasserstein, the legendary banker.</p>
<p> Sources at AOL Time Warner also cited as Mark backers Matt</p>
<p>Blank, chief executive officer of Showtime; Tom Rogers, chairman and chief</p>
<p>executive of Primedia; Judy McGrath, president of MTV; Tom Freston, chairman of</p>
<p>MTV Networks; and John Sykes, president of VH1. All of those people declined to</p>
<p>comment for this article.</p>
<p> Some of these connections were made during Mr. Green's years</p>
<p>as New York's consumer-affairs chief, some as Public Advocate, some because he</p>
<p>was often front, center and outspoken on social and economic issues that</p>
<p>affected the quality of life in the city-and kept his profile in the media.</p>
<p> "He's been around a long</p>
<p>time," said Mr. Lerer. "He's won a few things, he's lost a few things and he's</p>
<p>gotten to know a lot of people."</p>
<p> But Mr. Green's connections to AOL Time Warner are</p>
<p>particularly extensive, and particularly important given his campaign themes.</p>
<p> In addition to putting the city's government bureaucracy</p>
<p>online-"transforming city government into E-government," as the press release</p>
<p>reads-Mr. Green wants to speed along the languishing initiative to create a</p>
<p>Board of Education portal and provide free at-home Internet access to every</p>
<p>public-school student and teacher in New York. To sell such involved plans to</p>
<p>the City Council, he'll need more than the services of the city's largest</p>
<p>Internet, telephone and cable companies; he'll also need to show that the</p>
<p>project has their support.</p>
<p> The Board of Education sent out a request for proposals for</p>
<p>the portal project last year and is now selecting vendors.</p>
<p> "The other candidates probably don't even know what the</p>
<p>Portal I.S.P. project is," said Mr. Rasiej, who first met Mr. Green in the</p>
<p>early 1990's when he owned the club Irving Plaza and butted heads over street</p>
<p>posters with the then Commissioner of Consumer Affairs. "Mark has been thinking</p>
<p>about technology and talking to technologists about New York for five or six</p>
<p>years now …. The technology community is behind him."</p>
<p> Mr. Rasiej said that Mr. Green's plan not only is to employ</p>
<p>certain companies to install servers and cables, but to make "partnerships"</p>
<p>with corporate "donors" who would take an active role in teaching the</p>
<p>technology to students.</p>
<p> But Mr. Rasiej emphasized that "Mark is completely unaware</p>
<p>of the bidders," referring to the Board of Ed's proposal request. "I can't</p>
<p>imagine AOL not being happy" about Mr. Green's ideas, Mr. Rasiej said, "but I</p>
<p>can almost completely assure you that no one at AOL has talked to Mark about</p>
<p>it."</p>
<p> Deni Frand, Mr. Green's</p>
<p>wife, also claimed that communication between her husband and her company has</p>
<p>been minimal.</p>
<p> "I am excited about him advocating on these issues, but I</p>
<p>really haven't been part of his policy planning and thinking," she said. A vice</p>
<p>president at the AOL Time Warner Foundation, Ms. Frand specializes in</p>
<p>public-education initiatives involving the Internet.</p>
<p> Mr. Green's AOL friends have been helpful in raising money</p>
<p>for him. Last year, Mr. Lerer co-chaired a fund-raiser for Mr. Green with</p>
<p>Messrs. Friedman, Blank and Bressler. Mr. Bressler declined to comment. Also</p>
<p>last year, Mr. Friedman co-hosted a fund-raiser with film and television</p>
<p>producer Steven Haft ( Dead Poets Society , Jakob the Liar ).</p>
<p> Mr. Lerer met Mr. Green in 1974, when they were working on</p>
<p>the Senatorial campaign of civil-rights lawyer Ramsey Clark. Mr. Green was an</p>
<p>idealistic young attorney working for Ralph Nader; Mr. Lerer was Mr. Clark's</p>
<p>deputy campaign manager. Although Mr. Clark lost, the two men hit it off,</p>
<p>became roommates and even met their wives together. Unlike his friend, Mr.</p>
<p>Lerer got out of politics and, in the early 1980's, went to work for Time</p>
<p>Warner. Later he started a corporate communications consultancy, left that in</p>
<p>the mid-1990's to go to AOL, and now finds himself back, merged with his old</p>
<p>employer, in New York. Mr. Lerer has gradually moved his way up the corporate</p>
<p>ranks, all the while staying close with Mr. Green.</p>
<p> "Mark has a lot of relationships throughout the entertainment</p>
<p>and information business in New York," said one executive at AOL Time Warner.</p>
<p>"Here's why: These are people who didn't want to move to L.A. They are die-hard</p>
<p>New Yorkers, as is Mark."</p>
<p> Utah Sex, Drug Scandal Stirs the Troops at CSFB</p>
<p> Credit Suisse First Boston's morning call on June 21 was</p>
<p>going along just fine: the analysts doing their usual bland run-down, the</p>
<p>troops on the receiving end casually throwing down cups of caffeine. And then,</p>
<p>into their midst, there came one of those spit-out-the-coffee moments.</p>
<p> By the way, reported an analyst whose group includes the</p>
<p>Zions Bancorporation of Utah, the bank's C.F.O. has been arrested. On sex and</p>
<p>drug charges. It was news, gossip, scandal, and the troops-hardened New York</p>
<p>bankers though they are-feasted upon it for the rest of the day.</p>
<p> Zions Bancorporation is a Mormon bank, founded by Brigham</p>
<p>Young himself. Its chief financial officer, 41-year-old Dale Gibbons, had been</p>
<p>charged with felony counts of methamphetamine possession, dealing in material</p>
<p>harmful to a minor and endangering a child.</p>
<p> The police apparently had been brought into the case by Mr.</p>
<p>Gibbons himself, who had called 911 on Monday, July 11, after finding his</p>
<p>19-year-old girlfriend and 15-year-old daughter nearly comatose from what</p>
<p>police thought was an overdose of either ketamine, an animal anesthetic also</p>
<p>known as Special K, or GHB, a date-rape drug.</p>
<p> "He said his 19-year-old girlfriend tried to commit suicide</p>
<p>because she had been raped four hours earlier, but he'd been with her all</p>
<p>night," said Salt Lake City Police Sergeant Darren Carr. Further, Sgt. Carr</p>
<p>said, Mr. Gibbons had been uncooperative on the phone with 911. Asked "Is she</p>
<p>breathing?", Mr. Gibbons allegedly replied, "I don't know." They advised him to</p>
<p>administer C.P.R. and learned later that he hadn't. "He didn't want to touch</p>
<p>her," said Sergeant Carr.</p>
<p> When police arrived,</p>
<p>they allegedly found the girlfriend naked, sprawled on a bed. A video camera</p>
<p>and tripod were set up nearby.</p>
<p> Mr. Gibbon's daughter</p>
<p>was found passed out in another bedroom-along with seven hard-core porn</p>
<p>magazines, several spent nitrous-oxide containers and rave beads personalized</p>
<p>with the name "Dale" on them, police said.</p>
<p> Police also said they</p>
<p>found a gram of methamphetamine in Mr. Gibbon's night stand.</p>
<p> Police said neighbors had been complaining of large, noisy</p>
<p>parties. "Underage kids started showing up passed out on neighbors' lawns,"</p>
<p>said Sgt. Carr. Police also said Mr. Gibbons would pull up to nightclubs in a</p>
<p>stretch Jaguar limo with a license plate that read "ROLLING"-"basically</p>
<p>advertising Ecstasy," Sergeant Carr charged.</p>
<p> Mr. Gibbons has hired Robert Shapiro, formerly of the O.J.</p>
<p>Simpson "Dream Team," to defend him. Mr. Gibbons is free on bail, which was</p>
<p>originally set at $200,000, but lowered to $75,000 on July 12.</p>
<p> "We're convinced of our client's innocence," said Sara</p>
<p>Caplan, a member of the Shapiro firm.</p>
<p> Mr. Gibbons, who'd been at the bank since 1996 and was</p>
<p>responsible for $21 million in assets, was immediately suspended. He resigned</p>
<p>on June 28, saying in a statement: "I regret reaching this decision at this</p>
<p>time; but I feel strongly that I must put my personal considerations and those</p>
<p>of my family first …. As an innocent man, my focus must be on the court</p>
<p>proceedings ahead." The next scheduled court date is Aug. 14.</p>
<p> Meanwhile, those jaded New York traders and analysts were</p>
<p>titillated by the story-but not tainted. An analyst at Credit Suisse First</p>
<p>Boston, whose group deals with the Zion stock, said: "We think Mr. Gibbons is a</p>
<p>key component of the management team, but until they say what his long-term</p>
<p>future is, we'll know better" whether or not to downgrade the stock.</p>
<p> In fact, the stock went up after the arrest-from $56.24 on</p>
<p>June 11 to $57.67 on June 25. It closed on Monday, July 16, at $57.84.</p>
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