Word: banker
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Dates: during 1990-1999
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...years that I've spent chronicling Wall Street, and the foibles and traits of characters like McColl, I've learned a lot about how fortunes are made. For McColl, a no-nonsense work ethic and drop-dead loyalty to trusted managers have transformed him from small-town banker to first-class sensation. Sandy Weill, co-CEO of Citigroup, earned riches by seizing out-of-favor companies when, he says, they "look like a disaster to someone else but like an opportunity...
...this training has produced a 62-year-old man of appealing parts. He dresses like a banker and has the face of a kid who is ready to be pleasantly surprised. In conversation he remembers every ball he has tossed in the air, and just when you think that a long discourse is about to fall off the earth, he brings it tidily home. His voice lilts upward, giving everything he says, including instructions to his staff, confidence with gentleness. And he is funny--not so much on his own, but he likes to quote the witty things said...
...wanted to do for the rest of our lives. All we did know was that we wanted to be comfortable, but not wealthy; and have jobs that would make us moderately happy. If you want to go out there and work 80-plus hours a week as an investment banker this summer, well more power to you. I could never do that. I'd never want to. But it's your life and your decision, and only you can make the call about what's the most important thing to get out of a summer job experience...
...back wages for using slave labor during the war, people are asking to be compensated for work they would never have done willingly in the first place; no justice there. As for repayment for pain, how does that work? Stolen property may be returned, but how would a young banker in modern Germany have compensated my great-uncle for the loss of his family, his ambition and his spirit...
Through something called swap funds, also known as exchange funds, Wall Street has divined a way for some overly concentrated investors to trade one stock that has risen for a basket of stocks of equal value--avoiding any immediate capital-gains tax. A crush of financial firms, including Banker's Trust, Salomon Smith Barney, J.P. Morgan and Donaldson Lufkin Jenrette, are launching swap funds right now. They aren't entirely new. But Congress took a whack at limiting them two years ago, and they're resurfacing with a new look...