Word: expressed
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...built into a Wall Street giant that ranked second only to Merrill Lynch. Like so much that flourished during the hothouse decade, Shearson simply grew too fast. Beset by falling revenues, failing deals and internal disputes, Cohen was forced out by James Robinson III, the chairman of American Express, Shearson's parent company...
Removing the flag "seemed like a better way" of displaying the values of Southern friendliness and hospitality he was trying to express, he said...
...Europe may not always have it so good. The company's managers express serious concern about growing competition from Japanese car companies, which are now gearing up major "transplant" factories as they did in the U.S. during the past decade. Auto analysts say the Japanese market share on the Continent is likely to rise from its current 11% level to 25% by 1994. "The battleground here will be every bit as bloody as in the U.S. in 1981-82," says Angel Perversi, managing director of General Motors Espana. "The Japanese are going to add excess capacity. The only question...
...stress on Cohen increased, his composure frayed. Colleagues reportedly heard him yelling over the phone at his boss, American Express Chairman James Robinson III. At one point, Cohen even had his offices at Shearson swept for listening devices. When Robinson pressured Cohen for his resignation last week, the Shearson chief complied. As Robinson told TIME: "The conditions of the market, the problems on Wall Street, all of ((the firm's woes)) led to Peter's feeling that his own identification had been linked to so many of the problems that he could not provide the ongoing leadership that the firm...
Cohen was determined to build a firm that would rival Merrill Lynch in size. In 1984 he orchestrated a $360 million merger between Shearson/American Express and Lehman Brothers Kuhn Loeb. That move catapulted Shearson into the immensely profitable investment-banking business. But signs of stress began to appear in the wake of the 1987 stock-market crash, when Shearson paid nearly $1 billion to acquire E.F. Hutton. Dozens of top-notch Hutton brokers defected to other investment firms. At the same time, the firm suffered dwindling business from individual investors, on whom Shearson was still heavily dependent. Cohen, meanwhile...