Word: firms
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When the 4,500 people who used to work for Lehman Brothers in London showed up at the investment bank's plush office on Canary Wharf on Sept. 15, only to be told that the firm was out of business and that they should look for another job, some of them did what any number of their colleagues around town have been doing for years: they threw a party. On the equity-trading floor, the internal PA system known as the "hoot" blared out the R.E.M. song "It's the End of the World as We Know It." And then...
...good example of how London got so big in the first place, and how it's starting to pay the price. Launched in the mid-'90s as part of the London Stock Exchange, this market for small companies deliberately set out to cut the paperwork for listing firms to an absolute minimum. There's no need, say, for bulky official prospectuses before a stock is listed on AIM, and the market is overseen not by official regulators but by brokerage firms called "nomads," which are responsible for the new issues. For years, AIM was a fabulous growth story, attracting more...
...position this important, Kashkari, the American-born son of Kashmiri immigrants, may seem an unlikely pick: he's been in finance for only eight years, two as a student at the Wharton School and four as an executive in the San Francisco office of Paulson's old firm, Goldman Sachs. At Goldman, Kashkari was so low on the food chain that he only got to know Paulson well after they both moved to the Treasury...
Underwriting the public stock offerings of Sears Roebuck in 1906 and F.W. Woolworth & Co. in 1912 put the firm on the map. And from there, Goldman--long stigmatized as an outsider "Jewish" firm by its white-shoe rivals--plows on, evolving from what Ellis terms a "marginal eastern U.S. commercial paper dealer" into a global-trading, investment-banking and financial-services behemoth...
...success: continually tweaking the firm's game to fit the times, the markets, the opportunities and Goldman's talent--managing partners like the brilliant and charming seventh-grade dropout from Brooklyn, Sidney Weinberg (a.k.a. "Mr. Wall Street"); the worldly, turbocharged Gus Levy; and John Whitehead, whose prescience helped shape the firm into a master of the financial universe in the 1980s. U.S. Treasury Secretary Henry Paulson, now a flummoxed bureaucrat in the hot seat, also ran the show after forcing out Jon Corzine...