Word: lehman
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...distress sale of Lehman Brothers to a subsidiary of American Express in May 1984 ended the independence of a private investment banking house that lad been in existence since 1850. The final reckoning yielded Lehman's 72 partners sums ranging from nearly $ 1 million for the most junior to $10 million-plus for the top echelon. This gilded dissolution followed months of infighting that had effectively deposed two chief executives of the firm. The first was a former Nixon Cabinet member with a Greek immigrant background but Wasp manners and connections; the other was a company insider who throughout...
...high places could make compelling reading. Ken Auletta, who first explored the story in a two-part article for the New York Times Magazine, contends that the events were also resonant of "how Wall Street and capitalism were changing." In fact, the author's chronicle of strife at Lehman Brothers is a good deal more persuasive than his tentative efforts to link an ugly power struggle to a supposed national preoccupation with quick results and a runaway trend toward bigness. The narrative is slow in starting, repetitive, and too often dotted with clichés and awkward syntax. It sorely lacks...
Peter Peterson, the Greek hash-house owner's son who rose to the presidency of Bell & Howell before he was 35, and Lewis Glucksman, the Manhattan lamp manufacturer's son who scrapped his way up through Lehman's unprestigious but increasingly profitable stock-and-bond-trading department, might have been born enemies. Peterson emerges as cold, almost oblivious to the people around him. A close associate who may have saved his life during a seizure recalls that Peterson never thanked him. Glucksman was mercurial, an "emotional volcano" in the phrase of a colleague, who might kiss or curse fellow employees...
When Peterson, then 57, made Glucksman, also 57, his co-chief executive officer in May 1983, the move seemed a diplomatic acknowledgment that Glucksman's views were right. But Glucksman wanted total control and feared, rightly, that Peterson secretly hoped to sell Lehman at a premium before he reached age 60 and had to let the firm begin redeeming his shares. Glucksman sensed that Peterson had no stomach for a fight and would opt to be bought out. So, eight weeks after being promoted, he demanded that Peterson step aside...
Although other coffee producers may push up exports, coffee prices are likely to be erratic for the next few months. Says Sandra Kaul, a research analyst with Shearson Lehman: "Even if there is plenty of coffee around, the flow of it will not be very smooth." Indonesia and other countries are not set up to ship significantly larger quantities...