Word: lehman
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Dates: during 2000-2000
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More mergers are surely on the way. Lehman Bros. and Bear Stearns, both independent New York investment banks, currently lack the capital to compete with rivals that are suddenly much larger. Even the giant Merrill Lynch could soon be forced into a deal - Merrill already has a $1 billion joint venture focused on newly affluent individual investors with Britain's HSBC, a huge financial holding company; if the two expand their partnership, the global reach of American banking could extend even further...
...other end of the spectrum stands Bezos' bete noir, Ravi Suria, a debt analyst at Lehman Bros. in New York City. Suria shot to fame in June with a report that blew the stock to pieces. For the first time, a Wall Street institution proclaimed that Amazon would eventually run out of cash "unless it manages to pull another financing rabbit out of its rather magical hat." The day of reckoning will come in the first quarter of next year, when sales are slower and Amazon goes cap in hand for more cash, as it has in the past...
...soon. Goldman Sachs, Merrill Lynch and Morgan Stanley managed to build international investment banking operations on their own; others may have to get out their checkbook, like Credit Suisse and UBS, if they want to catch up. Most likely to get swallowed: independent securities firms such as Bear Stearns, Lehman Brothers and J.P. Morgan. And at today's prices - Credit Suisse paid $90 for DLF shares that were going for $65 on Monday - that makes them must-swallows for investors...
...water polo is also on the rise at Harvard. After losing seven of its first 10 games, the Crimson turned its season around in one weekend by beating Lehman, Villanova, Fordham, Iona and the U.S. Merchant Marine Military Academy...
...also works part-time as a consultant at Lehman Brothers of Wall Street. "That pays the bills," Schlesinger says, as he noted the freedom that comes with...