Word: lufkin
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...34th-floor trading room of the Donaldson, Lufkin & Jenrette (DLJ) brokerage firm on Wall Street, arriving traders are startled by the presence of uniformed security guards. Corporate officials, deluged by cabled sell orders, know a rough day is ahead: the guards are there to protect traders from any violent clients. The New York Stock Exchange is not yet open, but already some of the firm's brokers are perspiring at their telephone consoles, staring at banked arrays of 200 blinking buttons. Tension mounts as Dudley Eppel, a managing director, delivers a grim pep talk: "Well, here...
Donaldson, Lufkin & Jenrette Trader John Sesko goes straight from his company's trading floor to an automated bank machine elsewhere in Manhattan. Sesko punches its buttons, withdraws $100 and puts the money in his pocket. The cash, he says, "gives me a sense of security." Then he climbs onto a commuter train and sleeps all the way home to suburban Connecticut...
...unimaginable happened: a collapse on a scale never seen before -- no, not even in 1929. Prices went down, down, down, swiftly wiping out an entire year's spectacular gains. "I just can't believe that this is happening," moaned one trader, as he took nonstop sell orders at Donaldson, Lufkin & Jenrette. At lunchtime, brokers across the U.S. went hungry or ate sandwiches at their desks while trying to keep phone receivers pressed to both ears. "This is going to make '29 look like a kiddie party," shouted a trader on the Los Angeles floor of the Pacific Stock Exchange...
...business of underwriting and dealing in the newly created loan securities. That kind of service, along with virtually all securities activity, is reserved by the 1933 Glass-Steagall Act for investment houses only. Says George Salem, who follows the banking industry for the Manhattan-based investment firm of Donaldson, Lufkin & Jenrette: "Without loan selling and investment-banking products, the big banks will go the way of the dinosaur...
...early 1980s the automaker specialized in small, economical cars, but the markups on those models are slight compared with the margins on more expensive vehicles. "In the auto business, luxury and profits have become synonymous," says James Alexandre, who follows the industry for the investment firm Donaldson, Lufkin & Jenrette. To help fill its luxury niche, Chrysler is gradually buying control of the Italian automaker Maserati. The first jointly produced car, priced at about $30,000 and code-named the Q- coupe, will be shipped from Italy late next year...