Word: lufkin
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...this day, though, Donaldson, a founder of the investment firm Donaldson, Lufkin & Jenrette and a former chairman of the New York Stock Exchange, was out to present Aetna's new bedside manner. "In response to a real market need, we heartily embraced managed care," he told the crowd. "But there was a price, in terms of too many restrictions and too much process that have grown increasingly unpopular. There are those who say the pendulum has swung too far. I agree...
Want more? As unforgiving as the present has become, our future could be bleaker. It is truly stunning how financially unprepared for retirement boomers are. They don't hold nearly as much stock as their parents do, and according to Richard Hokenson, chief economist of Donaldson, Lufkin & Jenrette, when they were younger--filled, no doubt, with a confident belief in boomer immortality, or at least boomer invulnerability--they saved for retirement much less conscientiously than their Gen X counterparts are doing today. As a result, a full 40% of boomers, and 30% of those nearest to retirement, have less than...
...indeed been rocked by ruinous asbestos claims, and managed to survive only with the help of a pliant Parliament. But a stone-broke Evans has lost her home. Thousands of Names have been wiped out financially. Some committed suicide. Even such notables as brokerage founders Charles Schwab and Dan Lufkin have been exposed to the loss of millions in what has been called the biggest and baldest swindle in history, perpetrated behind the clubby doors of the world's most respected insurance organization...
...century. As then, members bid for underwriting business, although today they do so from a four-story-high, block-square trading room in London. These underwriters form syndicates that are in turn backed by Names--investors who range from British notable Camilla Parker Bowles to U.S. business tycoons like Lufkin and Schwab, columnist Robert Novak, Supreme Court Justice Stephen Breyer and smaller fry like Evans. Names are required to risk their entire personal wealth when they back Lloyd's policies in exchange for the right to a slice of underwriting profits. Atop the whole shebang sits the Council of Lloyd...
...forced out CEO Martin Grass and announced that pretax profits for the past three years would be revised downward by $500 million. Then just before Thanksgiving, the chain's longtime auditor, KPMG, bolted after refusing to re-examine its client's books. Says Edward Comeau, an analyst at Donaldson, Lufkin & Jenrette: "This was a house of cards that just collapsed...