Word: morgan
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...running his family's liquor empire, Edgar Bronfman Jr. has faced his share of skeptics. One of the first, in fact, was his grandfather Samuel, a Russian immigrant to Canada who advanced from Prohibition bootlegger to spirits magnate, owner of a portfolio that included Chivas Regal Scotch and Captain Morgan rum. In a mid-1990s documentary about the family, Edgar Jr. recalled his grandfather saying, "Shirtsleeves to shirtsleeves in three generations. I'm worried about the third generation." Such doubts didn't seem to faze Edgar Jr., who years ago declared, "I'm not going down in history...
...funds, banks and financial-services firms are exposed, including Bank of America, Citigroup, Deutsche Bank and GE. Citigroup holds an estimated $335 million of WorldCom bonds and could face lawsuits as a result of its cozy ties to the telecom. In May 2001 Citigroup co-underwrote, along with J.P. Morgan Chase, an $11.9 billion WorldCom bond issue. Buyers of those bonds may move to sue the banks, claiming they failed to properly inspect WorldCom's books...
...slid 11% against major currencies since April 1. Famed hedge-fund manager and currency speculator George Soros says the buck could fall an additional 33%. "We're at a tipping point of whether foreigners take a massive stake out of the U.S.," says Joseph Quinlan, senior global economist at Morgan Stanley. "If you have another accounting issue along with weaker than expected growth and poor profitability, then you may see a vicious circle." The next in the series. --With reporting by Alice Jackson Baughn/Jackson, Daren Fonda/New York City and Collette Parker/Atlanta
DIED. DANIEL CASE III, 44, who, as head of the high-tech banking firm Hambrecht & Quist, and later chairman of J.P. Morgan HQ, helped fuel the Internet explosion of the '90s; of brain cancer; in San Francisco. Case, brother of AOL Time Warner chairman Steve Case, financed such Silicon Valley pioneers as Apple Computer, Adobe Software and Netscape Communications...
...larger point, however, is that the hubris and destructiveness during these U.S. peaks of a money culture and stock market indexes has been palpable. This was true in the two eras discussed, and also in the similar late 19th century "Gilded Age" of Vanderbilt, Morgan, Carnegie and Astor and the emerging fortunes in railroads, steel...