Word: morgan
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...became demoralized, turf wars ensued, and accounts were lost in the shuffle, leaving them all too vulnerable. A concurrent reorganization of the company's byzantine back-office operations, which caused customer bills and orders to pile up, only added to the chaos. As Daniel Kunstler, senior analyst at JP Morgan, puts it, "If the person you want to date stops returning your calls, you might try to find someone else to date, or get very lonely." Some of Xerox's most talented reps, including field generals in the U.S. and Europe, have fled. At its worst, the turnover rate...
...this wasn't a bottom, there's something very bouncy down there. Pushed over a cliff by underwhelming earnings reports from components IBM and JP Morgan, the Dow plummeted 435 points to a nostalgic (March '99) level of 9654 before 10 a.m. Big Blue dropped 23 points, Morgan shed 18, the curbs were on, and panic...
...then, with little provocation except perhaps the shock of a solidly four-digit Dow, folks started buying. By noon, JP Morgan was only down a handful. IBM, well, IBM pretty much stayed down, but was a handful off its lows. And before you knew it, the Dow had stabilized, wavering between 100 and 150 in the red, and then spent the afternoon chugging back toward zero, re-clearing 10,000 along the way. (No milestone celebrations this time, though, and toward the end of the day's trading it was heading back down again...
Police traced the credit card used in the purchase and discovered it had been reported stolen from Morgan Hall at the Harvard Business School on Oct 5., the day before the crime. As a result, they were on guard when a second attempt was made to pick up the computers...
That direction led to UrbanAmerica, the first real estate investment company to focus on distressed urban areas, a market sinfully ignored by most moneymen. Founded by McCoy in 1998, with backing by New York's Utendahl Capital Partners, the new company persuaded major banks like J.P. Morgan and Citibank to sign on as limited partners. "Demonstrating to them that they could invest institutional money in ethnic markets, receive a nice return and do some good along the way--that was a challenge," says McCoy. It helped that he was offering not only a profitable opportunity but also...