Word: salomone
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...best-selling account of the $25 billion takeover of RJR Nabisco, the largest buyout ever. Warner Bros. has paid a sum estimated to be in the high six figures for the privilege of filming Liar's Poker, an I-lived-with- savages expose of the Wall Street firm Salomon Brothers. And the cameras are ready to roll on the movie version of Tom Wolfe's blockbuster novel, The Bonfire of the Vanities, which stars Tom Hanks in the role of bond trader Sherman McCoy, the contemptible Master of the Universe...
Because of Tokyo's rising interest rates, the premium that the U.S. offers in comparison with Japanese bonds has narrowed to a ten-year low. Says Robert DiClemente, an analyst at Salomon Brothers: "There is very little incentive for any investor to come to our shores these days." A year ago, Japan's ten- year government securities carried a yield of 4.9%, 4 percentage points lower than in the U.S. Last week those bonds posted a yield of almost 6.6%, less than 2 percentage points below the U.S. yield...
...Sony also agreed to pay $200 million for Guber-Peters Entertainment, which the two men operate. Warner Bros. responded with a $1 billion suit against Sony for inducing Guber and Peters to break their Warner contract. Said Ed Atorino, who follows the entertainment industry for the Wall Street firm Salomon Bros.: "Sony didn't read the fine print. Warner made them...
...most vulnerable species of all is the customer, victimized by salesmen whose bonuses depend on how many questionable securities they can unload. Retribution is the rarest commodity on Wall Street, but in Liar's Poker it makes several appearances. In 1986 the financial action begins to leave Salomon Brothers for other concerns -- and so do many of the best employees. The house that has thrived on hostile takeovers itself becomes a target. Then comes the Crash of '87, when "investors froze like deer in headlights" and hardened professionals were "helpless as they watched their beloved market...
Worst of all for Salomon Brothers, Michael Lewis, who was earning $225,000 a year at the age of 27, overdosed on greed and quit the firm to empty his journals into this brief, knowing and hilarious volume. Alas, its disclosures are not likely to be heeded. The Street provokes a book of revelations nearly every year, but the con men, the customers and the crashes go on. Aside from Lewis, hardly anyone seems to notice that Wall Street has always been a thoroughfare with a river at one end and a cemetery at the other...