Word: salomone
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Such tales have not been limited to small firms. Chemical Bank, which lost $6 million in post-Volckerism bond dealing, abruptly fired its trading manager. A billion-dollar sure thing- the issuing of IBM bonds last month- turned into a pumpkin for such blue-ribbon investment bankers as Salomon Bros., which had underwritten the deal. Because of difficulties selling the IBM securities, Salomon and other traders had to swallow losses of $10 million. For the once staid bond market, it has been a fitting 50th anniversary of the Great Crash...
...decline turned into a rout on Oct. 24, five days before Black Tuesday, and in the days and weeks that followed Wall Street was like a city under siege. Broker Jonas Ottens, 78, then an odd-lot order clerk with Salomon Bros., recalls being pressed into service to telephone customers to tell them that their margined stocks were to be sold off unless they put up more money. "The first call was routine," he remembers. "But the second man acted so upset that I thought he was going to go out and kill himself. I just refused to make...
...decided to raise $1 billion, half of it in 25-year debentures, some Wall Street underwriters anticipated a field day. To be sure, interest rates were expected to go up another notch in late October, but by moving up the launching date two weeks, IBM and its principal underwriters, Salomon Brothers and Merrill Lynch, were confident that the timing was right. It was hideously wrong. The bond issue turned out to be perhaps the greatest underwriting fiasco in Wall Street history...
...July 10, economic, labor and business leaders: Robert Abboud, board chairman of the First National Bank of Chicago; Douglas Fraser, president of the United Auto Workers; John Kenneth Galbraith, author and economics professor emeritus at Harvard; Lyle Gramley, member of the Council of Economic Advisers; John Gutfreund, head of Salomon Brothers; Paul Hall, president of the seafarers union; Walter Heller, economics professor at the University of Minnesota and member of the TIME Board of Economists; Jesse Hill, Atlanta businessman; Reginald Jones, board chairman of the General Electric Co.; Lawrence Klein, economics professor at the University of Pennsylvania; Arthur Okun, senior...
...sincerely hope that Ms. Salomon and others like her will not limit their minds and actions to one aspect of the struggle for human rights and human dignity that is slowly but surely gaining support. John L. Johnson...