Word: salomone
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...impolite to Bill Martin. The men who made the recommendation must have a death wish." Added Gustave Levy, senior partner of Goldman, Sachs & Co.: "I understand their fears, but they're acting too precipitately." Levy's remark drew a fast rebuke from Managing Partner William R. Salomon of Salomon Bros., the bond house and big block trader. "The vote in the special committee was 16 to 4," said Salomon. "If Levy wants to dissent he should resign from the committee. Everyone seems to be forgetting the public interest...
...this holiday season, the brokers' fabled bonuses were merely a remembrance of things past. Scarcely 10% of the houses paid any bonuses. On the other hand, Salomon Brothers & Hutz-ler, the big bond-trading house that manages to prosper during the lean years and the fat, paid its employees bonuses of two weeks' to three months' salary...
Then Perry started phoning around to find buyers, but got commitments for only 20% of the stock. As a result, Salomon Bros, itself briefly had to hold onto 80% of the shares, tying up $23.5 million of its own capital. If the Goodyear shares tumbled just one point, Salomon Bros, stood to lose about $1,000,000. But with all the available shares off the market, the price steadied and, within an hour, the Salomon traders were able to sell the entire position at a profit. In addition, the firm collected brokerage fees from buyers and sellers alike...
...Salomon Bros.' individual traders, like Perry, have been known to commit as much as $150 million on a single Government bond deal, and it takes a certain kind of stomach and nervous system to withstand the pressure. According to Billy Salomon, the best traders are intuitive oddsmakers and could be just as proficient at gambling if that were their calling. Many of them, including Salomon and twelve other general partners, never went to college...
...rewards for risk-taking can be great. Last year Salomon Bros, partners got about a 30% return on their invested capital and had six-figure incomes. And in May, at the bottom of the bear market, all 900 employees collected a 60th-anniversary bonus of two weeks' salary...