Word: berlind
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Whatever social obstacles the Cornell-educated Weill faced when he hit Wall Street in 1955, he had built a respectable brokerage in Cogan, Berlind, Weill & Levitt by 1969. He then swallowed Shearson, Hayden Stone and other houses before selling the whole shebang in 1981 to American Express. By 1985, when Weill lost a power struggle with white-bread Amex CEO James D. Robinson III and was ousted as president, it wasn't because Weill was Jewish. He was just outmaneuvered. And he left as a multimillionaire. It's difficult for Langley to set a good sob story at Weill...
When deregulation came to Wall Street in 1975, Weill found his weapon. Fixed 15% commissions were history and soon, too, were some of the old brokerage battleships that had stayed upright with that ballast. Weill and his partners Roger Berlind, Arthur Carter and, later, Arthur Levitt torpedoed one competitor after another because they were better stock pickers and better managers...
What accounts for the star stampede? The obvious answer is just such box- office magic. Impresarios often conclude, as did Roger Berlind of Death and the Maiden and Richard Seader of Shimada, that a new script by an unknown author absolutely requires star clout. Says Berlind: "The average straight play costs more than $1 million to produce. Doing one on Broadway without the protection of name recognizability is almost a lost business." Seader is even blunter: "We were originally considering off-Broadway. I don't think we would have done Shimada on Broadway without stars...
...Newspaper stories had disclosed that the exchange earlier this year lent Hayden, Stone $5,000,000 out of a special trust fund earmarked for investor indemnification. The attempt to keep the firm afloat failed, and Hayden, Stone was later taken over by two other firms, Walston & Co. and Cogan, Berlind, Weill & Levitt...
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