Word: drexel
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Dates: during 1980-1989
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...whiskey-swilling, street-fighting parvenu who bullied his wife and children, cheated the public and gave away pittances from the $100 million he amassed. Auchincloss notes, a bit sorrowfully, that Vanderbilt and his colleagues in stiff-collar crime like Jay Gould would not find themselves out of place on Drexel Burnham Lambert's Wall Street. Still, the author can find it in his heart to suggest that the commodore's coarseness may have been caused by social insecurity...
...depressed earnings were just one sign of Wall Street's myriad woes. Drexel Burnham Lambert, the junk-bond pioneer, said last week it plans to sell its retail brokerage business, which trades for small investors, and concentrate on large institutional clients. That move and cutbacks in other divisions will slash Drexel's payroll of 9,000 employees by about one-third. In a candid statement, Drexel said "adverse publicity" about its legal problems had helped drive it from the retail market. Earlier this month the company settled a Securities and Exchange Commission suit by agreeing to fire its indicted junk...
...latest moves angered many employees who had stood by Drexel during its two-year legal ordeal, in which the firm was investigated for stock fraud and other allegations. Outraged brokers shouted down Drexel chief executive Frederick Joseph when he fielded questions about the sale over the firm's coast-to-coast intercom. "You show a lot of loyalty," a disgruntled employee said later, "and what you get back is 'Don't let the door...
...While Drexel's case is extraordinary, other investment houses are going through wrenching changes in their corporate culture as executives search for ways to cut the fat. In Chicago brokerages are passing up the chance to rent $55,000-per-season "skyboxes" in Wrigley Field, even though treating clients to a Cubs game is a traditional way of bringing in new business. Many superstar brokers now make their own telephone pitches to court new clients, and brew their own coffee, after losing the assistants who handled those chores. Even senior partners are being laid off when their sales volume dwindles...
...told by concerned activists that ROTC scholarships enable impoverished students to attend Harvard that would not otherwise be able to. So let's go where the rest of the money is: court the investment bankers. I envision a Drexel-Burnham Training Corps, made up of "students," faculty and outside administrators...