Word: fomon
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Dates: during 1980-1989
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...IMAGINING THINGS, OR IS HE SERVING CHEAPER CHAMPAGNE? Many losers of the last year have escaped embarrassment by refusing to admit their setbacks. Robert Fomon, 62, who resigned as chairman of E.F. Hutton in May 1987, claims that "it is very fashionable to lie about ((the crash)). Now everyone says that he wasn't in the market." Several snipers contend that Donald Trump, the developer and casino kingpin, was bitten hard by the bear, even though he bragged late last October that he was smart enough to get out just in time...
Struggling to put the scandal behind it, Hutton's board recruited Robert Rittereiser, 49, from Merrill Lynch.The board forced out Chairman Robert Fomon after promoting Rittereiser to chief executive. But the company was no quick- turnaround candidate. Last year Hutton posted a net loss of $90.3 million at a time when other brokerages were prospering. Even attempts to restore the firm's prestige seemed ineffectual. Hutton hired Bill Cosby as a TV spokesman in 1986 and recently changed its motto to "We listen...
When E.F. Hutton Chairman Robert Fomon gave a 30-minute talk over the company's public-address system last week, everybody listened. His 17,000 employees and the rest of Wall Street had been waiting four anxious months for the results of an internal probe into the check-kiting scheme for which Hutton paid a $2 million fine in May. "It won't make pleasant reading," Fomon advised as he gave a preview of the 183-page report issued last week by former Attorney General Griffin Bell, whom Hutton had hired...
...very top officers at Hutton, though, escaped any charges of wrongdoing in Bell's report. These include Fomon and former President George L. Ball, who is now head of Prudential-Bache. While the investigator deemed that Ball contributed to Hutton's "overdraft culture" because he "constantly exhorted" branch managers to boost their earnings, the president's job description made him responsible largely for sales performance rather than banking or legal questions. As for Fomon, Bell did not hold him accountable because the chief executive had hired qualified underlings and "was entitled to rely on the decisions, judgments and performance...
...upheaval at Hutton creates uncertainty about the future of the firm started in 1904 by Edward F. Hutton. Since Fomon took over as chief executive in 1970, he has managed to turn Hutton into one of Wall Street's most dynamic performers while at the same time eluding takeover bids by other financial companies. But its independence is growing tenuous. Hutton's shake-up could prompt some senior executives and other large stockholders to welcome a takeover offer. That could make Hutton an easier acquisition target for such firms as Phibro-Salomon, the investment company, or Chrysler, which has been...