Word: gutfreund
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Dates: during 1980-1989
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About two months ago, David Tendler, 43, the chairman of Phibro, first began meeting socially in a New York suburb with John Gutfreund, 51, the managing partner of Salomon Bros., and several members of his seven-man executive committee. The talks were cloaked in the extreme secrecy that has become the hallmark of the two companies...
...Salomon Bros, partners, though, still had to be convinced. On July 31, Gutfreund invited them for a long weekend to a conference center in Tarrytown, N.Y., 27 miles from Wall Street. Between lunches and dinners laced with vintage wines and intermittent sets of tennis, the partners added up the benefits and disadvantages of a merger. By selling out, most of them, like Henry Kaufman, the firm's well-known chief economist, would become millionaires several times over. Gutfreund stands to reap $25 million to $30 million as the biggest winner of the deal. But the Salomon partners would...