Word: gutfreund
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...suit, also face possible criminal indictments. But not all of the SEC's actions had as much bite. In a settlement that some observers criticized as toothless, the federal watchdog agency fined three former top managers a combined $225,000 for their failure to provide proper supervision. John Gutfreund, chairman, was fined $100,000 and permanently barred from running a securities firm. Thomas Strauss, president, and John Meriwether, vice chairman, were both fined and suspended from Wall Street activities for three to six months...
...There are countless examples. The sense of arrogance can be Donald Trump saying his bankers were tossing money at him or John Gutfreund's Salomon Brothers cornering the treasury-bill market illegally and failing to report it. It can be Leona ("Only the little people pay taxes") Helmsley and her bragging to a little person who is going to be her undoing. The sense of aloneness is born of a mistrust of underlings, which can approach Howard Hughes' isolationism. The adventure-seeking behavior can be insider trader Dennis Levine plotting to dupe SEC regulators with offshore bank accounts. Pete Rose...
...lies dormant unless it's given the right environment to flourish. What causes the germ seed of the "healthy" narcissist to explode is really the success beyond which he or she can't comfortably proceed. It creates a level of arrogance at which some of them, such as a Gutfreund or Levine, cease following rules. That's really the classic undoing...
...turned around by the narcissist to say, "Look how important I am that all these people care about my life." A narcissist in Gutfreund's position might say, "Look at my impact on the financial world. My screw-up has instituted a wave of reform." This is why Levine is bouncing back, consulting, giving lectures at business schools. He's had the audacity to stand in front of students and talk ethics. You or I might have been shamed into suicide. I mean, I would die if, like Levine, I was arrested and my parents saw me dragged to jail...
With Wall Street powerhouse Salomon Brothers enmeshed in scandal, the forthcoming screen version of Liar's Poker, Michael Lewis' best-selling account of life at the firm, is a hot ticket. Cameras are expected to roll next spring. But who will play fallen Salomon chairman John Gutfreund? Word is that MARLON BRANDO is being considered for the tough, cigar-chomping role, and James Spader for the freshman trainee based on Lewis. Warner Bros. says it's too early to tell who'll get the casting call...