Word: hambrecht
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...losing about $4 million a week. Even so, the decision to sell off some of the company's assets was not made voluntarily by People Founder and Chairman Donald Burr. The move was forced on Burr by the remaining board members. The insurgents were led by Venture Capitalist William Hambrecht of San Francisco, whose firm raised $23.5 million in the early development of People, and by Charles Phillips, a managing director of Morgan Stanley, People's investment banker. Said an airline-industry expert: "The board has clipped Burr's wings and is now running the show...
...profits vanish and companies struggle, the venture-capital firms that helped fuel Silicon Valley's early growth have become stingier. Investment bankers who steer young companies toward the stock market are also cutting back. San Francisco's Hambrecht & Quist recently announced layoffs for 5% of its work force. After arranging initial public offerings for 66 companies, worth $2.2 billion in 1983, Hambrecht & Quist has managed only eight sales worth $96 million so far this year...
...Hambrecht & Quist...
...millionaire many times over, Hambrecht has personal stakes in numerous firms. But no sooner does he make money on a stock than he risks it again. "I'm a hopeless addict to investing in early-stage companies," he says. "I once had a stock that paid a dividend, and I hated...
Married, with five children, Hambrecht lives in an Edwardian-style home in San Francisco's opulent Pacific Heights district. In recent years he has begun diverting some of his attention, and money, to Democratic politics. A major backer of Presidential Candidate Alan Cranston of California, Hambrecht explains that in politics, as in business, he has "a natural affinity for the underdog...