Word: hutton
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...trouble staying in the public eye. The Ohio-born actress made national headlines when she moved into the mansion with Nebraska Governor Bob Kerrey, 42, whom she had met while making Terms of Endearment. Last week she was in the news again, after marrying Actor Timothy Hutton, to the surprise of almost everyone except, of course, Hutton, plus 25 relatives and close friends who attended the Jewish ceremony at Big Sur, Calif., overlooking the Pacific. Though Winger, 30, and Hutton, 25, had known each other for a couple of years, things got serious four or five months...
...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...
...Hutton pledged to take all the remedies that Bell prescribed to prevent recurrences. Until now, Hutton has been largely run by insiders; only four of its 27 directors are from outside the company. But to provide additional controls, the firm's board will be recast to include a majority of outsiders in place of corporate officers. Hutton will restructure its management chart so that diverse number-crunching departments will answer to a single top financial executive...
...some aspects, Bell's report contained heartening news for Hutton. He disagreed with earlier estimates that Hutton's scheme had cost banks as much as $30 million. Instead, the investigator contends that the $8 million that Hutton has set aside to compensate the banks will be more than enough. Hutton's culpability, though, will be further scrutinized in probes by a House subcommittee and the Securities and Exchange Commission, among others...
...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...