Word: huttons
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...indictment hardly improves the tarnished reputation of Wall Street dealmakers. Last year E.F. Hutton pleaded guilty to a check-kiting scheme. The Securities and Exchange Commission said in May that it had cracked the largest insider-trading case ever: the $12.6 million scam allegedly engineered by Dennis Levine, a former managing director at Drexel Burnham. The Shearson indictment is the latest chapter in a continuing saga of Wall Street scandal. No one is calling it the last...
...reverses course temporarily. Investors see that caution as a healthy sign; if too many of their kind were blindly optimistic, the market could set itself up for a big fall. "There is widespread disbelief, and that's the sign of the best kind of advance," says Newton Zinder, E.F. Hutton's senior market analyst. In fact, the recent one- month slump, triggered in part by a brief upsurge in oil prices, makes investors feel better because they have it out of the way, like a dose of castor oil. Says Donald De Lutis, a money manager at San Francisco...
...largely through acquisitions. Last year, for example, GM bought Norwest Mortgage of Minneapolis and Philadelphia's Colonial Mortgage group for $335 million. That made GMAC the nation's second-largest mortgage lender, with $22 billion in commercial and home loans on its books. Also in 1985, Chrysler acquired E.F. Hutton's commercial lending subsidiary for $125 million, and Ford paid $493 million for San Francisco-based First Nationwide Financial Corp., the holding company for the eighth-largest savings and loan...
...expenses by combining their purchasing, research and development, and other departments. More important, the combined bulk of the company could give reassurance to cautious computer buyers, who often prefer IBM simply because it stands so large and secure. Says Michael Geran, who studies the industry for E.F. Hutton: "The merger makes a lot of financial and strategic sense. If this goes through, it could be the start of an acquisition binge" among IBM's smaller rivals...
...started moving their IRA accounts to Wall Street in search of better yields. IRAs invested in stocks typically earned a 26% return last year. "We're clobbering the banks. It looks like the tables have turned," boasts Gary Strum, first vice president in charge of pension services for E.F. Hutton. Thrift institutions in particular have suffered a drain. Their share of IRAs has fallen from 54% in 1982 to 28% today...