Word: kidder
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Last week Wall Street seemed to get the message. In rapid-fire announcements made on the eve of congressional hearings on program trading, six major securities firms -- Salomon Brothers, Morgan Stanley, PaineWebber, Bear Stearns, Kidder Peabody and Dean Witter -- announced that they would halt index arbitrage for their own accounts, at least for the time being. With the exception of Bear Stearns, which will stop all index arbitrage, the firms will continue to execute such trades for customers who request them...
...industry suffered gross operating losses of $7.1 billion, as opposed to $2.2 billion in profits in the previous eight years. Many airlines have bounced back, so that the industry as a whole should post operating profits of more than $2 billion in 1988, predicts David Sylvester of Kidder Peabody. But not all airlines are equally profitable. American, Delta, and United are well into the black, but Eastern and Pan Am are still racking up huge losses...
...movie Superman is a different matter. He has to contend with Margot Kidder as a liberated Lois Lane who can look on him with an earthy yen ("How big are you?" she asks in a tone that even Superman can almost understand). In Superman II she throws herself into the Niagara River just above the falls to tempt Christopher Reeve's Clark Kent into revealing his identity by rescuing her. Kent avoids the trap by helping her out with a tree branch. Only when they are drying off in front of a fireplace does his failure to be scorched...
...Explains Giuliani: "Sophisticated white-collar crimes traditionally take a long time, usually two to three years, to investigate." He dropped charges in May against three investment bankers arrested in February for insider trading: Robert Freeman, who worked at Goldman, Sachs, and Richard Wigton and Timothy Tabor, both formerly of Kidder, Peabody. But when he did so, he noted that he had discovered a much broader conspiracy and needed time to investigate it. He made it clear that Freeman, Wigton and Tabor were part of the widening probe...
...Kidder Peabody, which was reeling from a $25 million insider-trading fine even before the market crash, is slashing its operations. The firm said it would lay off 1,000 employees, or about 13% of its work force...