Word: kidders
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...public relations offensive is that Jack Welch, perhaps the most admired corporate manager in America, is suddenly fighting for his honor as GE faces embarrassments from its outpost on Wall Street to its half- century-old engine division in Evendale, Ohio. Chief among the problems is the mess at Kidder Peabody, GE's money-losing brokerage unit, where head government-bond trader Joseph Jett concocted $350 million of phony profits over a 29-month period before he was fired in April. Jett now claims to have been acting with the knowledge of his superiors. The scandal led Welch to sack...
When it comes to Kidder, many Wall Street watchers insist that GE's 1987 purchase of that company was fated not to do well from the beginning. Acquired as a unit of GE Capital, a major provider of financial services, Kidder represented a plunge into brokerage and investment banking fields that GE knew little about. Scandal struck soon after the deal was completed when former Kidder merger whiz Martin Siegel pleaded guilty to illegal stock trading and tax evasion in a case that broke open Wall Street's most notorious insider- trading ring. This year Kidder has witnessed not only...
Welch, who tried to sell Kidder to financial conglomerate Primerica in 1992 only to have the deal fall through, must first nurse the firm back to health before he can have any hope of finding a buyer. In the latest management shuffle at the brokerage, Welch brought in a new executive team headed by Dennis Dammerman, GE's chief financial officer, to restore Kidder's profits. "What I've got to do with Kidder is get it solidly grounded," Welch says. "Until Kidder gets stabilized, I don't have very many options to do anything...
...Kidder CEO Resigns...
...Kidder, Peabody & Co. head Michael Carpenter was replaced by two GE executives as parent company General Electric tried to redeem the securities firm's stained image. The management shake-up followed a bond scandal in which a Kidder trader was accused of misreporting $350 million to bolster his bonus, as well as a projected second-quarter loss of up to $30 million...