Word: lynch
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...long agony at Continental and the worsening of the Latin American debt crisis have become a drag on the whole banking industry. During the past three months, stock prices of major New York City banks have fallen more than 13%. Said James Wooden, the bank-industry analyst for Merrill Lynch: "Continental's problems are probably unique and not transferable to other banks. On the other hand, they represent a very serious do mestic banking problem that must be dealt with. The sooner those problems are solved, the better...
Bankruptcy or no, bills to users are probably going up. Public Service of New Hampshire, drained by its Seabrook nuclear complex, is hanging on with money from Merrill Lynch's sale to investors of $90 million in short-term notes. The real rescue money, though, will come from users, who face rate hikes of 60% during the next five or six years. Seabrook defenders point out that the project will sharply lessen the state's dependence on foreign oil, whose price rises drove up bills by as much...
...tactics used by Disney and other greenmail targets came under very strong criticism last week. Said Jay Marshall of Merrill Lynch: "Clearly, in many cases, the executives are just messing up the company. Management's feeling is: cripple us, poke out our eyes and maybe they won't like us any more." That kind of scorched-earth policy may save the jobs of top management, but it does not help investors, who see the greenmailer make a huge profit while their shares decline in value. Said T Boone Pickens, a frequent opponent of entrenched corporate offi cials...
...Merrill Lynch had an unexpected shake-up at the very top last week. Chairman Roger E. Birk, 54, the company boss since 1981, announced he would step down July 1 as chief executive officer to make way for the firm's president, William A. Schreyer, 56. The move reflected troubles in the Merrill Lynch herd. Only about a year ago, the Merrill Lynch bull was snorting with satisfaction. Propelled by a booming stock market, company profits for the first half of 1983 jumped to $239 million, 3½ times as high as in the same period...
Schreyer, who is known for being decisive, will need to be. The company has been rocked by bad ventures. Last year Merrill Lynch spent $88 million to satisfy customers to whom it had sold annuities issued by Baldwin-United, which later went bankrupt. A career-long employee whose father was a Merrill Lynch broker in Williamsport, Pa., Schreyer recently led an extensive study of the company's problems. Dubbed SWAT, for Schreyer Working Team, the group found the firm had tried to serve too many different types of customers...