Word: lynch
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Despite their derring-do, dealmakers are little known outside financial circles. One reason is their penchant for secrecy. If word of a prospective merger gets out prematurely, it can drive up the price of the target company or invite competing offers. At Merrill Lynch Capital Markets, the investment banking arm of the big brokerage house, phones are swept for eavesdropping equipment and trash is routinely shredded. The staff is trained not to talk in elevators or on public transportation, and code names are used when a deal is in progress. Explains Ken Miller, 41, who heads the 35-person department...
...rewards of mergermaking remain enormous. The fees for a completed deal can run as much as 1.5% of the merger price, and are paid regardless of whether a company's takeover battle plan is successful, or even how much work the banker does. Gulf will pay Merrill Lynch and Salomon Brothers $46 million in fees when it is bought by Socal. In the Getty-Texaco merger, Goldman Sachs, representing Getty, did most of the work and First Boston "just carried Texaco's baggage," according to one participant. Still, First Boston will receive $10 million from Texaco...
...expected to be a neater fit. Its investment banking and securities trading operations complement Shearson/American Express's strengths in stock brokerage. The deal also gives American Express added firepower in the battle for national supremacy for all types of financial services against such other giants as Citicorp, Merrill Lynch and Sears...
Despite the fall-off in vitality, the "Heard on the Street" column is still avidly read. "It's something that people turn right to," says Jay Marshall, a Merrill Lynch broker in Beverly Hills. "The stocks in the column get a lot of action." Concurs Jay Goldinger, a California investment adviser: "I don't read it for hot tips. But you have to know what's in the column so you'll know what's going to be happening in the market...
Former Hampden County Registrar of Deeds John Pierce Lynch, considered a long shot for the nomination, offered the most iconoclastic positions, calling for a summit meeting of world leaders in Boston, a four-day work week, and for the lobbying organization Common Cause to oversee all campaign contributions of more than...