Word: lynching
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...PETER LYNCH...
Lured by the seemingly inexhaustible demand for junk-bond financing, Drexel's Wall Street rivals rushed into the profitable business. The newcomers included such prominent firms as Goldman Sachs, First Boston, Merrill Lynch and Shearson Lehman Hutton. While Drexel's grip on the market gradually slipped, in 1985 it controlled more than half of the new issues. "Drexel is like a god," Michael Boylan, president of the publishing firm Macfadden Holdings, declared in a magazine article that a Drexel executive proudly framed. "They are awesome. You hate to do business against them...
...their misery. The firm's crack-up comes amid a flurry of reversals for the highflyers who symbolized the boom time. Last month Peter Cohen stepped down as chairman of Shearson Lehman Hutton, the firm he had built into a Wall Street giant that ranked second only to Merrill Lynch. Like so much that flourished during the hothouse decade, Shearson simply grew too fast. Beset by falling revenues, failing deals and internal disputes, Cohen was forced out by James Robinson III, the chairman of American Express, Shearson's parent company...
While titans tangled for the last of the megadeals, the ranks of their troops were shrinking drastically in the last years of the '80s. Merrill Lynch, which lost $213 million in 1989, last month announced plans to let 3,000 of its 41,000 employees go by the end of this year. The bleak job outlook deters business-school students who a few years ago might have eagerly aspired to investment-banking jobs. "A lot of people are shying away from Wall Street because the jobs are not there," says Mike Russell, 25, editor of the Harvard Business School newspaper...
Renehan is also confident, although he is concerned about how willing Merrill Lynch will be in disclosing files relevant to the case...