Word: lynching
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Each week brings new evidence that the balance of power is inexorably shifting south. Merrill Lynch recently picked Los Angeles as the place to service its Pacific Rim clients interested in California investments. "My instinct was to go to San Francisco," says Hong Kong-based T.M. Deford, director of the brokerage's Asia Pacific regional office. "But our study showed that the money was going to Los Angeles." Says Agnos' predecessor, Dianne Feinstein, with a bit of resignation: "Los Angeles has 15 million people. We have six million...
...Hutton, on the other hand, sold itself to Shearson Lehman Bros. for about $1 billion. That will create a brokerage giant with $5.4 billion in capital, second in the U.S. only to Merrill Lynch's $8 billion, and a sales force of 12,300, larger by 800 than the thundering herd...
...compete," said Rittereiser. "Prudence requires that we pursue this course." The most likely buyer may be Shearson Lehman Bros., which offered some $1.6 billion for Hutton a year ago. Now the price may be much lower: an estimated $1 billion. Several other firms, among them Dean Witter and Merrill Lynch, are said to be talking with Hutton. One possibility is that the company's departments will be sold separately. These days, when potential bidders talk deals, it is E.F. Hutton that is doing the listening...
...senior's best weapons against the Lynah lynch mob were his crucial saves. Some he dived on. Others he kicked out to stop several Cornell attacks. By the third period, the jeers ceased. So did the chants. And no one dared to throw another object at Devin. He blocked everything that came...
...particular companies. The court also let stand his conviction on a securities-law violation. Investigators had feared that an adverse decision in the Winans case could cripple their efforts to go after big-time insider traders like Ivan Boesky and Dennis Levine. The high court's action, said Gary Lynch, head of enforcement for the Securities and Exchange Commission, "is tremendous news. It's an affirmation of our insider-trading program...