Word: maughan
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...nervous about so-called "counterparty risk" - the possibility of not being repaid - that they have stopped lending to one another, bringing credit markets to a grinding halt. "We know who the strong banks are, but we don't know who the strong banks are exposed to," explains Simon Maughan, banking analyst at MF Global in London. In this treacherous environment, a bank doesn't just worry about its counterparty, he adds, but about its "counterparty's counterparty." The European Central Bank, working together with the Federal Reserve and other central banks, has reacted by making hundreds of billions of dollars...
...mouthed and lavishly rewarded traders epitomized the masters-of-the-universe Wall Street culture of the 1980s. That swagger was staggered by a government bond-trading scandal in 1991 from which the firm never really recovered. Needing to broaden its portfolio beyond bonds to stay competitive, Salomon CEO Deryck Maughan approached Weill in August with a proposal. When Weill got the blessing of Warren Buffett, the billionaire investor who controls an 18.5% stake in Salomon that has yielded un-Buffett-like returns, the union...
Buffett, who owns 16% of Salomon's preferred stock and a legendary reputation for his investing, if not his investment-banking, savvy, assumed Solly's chairmanship after the board forced chairman John Gutfreund and two other top executives to step down. Buffett immediately brought in Deryck C. Maughan, 43, who until recently ran Salomon's Asian operations from Tokyo, and jettisoned two bond traders. Executives admitted that the firm had violated the rules that prohibit any one bidder from buying more than 35% of a single issue at a Treasury auction, and that they had skirted regulations barring a firm...
Buffett's internal reforms, announced shortly after he and Maughan took up their posts, could cost Salomon some of its high-flying bond traders, who could bolt from the firm once they receive this year's bonuses. If individual bonuses are decoupled from the performance of business units in order to eliminate the motivation for overly aggressive trading, some traders may jump ship. Says a former Salomon trader: "People who have had deals like that know they can get them someplace else...
...reasons national parks are liked so much is that they have the greatest visitor facilities because the private sector has put money in," says Rex Maughan, chairman of the Conference of National Park Concessioners. "If we go to another system and the government gets involved, we will see the degradation of our national parks...