Word: merton
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...legendary trader John Meriwether, who helped make Salomon Brothers the top bond house of the 1980s, as recounted in the best seller Liar's Poker by Michael Lewis. The partners, who worked out of waterfront offices in tony Greenwich, Conn., included Nobel-prizewinning economists Myron Scholes and Robert Merton and former Fed Vice Chairman David Mullins. As their price for the bailout, the creditors acquired a 90% stake in the fund, which effectively removed Meriwether and his partners from power. But huge management fees that the partners have collected could still leave some ahead of the game by tens...
...Merton, who won the 1997 Nobel Prize in Economic Sciences for his work on a formula that calculates the risk and value of given economic decisions, was one of 16 partners of the investment group and was directly affected by the collapse...
Another partner who was affected was Merton's Nobel prize co-winner, Stanford professor emeritus Myron Scholes...
...Merton and John W. Meriwether, a former bond arbitrage specialist at Salomon Brothers who created and runs the Greenwich, Conn.-based firm, could not be reached for comment at press time...
Last May, three professors were awarded University professorships: Baker professor of administration Robert C. Merton, a Nobel laureate; Cornel West '74, professor of the philosophy of religion and professor of Afro-American studies; and Weiner Professor of Social Policy William Julius Wilson...