Word: morganized
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Dates: during 1990-1999
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...line for the takeover fever are automobiles, chemicals and pharmaceuticals. Who benefits most from this? One sector that surely is not suffering is the overseas branches of American investment banks, which have vaulted ahead of their European financial rivals in advising European companies on mergers and acquisitions. In 1998 Morgan Stanley ranked first as the leading financial adviser of completed transactions in Europe, followed by Goldman Sachs. Warburg Dillon Read, an adviser based in Britain, had held the top spot for the two previous years...
...thought. Online firms like Eoffering and Hambrecht & Co., which marked up its first IPO last week, are proving it by going straight to retail and garnering higher prices for their wares. That and the fact that some Internet companies have begun to make real money have prompted firms like Morgan Stanley and Goldman Sachs to begin raising initial prices on their deals as well. In the first quarter, 24 of 25 Internet IPOs were priced above the initial target...
John Pierpont Morgan is usually "depicted...as a ruthless predator who robbed America's farmers and workers to line his own pockets," writes Jean Strouse. But halfway through her first draft of Morgan: American Financier (Random House; 796 pages; $34.95), she realized that the picture she was getting from plowing through a mass of Morgan documents, many of which no previous biographer had seen, was far more complex. Starting over, she has produced a more balanced and crisply written--though at times unnecessarily detailed--portrait than her subject could ever have drawn. History, Strouse observes, is written by "the articulate...
...alone but had no talent for making friends--as distinguished from mistresses. He started a new romance at age 74 with a titled Englishwoman of 49. Women saw past not only the hideous nose but also the peremptory manner that they thought disguised an inner shyness. With some reason: Morgan was ruthless in getting rid of inept partners, but could hardly ever bear to fire them in person...
...dealing with money rather than people, however, Morgan was self-confidence personified. Strouse argues convincingly that he saw his own interests as synonymous with those of the nation, and at times he was right. He raised enough capital to put the U.S. economy well on the road to financial independence from Britain, and even bailed out the U.S. government in 1895, collecting and lending the gold Washington needed to keep paying its bills. He stopped the panic of 1907 by raising the funds to keep tottering banks afloat, in effect acting as a one-man Federal Reserve System six years...