Word: primerica
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Gerald Tsai, 59, is a legendary Wall Street figure who made millions as a mutual-fund manager during the go-go '60s. Now the Shanghai-born whiz is chief executive of Primerica, formerly American Can, once a pillar of Smokestack America and currently a $2.9 billion financial-services conglomerate. Last week Tsai burst back onto Wall Street when Primerica announced that it had agreed to buy Smith Barney, one of the country's best-known brokerage firms, for $750 million...
...acquisition caps Tsai's efforts to transform Primerica into a financial powerhouse. Since he joined Primerica, the company has shed more than 25 businesses and acquired 15 others. In snaring Smith Barney (1986 revenues: about $1.1 billion), Tsai paid double the assessed value of the firm's assets, which Wall Street analysts called a bargain...