Word: salomon
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Such outrage was mingled with shock that a star-studded fund like Long Term Capital, whose seasoned investors had nearly doubled their money from 1994 to 1997, could have got so deeply in trouble. The fund was headed by 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...
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...
...succumbed to the lure of big returns from Russian investments on which--surprise!--the Yeltsin government has defaulted. Citicorp announced that its earnings for the third quarter will be cut by about $200 million in Russian losses. The price tag at Bankers Trust, about $260 million; at brokerage firm Salomon Smith Barney, $360 million in the past two months...
...then to the "January effect" as investors buy stocks that have been driven arbitrarily low. But in a year like this one, with widespread losses, it makes sense to start sooner. "The smart move is to think like it's November in September," says John Manley, market strategist at Salomon Smith Barney...
...survey the bidding. The market low (based on closing prices) for the past five months was reached Friday. The average NASDAQ stock was down 39% from its 52-week high, and the average stock on the New York Stock Exchange was down 30%, according to Salomon Smith Barney. The average decline in stocks of very small companies (market value under $250 million) was a staggering 47%. Those are major losses, masked by the more visible Dow decline of just less than...