Word: salomon
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...Shearson and Salomon, the investment firms, would have to put up $18 billion to $20 billion and trust you with that for five years...
...that make everything from bath towels (West Point Pepperell) to cake mixes (Pillsbury). Costliest of all was the struggle for RJR Nabisco (1987 revenues: $16 billion), whose price tag set a record with each new offer. Top RJR Nabisco executives, backed by Wall Street's Shearson Lehman Hutton and Salomon Brothers, raised their bid from $17.6 billion to $21 billion, topping the rival offer of $20.6 billion from Kohlberg Kravis Roberts, the high-flying leveraged-buyout firm. Now the two sides may be getting new competition. At week's end Forstmann Little, a Manhattan investment firm, said it might make...
...possibility: that the Social Security program will push the overall budget substantially into surplus. If Government revenues far exceed spending, less money will be available for businesses and consumers. That could produce a drag on the economy or even a recession. Already, says Robert DiClemente, a senior economist at Salomon Brothers, "many people are now paying higher ((Social Security and Medicare)) payroll taxes than income taxes." The thing to do, argues Robert Myers, chief actuary of the Social Security Administration from 1947 to 1970, is to cut the payroll tax so that the trust fund has no more than...
...This kind of activity doesn't involve a major cost. It's a small-potatoes operation in terms of what the Federal Government does. But it also doesn't have any political attraction to the general public." Complains Henry Kaufman, the famed financial forecaster and former chief economist of Salomon Brothers: "The Government has not given a high enough priority to improving the quality of compiling economic data. We really do not cherish people who are in the business of collecting statistics." Unless funding is increased, the Government may find it necessary to eliminate some of its statistical measures...
Last week Wall Street seemed to get the message. In rapid-fire announcements made on the eve of congressional hearings on program trading, six major securities firms -- Salomon Brothers, Morgan Stanley, PaineWebber, Bear Stearns, Kidder Peabody and Dean Witter -- announced that they would halt index arbitrage for their own accounts, at least for the time being. With the exception of Bear Stearns, which will stop all index arbitrage, the firms will continue to execute such trades for customers who request them...