Word: salomon
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...Street, a bitter power struggle is under way that could well decide the fate of the $2.7 trillion U.S. banking industry. The battle pits behemoth against behemoth, commercial banks against investment-banking houses, prestigious names like Citicorp, Bankers Trust and BankAmerica against equally blue-chip concerns like First Boston, Salomon Brothers and Goldman, Sachs. But fundamentally, the struggle matches traditional U.S. bank-lending practices against computer-driven techniques that are drastically changing the way that more than $6 trillion worth of nongovernment credit is channeled through the U.S. economy...
Both moves were surprising on several counts. A rise in the prime usually follows an increase in the banks' cost of borrowing. But this time these expenses have remained relatively stable. Says Nicholas Sargen, an economist at Salomon Brothers: "We were scratching our heads over why they did it." The timing of the Brazilian loan action was equally puzzling. Since Feb. 20, when Brazilian President Jose Sarney declared his country would suspend interest payments on $68 billion of its foreign debt, observers wondered whether banks would have to reclassify their Brazilian loans. But since federal regulations do not require such...
...Jefferies bought the stock at the request of Salim Lewis, a financier who has had business dealings with American Express chairman James Robinson. The SEC issued subpoenas to American Express and the two investment firms that managed the offering, Shearson Lehman Bros., which is an American Express subsidiary, and Salomon Brothers. None were accused of any wrongdoing. Robinson told TIME that he had also been subpoenaed personally, but said, "I absolutely and unequivocally deny any wrongdoing by me and, as far as we know, by anyone at American Express...
...choices. You can stand in line and pay for your stamps at the desk, or you can stand in line and get change for the stamp machine. Either way, you still must endure the 14,999 people in front of you waiting to send their resumes to Salomon Brothers...
Eisenstaedt's technique was adopted from the pioneering candid camera work of Erich Salomon. In the late 1920s, Salomon electrified photojournalism with his available-light pictures of European diplomats in unposed situations -- stuffed shirts in unbuttoned moments. Eisenstaedt applied Salomon's methods to less official surroundings, in ballrooms, at the opera, or among strollers at St. Moritz. His strengths were the chief strengths of photography generally: not the ceremonial but the serendipitous, not oratory but anecdote. He was the kind of photographer who could become so entranced by the sideline * doings at a royal wedding that he would forget...