Word: salomons
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Running a big-time Wall Street firm is not like running a carmaker. GE wonderboss Jack Welch cried uncle shortly after acquiring Kidder Peabody in 1986, and the Solomonic Warren Buffett couldn't run fast enough from his interim job as chief of Salomon Brothers in 1992. So you can see why stumbling CSFB grabbed Mack, whose own record for running a clean ship is pretty much unblemished. Mack was even rumored to be on the short list to succeed Arthur Levitt as head of the Securities and Exchange Commission. He's known for giving egocentric bankers--Quattrone while...
...that golf-course owners and equipment makers are spending millions of dollars battling each other for the same 26.7 million customers. Small, independent start-ups that seemed so promising just three years ago have folded or been folded into a few big companies like TaylorMade (owned by Adidas-Salomon), Fortune Brands and Nike. Earnings at Callaway (2000 sales: $837.6 million) failed to meet expectations, and the stock is down 40% from its 52-week high. "The industry is flat, and rounds played declined for the 10th straight month in a row," bemoans Callaway spokesman Larry Dornan. "This is unprecedented...
CSFB -52.78% 9.87% AG Edwards -0.75% 1.59% Salomon SB -43.04% -0.27% Merrill Lynch -37.11% -2.72% Morgan Stanley...
...electricity company," says Andrea Gilardoni, professor of utilities management at Bocconi University in Milan. The sight of Mediobanca on the ropes has some investors wondering if the bank itself might soon become a takeover target, or be forced to merge with an ally. Marco Tacconis, an analyst for Schroder Salomon Smith Barney in London, says there's little chance that Mediobanca will be around - at least in its current form - a year from now. Among the prizes for a suitor: Mediobanca's key stake in the insurer Generali. So is this the great opening up of the Italian market...
...Bloomberg sell Bloomberg? Born on Valentine's Day, he grew up lower middle class, the son of a Boston-area bookkeeper and secretary. Moving to New York after college, he made partner at Salomon Brothers. When the company fired him after a merger, he took his $10 million severance and plowed it into "Bloombergs," desktop financial-information monitors that became business-world must-haves; from there he built a radio, news and Internet empire. He counts the corporate and media elite as pals, and they describe him as a devoted father of two who gets along with his ex-wife...