Word: salomons
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Amex is now learning a humbling lesson. Earlier this year the company's weakened financial condition forced it to search for outside capital. Warren Buffett, the Omaha-based billionaire who serves as interim caretaker at Salomon Brothers, stepped in with a $300 million investment. The company has also recognized that its managers have to adjust to an economic slowdown that may last for the better part of the 1990s. Says Robinson: "Management has to be able to deal with good times and bad. It's easier in good times, but we can't always operate in an environment that...
With Wall Street powerhouse Salomon Brothers enmeshed in scandal, the forthcoming screen version of Liar's Poker, Michael Lewis' best-selling account of life at the firm, is a hot ticket. Cameras are expected to roll next spring. But who will play fallen Salomon chairman John Gutfreund? Word is that MARLON BRANDO is being considered for the tough, cigar-chomping role, and James Spader for the freshman trainee based on Lewis. Warner Bros. says it's too early to tell who'll get the casting call...
...Salomon Brothers," Mazie added...
Just as the financial community had feared, the scandal set off by Salomon Brothers' efforts to corner the market for U.S. Treasury securities spread across much of Wall Street last week. On Capitol Hill, Richard Breeden, chairman of the Securities and Exchange Commission, said that "a distressingly large" number of firms had routinely inflated orders for bonds sold by government-sponsored agencies like the Federal National Mortgage Association. The bogus orders apparently enabled firms to purchase extra bonds and resell them at a hefty profit...
...these burdens weren't enough, Salomon's list of clients shrank further last week. The British government canceled plans for the embattled securities firm to act as London's key underwriter in the U.S. on the sale of $7 billion in British Telecommunications shares...