Word: shearson
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...after last year's crash, most individual investors are avoiding stocks as if they were poison. Some Wall Street executives fear that many of these investors may be leaving the market for good, to the detriment of brokerage firms and future bull markets. Says Hardwick Simmons, vice chairman of Shearson Lehman Hutton: "The small investor is an endangered species...
...billion buyout, to be financed mostly by giving Commercial Credit stock to Primerica shareholders, marks a triumphant return to Wall Street for Weill, 55, who built the investment firm that has become Shearson Lehman Hutton. What gave Weill his opportunity was a strategic miscalculation by Primerica Chairman Gerald Tsai, 59, who paid a lofty $750 million for Smith Barney just a few months before last year's crash. The debt he incurred in buying the firm became burdensome when Smith Barney's brokerage business sagged after Black Monday. Weill, as head of the combined firm, intends to sell Primerica...
Without even leaving Shearson Lehman for the seedy McPherson Square campaign headquarters, the abrasive, brainy Darman, 45, will play a key role in the campaign. Already Baker consults with his former aide on every major decision; he has been included in closed-door strategy sessions for two months. The nondoctrinaire Darman rose from minor White House paper shuffler to assistant to the President and then No. 2 at Treasury despite his association with known liberals like Boston Brahmin Elliot Richardson (both resigned during Richard Nixon's Saturday Night Massacre...
...hothouse atmosphere of Washington, not even the slightest flicker of self-promotion goes undetected. Richard Holbrooke, a well-regarded former Assistant Secretary of State under Carter, advised Gary Hart, then Gore, before making his expertise available to Dukakis. While Holbrooke denies any desire to leave Shearson Lehman Hutton, campaign aides found his friendliness after the New York primary unnerving. "Suddenly, every time you turned around, there was Holbrooke -- it was like a Peter Sellers movie," jokes one Dukakis supporter. Giddily he pursued his comic notion. "He'd be looking in from the door. Look again, and his head is poking...
Serious Money attracts many of the same people it skewers. In London, Morgan Stanley bought out the entire house one night, as did Shearson Lehman Bros. Over in New York, the Securities Industry Association is already planning its own night at the Public Theater. If this keeps up, who knows? Maybe brokers will start making their cold-call pitches in verse...