Word: shearson
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...between World Series innings to reassure investors that their money was safe, and full-page ads appeared in major newspapers. Declared Prudential-Bache in large black type: "Now, especially now, you need an investment firm that is rock solid." That, of course, is exactly what Prudential claimed to be. Shearson Lehman implored readers to "talk with us" because "we share the concerns of every serious investor." Admonished Merrill Lynch: "The worst thing to do right now would be to sell at distressed prices...
...market's extremely fragile," said Peter J. DaPuzzo, manager of the retail equity group at Shearson Lehman Brothers Inc. in New York. "Any negative news causes it to break and people to sell out equities. There's so much tension and nervousness, the confidence level is very close to zero...
...think the market action over the next several weeks will be erratic, and by no means is the market embarking on a new bullish phase here," said Jack Baker, head of block trading for Shearson Lehman Brothers Inc. "We wouldn't be surprised to see further slippage in the weeks ahead...
...firms and seven of the ten largest commercial banks are now Japanese, and they are moving in a big way onto the American monetary scene. Last year Sumitomo Bank paid $500 million for 12.5% of the Goldman, Sachs investment firm. In March Nippon Life Insurance bought 13% of the Shearson Lehman Bros. brokerage house for $538 million. Just last week ailing BankAmerica confirmed it will sell $350 million worth of securities to Japanese financial companies...
...California First Bank, Sanwa Bank, Bank of California and Sumitomo Bank of California. On Wall Street, Japan's Sumitomo Bank shelled out $500 million for a 12.5% share of profits in the Goldman, Sachs investment-banking firm, while Nippon Life Insurance paid $538 million for a 13% slice of Shearson Lehman...