Word: shearson
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Most stunning was the news that the SEC had subpoenaed 15 employees of Shearson Lehman Brothers, including its chairman Peter Cohen. The agency is investigating the $482 million buyout of Sheller-Globe, a Toledo maker of auto parts, by a group that included Shearson, the investment arm of American Express. Sheller-Globe's shares surged just before the buyout was made public, rising from 28 3/8 on Jan. 10 to 44 on Feb. 19. That sort of sudden movement in a stock often suggests that illegal insider trading may have taken place...
...Shearson has been cooperating with the probe since May. After the subpoenas were disclosed, Cohen insisted that no one at his firm was guilty of improprieties. He also stressed that the investigation had no connection with the insider-trading scandal involving Boesky and Dennis Levine. Said he: "The Government has assured us the subpoenas we have received have nothing to do with Boeskygate, Levinegate or any other gate...
...Agrees Robert Hanisee, president of Seidler Amdec Securities, a Los Angeles brokerage: "The popular perception among investors is that this kind of Boesky crap goes on all the time. The real tragedy is that we keep living up to people's worst expectations." Says John Baker, a broker with Shearson Lehman/ American Express: "In the eyes of the public, we are all bad guys...
...Congress has given us a supposedly simplified tax law," says Jean Hehn, a tax adviser in Port Washington, N.Y. "Well, there are so many ifs, buts and whens in it that it's going to bring our profession tremendous business for a long time." One sign of the trend: Shearson Lehman Bros. last week advised its clients to buy stock in H. & R. Block...
...concern in CBS's boardroom last week was less about the treacherous economic waters than about the quality of Wyman's stewardship. Says Ernest Levenstein, a media analyst at the Shearson Lehman Brothers investment house: "This is not a story about a financially troubled company. This is a story about power and control...