Word: shearson
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...biggest insider-trading scandal in Wall Street history kept reverberating last week. Litton Industries, the Beverly Hills-based conglomerate, filed a $30 million lawsuit against Shearson Lehman Bros., the finance-cum-brokerage firm, and Dennis Levine, the ex-investment whiz who has already pleaded guilty to a variety of insider-trading charges filed by the U.S. Government. Litton's contention: that in November 1982, while Levine was employed by Lehman Bros. Kuhn Loeb (now merged into Shearson Lehman), his illicit trading activities helped puff up the price of stock in Itek, an electronics firm, just as Litton was preparing...
...premium. According to local headhunters, the chief of sales and trading at a major investment bank now earns an average of $300,000 annually. Poaching is rife: last month City wine bars were abuzz with the news that Peregrine Moncreiffe, former head of gilt trading at London's Shearson-Lehman International, had jumped to E.F. Hutton for a salary of about $1.5 million. The newly rich brokerage crowd is helping to push up real estate prices in such flossy London neighborhoods as Kensington and Chelsea, where housing costs have climbed 20% to 30% in the past year...
...strategy forced the other OPEC members to think seriously about quotas or face the prospect of almost bottomless oil prices. Before last week's agreement, some experts were predicting a price of $6 per bbl. by the end of the year. Says Sanford Margoshes, who follows the industry for Shearson Lehman Brothers: "Producers have suffered exquisite pain, and pain makes one wise." Arnold Safer, an energy consultant based in Bethesda, Md., believes "it was a do-or-die situation in Geneva...
Experts are divided about whether the OPEC pact will ultimately hang together. Shearson's Margoshes declares flatly that "it will hold." Says John Toalster, an analyst at Hoare Govett, a London brokerage firm: "The agreement represents a watershed for OPEC." The clan will stick together, these observers conclude, because oil producers have finally realized that they have nothing to gain and everything to lose from plummeting prices...
Indeed, leasing companies exist largely because airlines want to replace their aging fleets faster than their budgets will allow. Says Robert Joedicke, who follows the airlines for New York City's Shearson Lehman Bros.: "The price tag on new planes has become so expensive that leasing has become a necessity." But even airlines with a healthy cash flow would often rather lease than buy. Reason: they fear that after spending a fortune on today's state-of-the-art jets, they may be overtaken by tomorrow's technology...