Word: shearson
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American Express leaves home with Shearson...
...fair means or foul, avoiding taxes has become a popular U.S. sport. Nicholas Murray of the investment firm of Shearson Loeb Rhoades estimates that queries about tax shelters have doubled in the past year. Says William G. Brennan, publisher of a tax shelter newsletter in Valley Forge, Pa.: "Because of inflation, more and more people keep landing in the 50% bracket, and that's what makes sheltering profitable." An estimated 2 million individual tax returns now fall into the 50% bracket with taxable incomes of $41,500 or above for single people and $60,000 or above for couples...
Leonard Jarvis, 75, now a senior vice president with Shearson Hay den Stone, remembers Black Tuesday as "a bloodbath. It was horrible." In the days after the crash, he says, several of his friends committed suicide, one by jumping off the Daily News Building, another by leaping from his commuter train. One man asked a friend of Jarvis how someone could kill himself without pain; a drug was mentioned and the next morning the questioner was dead. Two weeks later the man who advised him shot himself. "They went one after another," says Jarvis. "They couldn't stand...
...Shearson Hayden Stone
Many went back to their old careers: former HEW Secretary David Mathews as president of the University of Alabama; former Deputy Pentagon Chief William Clements as chairman of Sedco Inc., an oil well-drilling firm in Dallas; and former Federal Energy Administrator Frank Zarb as head of Shearson Hayden Stone's investment banking department in New York City. Says Zarb: "You always miss people, old friends, old places. But it took me about ten minutes to get adjusted...