Word: shearson
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Time was running out on the Viacom executives and advisers who hunkered down to a Sunday-afternoon skull session in the well-appointed 49th-floor midtown- Manhattan offices of Robert Greenhill, the chairman of investment firm Smith Barney Shearson. Four days earlier, on Jan. 12, Paramount directors had spurned a sweetened Viacom bid and backed a $10 billion merger with Barry Diller's QVC home-shopping network. Unless Viacom came back fast and hard, everyone present knew, the fight would soon be over...
Chip Rae, director of recruiting at Smith Barney Shearson, says his firm prefers to hire MBAs who have work experience as well...
...Although stock exchanges have rules to discourage hoarding of hot issues, Wall Street firms generally interpret the guidelines to squeeze out the public. Some companies even instruct their brokers not sell IPOs to new customers. "It has nothing to do with fairness," says Joseph Plumeri, president of Smith Barney Shearson. "Is it fair to have a frequent-flyer pro gram where infrequent flyers can upgrade to first class just like regular customers...
...SAYS YOU CAN NEVER GO HOME AGAIN? EVER since Sanford Weill sold Shearson Loeb Rhoades, the brokerage firm that he created, to American Express in 1981, he has longed to regain control of the company. After several failed attempts, Weill finally hit pay dirt when Primerica Corp., where he serves as chairman, acquired financially ailing Shearson Lehman Bros. in a $1.2 billion deal that ranks as the largest in the history of the securities business...
...combining Shearson with Primerica's Smith Barney, the acquisition will create a Wall Street powerhouse that poses a serious threat to industry leader Merrill Lynch. The deal will also reunite Weill with a company he patched together out of a string of troubled brokerages during the 1960s and '70s. American Express had been seeking to unload the money-losing brokerage. Wall Street hailed the merger as good for all three firms...