Word: weill
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Last year the deal-a-day CEO of financial-services giant Travelers Group, Sanford I. Weill, called then Treasury Secretary Robert Rubin to impart important news. "You're buying the government?" Rubin quipped. Well, no. But the remark was more on the money than either could have known...
...Weill was proposing to merge Travelers, deeply ensconced in insurance and stock brokerages, with the nation's second largest bank, Citicorp, in a deal that would tread all over Depression-era legislation prohibiting such an expansive combination. He would need bank regulators, immediately, and Congress, in short order, to clear a path. No surprise to Weill watchers, "Sandy" got what he needed, and more...
...Federal Reserve, the main bank regulator, quickly granted Weill and his new partner, co-CEO John Reed from Citi, a grace period to sort things out. Long before they would have to do any actual sorting, though, Congress is now fixing things for good. President Clinton is expected to soon sign a bill repealing the decades-old restrictions that have divided brokerage and banking into infusible industries. The bill sweeps aside the Glass-Steagall Act and blesses the brave new banking world embodied in Weill's $689 billion behemoth, Citigroup. Lest there be doubt as to how fully Weill routed...
Among the certain winners are dealmakers like Weill and countless others who earn their living swimming in the deal flow. By tearing down barriers between banking, insurance and brokerage, Congress practically erected a billboard on Wall Street reading MORE SALAD DAYS AHEAD. Few financial companies will want to brave the world of financial conglomerates with only one weapon. Anticipating a torrent of consolidation, speculators have been driving up shares of potential target banks, such as Chase, and brokerages, such as PaineWebber...
Better communication will be even more important as treatments become more complex. Currently there's no screening test for finding lung cancer early. (Chest X rays almost always catch it too late.) But Dr. Claudia Henschke of the Weill Medical College at Cornell University in New York City and her colleagues believe they have found a way to identify very small tumors with low-dose CAT scans. It's a new approach that all smokers and ex-smokers, regardless of race, should keep...