Word: weill
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...Sanford Weill, chairman of Travelers Group, is known to keep reams of business information in his head--for instance, precisely when he stomped out as president of American Express after clashing with then-CEO James Robinson. "August 1985," he says, correcting a reporter about the time of the event. In a decade of almost nonstop dealmaking since then, Weill has not only clawed his way back but last week was being hailed as the new king of Wall Street after Travelers sealed a $9 billion deal to acquire Salomon Bros., one of the world's largest bond-trading houses. Says...
...Weill's coup not only creates a global financial supermarket, but it will also impel a consolidation in which Wall Street investment companies will either get big or get run over. The merger unites Salomon, a power in bonds and a player in investment banking, with the Travelers-owned Smith Barney brokerage, which is stronger in stocks. The Travelers umbrella also includes companies that sell life insurance, property and casualty insurance, annuities, mutual funds and credit cards. Travelers Group's stock market value of $55 billion will now dwarf such giants as Merrill Lynch ($24 billion) and the newly formed...
...Weill stands apart from an industry where oversize egos often overwhelm logic. His latest deal caps years of collecting castoff companies at fire-sale prices and then trimming costs by paying close attention to detail. He started in 1986 by taking over Commercial Credit, a reject of computer-maker Control Data. It was not the job he wanted--Weill had been given the bum's rush when he offered himself as CEO of BankAmerica--but a spruced-up Commercial Credit gave Weill a springboard. And he sprang: he merged Commercial Credit with struggling Primerica in 1988, getting the Smith Barney...
...Weill knew he had really arrived last March when the stock of Travelers, which has risen in value some tenfold over the past decade, became part of the blue-chip 30-stock Dow Jones industrial average. Yet he figured he still lacked global reach. "The real growth opportunities in the financial business are going to come from the privatization of government-owned companies around the world and in emerging markets," Weill says. "Salomon gives us the platform to participate in that...
When On the Town opened in 1944, New York, New York really was a helluva town. And Broadway was one fabulous art form. Oklahoma!, cornpone revolutionizer of the musical, was playing nearby, and Carousel was about to open. Kurt Weill, Sigmund Romberg, Cole Porter and Harold Arlen all had new shows. As for the new kids, two of On the Town's creators were 31: Betty Comden and Adolph Green, the co-stars who wrote the show. Two were 26: composer Leonard Bernstein and choreographer Jerome Robbins...