Word: weills
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...bonuses last month after their companies pulled in record sales and profits. But not Lawrence Coss, the chief executive officer of mobile-home lender Green Tree Financial, who in 1996 surprisingly topped the list of highest-paid corporate leaders--overshadowing such titans as the Travelers Group's Sanford Weill and Walt Disney's Michael Eisner. Whoops! To his dismay, Coss may have to repay $40 million of the $102 million bonus he received that year because Green Tree now concedes that accounting errors led it to overstate profits. Says the taciturn and reclusive Coss of the financial revision, which included...
...SANDY WEILL Revenge is sweet; gobbling up Salomon makes Travelers chairman King o' the Street...
That platform didn't come as cheap as most of Weill's deals, but he still figures it to be a good transaction. Salomon, with clients from Boston to Bangkok and offices in 23 countries, has earned a solid reputation for its prowess in international finance. The 87-year-old firm also has a reputation as Wall Street's version of a frat-jock house. Its swaggering, foul-mouthed and lavishly rewarded traders epitomized the masters-of-the-universe Wall Street culture of the 1980s. That swagger was staggered by a government bond-trading scandal in 1991 from which...
...Weill, who began his career as a Wall Street runner and is universally known as "Sandy," now faces the task of melding the freewheeling Salomon culture into the more cautious Travelers empire. Layoffs seem inevitable. Analysts estimate that as many as 2,000 overlapping jobs--mostly in "backshop" trade-clearing slots--could vanish from a total of 34,000 positions at Salomon and Smith Barney...
...Weill naturally downplays any talk of culture wars or conflicts among his managers. And he says the risks inherent in Salomon's volatile trading operations (Salomon's traders reportedly blew $100 million recently betting the wrong way on the MCI-British Telecom merger) will look like "a little bit of a pimple" alongside the $30 billion in revenues that Travelers will have after the merger. That pimple could look even smaller if, as expected, Weill makes more acquisitions. Next up could be a commercial bank, which would add lending power to the Travelers portfolio. "I have never in my life...