Word: weinberg
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Dates: during 1960-1969
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...Randolph Computer Corp., a major computer-leasing firm. This month, CNA Financial Corp., the Chicago-based owner of a group of life-and casualty-insurance firms, completed acquisition of The Larwin Group Companies, a California housebuilding combine that took in revenues of $50 million in 1968. Larwin President Lawrence Weinberg and CNA Chairman Howard Reeder began by discussing a $20 million CNA loan to Larwin but wound up negotiating a merger instead...
...success was to note that he had an extraordinary ability to make people like and trust him. So they sought his advice, followed his call to Washington and, when they had new securities to market, brought them to him at Goldman, Sachs & Co., the investment banking house in which Weinberg was senior partner...
...Weinberg was the son of a Polish-born liquor dealer, and his formal education ended with graduation from P.S. 13 in Brooklyn. The short, bespectacled Jewish boy began his career during the Panic of 1907 by going to a Wall Street skyscraper, knocking on the door of every office and asking if the company needed help. When he got to the Goldman, Sachs office, he was taken on as a porter's assistant. A large part of his ability to win financiers' confidence was that he not only did not hide this background but even exploited the curiosity...
...Weinberg was noted for straightforward talk and a rapier wit that deflated his listeners without offending them...
According to Wall Street legend, the head of a rival firm once impressed directors of a company about to float a securities issue by bringing his father, a revered financier, to a sales presentation. Weinberg, tipped by telephone that he had better do something quickly, hurried to the meeting. His opening words: "I'm sorry, gentlemen. My father is dead...