February 22, 1775
- First U.S. joint stock company (to make cloth) offers shares
at 10 cents per share.
July 18, 1974
- Morgan Stanley advised International Nickel Company (INCO,
$1.5 billion in sales) on $28/share ($157 million) bid for ESB
(formerly Electric Storage Battery Company, battery maker,
world's largest battery-maker, Philadelphia's 11th largest
company, $400 million in sales, stock had closed at $19.50);
attempt to diversify from cyclical nickel industry, smooth
earnings; July 24, 1974
- INCO raised bid to $36/share; ultimately bid $41/share ($227
million); Goldman Sachs advised ESB (target company); first
hostile-takeover bid for company, with no forewarning; first
takeover contest initiated by major strategic buyer;
diversification attempt failed; consumer goods company couldn't
compete with Duracell, Eveready in development of long-life
dry-cell batteries; 1981
- INCO divested ESB in four parts; lost more than $220 million.
October 4, 1979
- Salomon Brothers and Merrill Lynch co-underwrote a $1 billion
IBM debt issue of 9.5% notes to finance new generation of
computers (IBM, 20-year client,
triple-A rated client of Morgan Stanley had asked that Morgan
accept Salomon Brothers as co-manager of largest industrial
offering in history; Morgan had a 'sole lead manager' policy,
refused; IBM chose Salomon Brothers and Merrill Lynch to
co-manage issue); beginning of end of relationship banking
(Gentle Bankers Code) on Wall Street.
1987 - Imperial Savings Association, subsidiary
of Imperial Corp. of America, filed for $500 million shelf
offering of medium-term collateralized notes through Drexel
Burnham Lambert; first issuance of collateralized debt
obligations (CDOs); one of California's largest savings
institutions, industry's second-largest junk bond investor;
February 23, 1990
- seized by the U.S. Government's Office of Thrift Supervision;
June 22, 1990 -
Resolution Trust Corporation became receiver;
1995 - CDO
issuance rose to $5 billion; 2000
- rose to $80 billion (source: Moody's Investors Service).
(Bank of North America), Ned W. Downing
Revolutionary Beginning of the American Stock Market.
(New York: Museum of American Finance, 80 p.). Former Wall
Street Executive. Beginning of equity side of American capital
markets. Critical role played by 1781 initial public offering of
Bank of North America (first IPO of American corporation;
foreshadowed country’s more than two century leadership role in
(MIPS), Michael S. Malone (1991).
Going Public: MIPS Computer and the Entrepreneurial Dream.
(New York, NY: E. Burlingame Books, 291 p.). Going public
(Securities) -- Case studies; Entrepreneurship -- Case studies;
Computer industry -- Case studies.
(theGlobe.com), Stephan Paternot with Andrew
A Very Public Offering: A Rebel's Story of Business Success,
Excess and Reckoning. (New York, NY: Wiley, xxx p.).
Co-Founder of theGlobe.com. Paternot, Stephan, 1974- ;
Theglobe.com; Internet industry--Finance; Going public
(Securities); Electronic commerce--United States--Finance;
Electronic discussion groups--Management--Case studies;
Electronic games industry--Management--Case studies;
Philip Augar (2005).
The Greed Merchants: How the Investment Banks Exploited the
System. (New York, NY: Portfolio, 288 p.). Former Head
of Schroders Securities. Investment banking--Corrupt
practices--United States; Investment analysis--United States.
Ernest Bloch (1989).
Inside Investment Banking. (Homewood, IL: Dow
Jones-Irwin, 415 p. [2nd ed.]). Investment banking; Investment
Vincent P. Carosso (1970).
Investment Banking in America, A History. (Cambridge,
MA: Harvard University Press, 569 p.). Investment
P. L. Cottrell (1985). Investment Banking
in England, 1856-1881: A Case Study of the International
Financial Society. (New York, NY: Garland, 877 p. (2
vols.)). International Financial Society--History--19th century;
Investment banking--England--History--19th century.
Robert G. Eccles and Dwight B. Crane (1988).
Doing Deals: Investment Banks at Work. (Boston, MA:
Harvard Business School Press, 273 p.). Investment banking.
Kris Fenton (2004).
All My Men on Wall Street: A Maine Girl's Story of Manhattan's
Glitz and Grind. (Bloomington, IN: AuthorHouse, 291 p.).
Former Investment Banker (Salomon Smith Barney and Merrill
Lynch). Fenton, Kris; Investment bankers--New York (State)--New
York--Biography; Investment banking--New York (State)--New
York--History; Wall Street--History.
Paul Ferris (1984).
The Master Bankers: Controlling the World's Finances.
(New York, NY: Morrow, 285 p.). Investment banking;
International finance; Bankers.
Samuel L. Hayes III and Philip M. Hubbard
Investment Banking: A Tale of Three Cities. (Boston, MA:
Harvard Business School Press, 424 p.). Investment banking--New
York (State)--New York; Investment banking--England--London;
Investment banking--Japan--Tokyo; Banks and banking,
Paul Hoffman (1984).
The Dealmakers: Inside the World of Investment Banking.
(Garden City, NY: Doubleday, 230 p.). Investment banking--United
Michael C. Jensen (1974).
The Financiers: The World of the Great Wall Street Investment
Banking Houses. (New York, NY: Weybright and Talley, 340
p.). Investment banking--United States; Capitalists and
financiers--United States; Wall Street.
Jonathan A. Knee (2006).
The Accidental Investment Banker: Inside the Decade that
Transformed Wall Street. (New York, NY: Oxford
University Press, 272 p.). Senior Managing Director (Evercore
Partners). Investment banking--United States.
Deal-making era in
free-wheeling Internet economy; dramatic upheaval when bubble burst.
Robert Lawrence Kuhn (1990).
Investment Banking: The Art and Science of High-Stakes
Dealmaking. (New York, NY: Harper & Row, 420 p.).
Ed. Robert Lawrence Kuhn (1990). The
Library of Investment Banking. (Homewood, IL: Dow-Jones
Irwin, 7 vols.). Investment banking.
Thomas K. Liaw (1999).
The Business of Investment Banking. (New York, NY:
Wiley, 337 p.). Associate Professor of Finance (St. John's
University). Investment banking.
John F. Marshall, M.E. Ellis (1994).
Investment Banking & Brokerage: The New Rules of the Game.
(New York, NY: McGraw-Hill, 357 p.). Professor, and Associate
Professor, of Finance, Graduate School of Business (St. John's
University). Investment banking--United States; Securities
Robert C. Perez (1984). Inside Investment
Banking. (New York, NY: Praeger, 204 p.). Investment
Banking, Venture Capital.
Nomi Prins (2004).
Other People’s Money: The Corporate Mugging of America.
(New York, NY: New Press, 324 p.). Formerly of Goldman Sachs,
Bear Stearns, Lehman Brothers, and Chase. Investment
banking--Moral and ethical aspects--United States;
Corporations--Moral and ethical aspects--United States;
Corporations--Corrupt practices--United States; Stock Market
Bubble, 1995-2000; Capital market--United States--History--20th
Roy C. Smith (1993).
Comeback: The Restoration of American Banking Power in the New
World Economy. (Boston, MA: Harvard Business School
Press, 357 p.). Investment banking--United States; Investment
banking--European Economic Community countries; Investment
banking--Japan; Banks and banking, International.
David Snider and Chris Howard; Foreword by Robert K. Steel
Money Makers: Inside the New World of Finance and Business.
(New York, NY, Palgrave Macmillan, 246 p.). Private Equity Group
at Bain Capital; President of Hampden-Sydney College and
Chairman of the Impact Young Lives Foundation. Investments;
Venture capital; Hedge funds; Banks and banking.
mechanics, operations, challenges of investment banking, venture
capital, private equity, hedge funds, management consulting,
management of Fortune 500 companies.
Ingo Walter and Roy C. Smith (1990).
Investment Banking in Europe: Restructuring for the 1990s.
(Cambridge, MA: Basil Blackwell, 169 p.). Investment
banking--European Economic Community countries.
Merwin H. Waterman (1958).
Investment Banking Functions: Their Evolution and Adaptation to
Business Finance. (Ann Arbor, MI: Bureau of Business
Research, School of Business Administration, University of
Michigan, 190 p.). Investment banking -- United States.
Hoover's IPO Central (Performance)
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