- John Campbell of Lundie, Scotland, set up business as
goldsmith-banker at sign of the Three Crowns in Strand, London;
1708 - George
Middleton, Scottish goldsmith, made partner (1712 - Campbell
died, Middleton married Mary Campbell, daughter);
1727 - George
Campbell (son) joined business;
1744 - David Bruce joined Bank;
1747 - Middleton
died, surviving partners called themselves "Bankers of 59
Strand" (since 1739, goldsmithing side of business had declined
since 1720s); 1755
- Coutts name first appeared in title of Bank (James Coutts,
Scottish banker, married Mary Peagrum, granddaughter of founder,
taken into partnership by Campbell;
1760 - Campbell died, Thomas Coutts
(younger brother) joined Bank,;
January 1761 - renamed James & Thomas Coutts;
1775 - James
retired, name changed to Thomas Coutts & Company;
1822 - Thomas
died, his estate and 50% share in Bank passed to second wife,
Harriot (later Duchess of St Albans), senior partner; name
changed to Coutts & Co.; 1837
- Angela Burdett (24, youngest of Thomas’ grandchildren),
inherited interest in Trust which included half-share in Bank
(forbade from marrying a foreigner, interfering in running of
business); Angela Burdett-Coutts seen as public face of Bank in
Victorian period; June 1892
- Bank dissolved partnership, became unlimited liability
company; 1904 -
Bank moved to 440 Strand (after 165 years at 59 Strand);
1914 - took over
business of City bankers, Robarts, Lubbock & Co.; created Bank’s
first branch (15 Lombard Street), gained seat in Clearing House;
1919 - amalgamated
with National Provincial & Union Bank of England Ltd.;
1920s - one of
first banks to bring in machine-posted ledgers;
1963 - first
British bank to have fully computerised accounting system;
January 1969 -
merged with Westminster Bank and National Provincial; became
part of NatWest Group; October
1990 - Coutts Group created (merger of
subsidiaries owned by Coutts, NatWest);
2000 - NatWest Group acquired by The
Royal Bank of Scotland, established Coutts as private banking
arm; 2003 -
acquired Bank von Ernst; January
1, 2008 - Coutts international businesses
renamed RBS Coutts; offices around the world.
- Alexander Brown, Irish immigrant from Ballymena, Northern
Ireland, former auctioneer in Belfast linen market, established
Alexander Brown, Irish linen import business in Baltimore, MD
(changed to Alexander Brown & Sons in 1810 when third son made
partner); also known as merchant bankers (dealers in Sterling
Exchange, ship owners, issuers of letters of credit to other dry
goods merchants for import of goods); 1804 -
organized Baltimore Water Co.; September 3, 1805
- William (oldest son) became partner in business; renamed
Alexander Brown & Son; 1808
- George (second son) became partner; 1810 - William
Brown sent to England, established business in
Liverpool under name William Brown & Co.; John (third son)
joined business; renamed Alexander Brown & Sons; October 10, 1818
- John A. Brown (third son) sent to Philadelphia to open John A.
Brown & Co., branch office of Alexander Brown & Sons to be
closer to customers in Maryland, adjacent states; 1839
- renamed Brown Brothers & Co.; 1825 - William
Brown joined by partner, Joseph Shipley; business financed
merchants shipping goods between Britain, United States, other
parts of Europe and Americas; 1825 - James Brown
(youngest son) sent to New York, after opening of Erie Canal
made New York center of export/import trade, opened office of
Brown Brothers & Co.; 1827 - Alexander Brown
helped organize Baltimore & Ohio Railroad; 1837-
William Brown & Co. name changed to Brown Shipley & Co. (annual
sales exceed 10 million pounds); 1839 - Alex.
Brown & Sons became separate banking concern; 1918
- partnership between Brown Shipley, Brown Brothers & Co. ended;
January 1, 1931 - W. A. Harriman & Co. merged with
Brown Brothers & Co., formed Brown Brothers Harriman;
partnership bank in America;
1992 - Brown Shipley & Co.
Ltd. acquired by European bank KBL, joined its group of Private
Bankers; April 1997 - acquired by Bankers Trust
Co. for for $1.7 billion; November 1998 - Bankers
Trust acquired by Deutsche Bank; 2005 - KBL
European Private Bankers now owned directly by KBC Group NV, one
of Europe's largest financial companies.
- Philip Cazenove joined business of John Menet
(brother-in-law); 1823 - became partners;
1835 - Menet died, went into partnership with Joseph
Laurence and Charles Pearce; branched out on his own; 1854
- formed partnership with his son and nephew; mid 1930s
- one of City of London's pre-eminent stockbroking partnerships;
April 2001 - firm incorporated; November 5,
2004 - combined with JPMorgan's UK investment banking
business, owned jointly, called JPMorgan Cazenove.
- Col. Washington Romeyn Vermilye and George Carpenter formed
banking partnership, Carpenter & Vermilye, at 32 Wall St.;
1862 - name changed to Vermilye & Co.; 1877
- William Augustus Read joined firm; 1886 - became
partner; 1906 - took over firm, changed bond
brokerage firm's name to William A. Read & Company; 1913
- Clarence Dillon (born Clarence Lapowski in Texas; Dillon -
mother's maiden name) joined firm; 1916 - became
partner, acquired majority interest after Read's death.
William A. Read
- Dillon, Read
- Francis Martin Drexel (46) opened currency brokerage firm in
Louisville, KY; 1838 - moved business to
Philadelphia, PA; 1846 - U.S. government asked
Drexel to underwrite the Mexican War (1846-48) with an issuance
of $49 million in war bonds; 1847 - oldest sons
made partners, renamed Drexel & Company; 1851 -
established banking affiliate, Drexel, Sather & Church in San
Francisco (closed in financial panic preceding Civil War);
1868 - Drexel, Harjes & Co. founded in Paris;
1871 - Drexel, Morgan & Co. (J.P. Morgan as junior
partner) founded in New York City; 1893 - renamed
J. P. Morgan & Co. at
Francis Martin Drexel
- founder Drexel & Co.
- Henry Lehman, immigrant from Germany, opened H. Lehman, small
dry goods shop in
Montgomery, AL; 1847
- Emanuel joined business, renamed H. Lehman & Bro.; 1850 -
Mayer (youngest brother) joined business, renamed Lehman Brothers; became brokers for
buyers, sellers of cotton crop; 1858 - opened
office in New York (commodity trading center of the country);
expanded commodities business to include sale, trading of
securities (railroad bonds); 1887 - acquired seat
on NYSE; 1889 - underwrote first public offering
(International Steam Pump Company); became financier to emerging
retailers (Sears, Roebuck & Company, F.W. Woolworth Company, May
Department Stores Company, Gimbel Brothers, Inc., R.H. Macy &
Company); 1975 - acquired Abraham & Co.;
1977 - merged with Kuhn, Loeb; 1984 - acquired by
American Express, renamed Shearson Lehman/American Express;
1993 - Shearson Lehman divested; 1994 -
became independent, renamed Lehman Brothers Holding Inc.;
1999 - surpassed $1 billion in net income.
- Alexandre, Simon and Elie Lazard founded Lazard Freres as dry goods business in New Orleans; moved San Francisco, opened
business selling imported goods, exporting gold bullion; became
involved in financial transactions, expanded into banking,
foreign exchange businesses. 1852 - opened office
in Paris (owned by individual partners, relations of their
founders); 1870 - opened office in London
(majority-owned by Pearson plc for much of 20th century);
1876 - concentrated on financial services;
1880 - Alexander Weill, founding brothers’ cousin,
assumed control; 1944 - New York House (owned by
individual partners, relations of their founders) led by André
Meyer; 1956 - Michel David-Weill, descendant of
founding families, joined Lazard Frères et Cie. in Paris;
1969 - established asset management business in Paris;
1970 - New York House established Lazard Asset
Management (institutional asset management) to complement
financial advisory business; 1977 - David-Weill
became senior partner; January 3, 2000 - Houses of
Lazard merger to form Lazard LLC, single global firm; Pearson
sold interests to predecessor of Eurazeo S.A.
June 5, 1856 - Alfred Escher founded
Schweizerische Kreditanstalt (later known as Credit Suisse) to
finance expansion of railroad network (Nordostbahn/North-East
Railway), further industrialization in Switzerland; initial
stock issued with value of 3 million francs (total value of
subscriptions rose to 218 million francs in 3 days).
Alfred Escher (Credit
13, 1858 - Gustav, Charles, Albert, Emil Sutro
(relatives of Adolf Sutro) founded Sutro & Co. in San Francisco
to engage in general banking; oldest investment banking firm in
San Francisco; oldest New York Stock Exchange Member Firm west
of Mississippi; largest full-service regional investment firm in
California; 1986 - acquired by John Hancock Mutual
Life Insurance Co. (part of Freedom Securities Corporation
subsidiary); April 2000 - Freedom Securities
Corporation name changed to Tucker Anthony Sutro; October
2001 - acquired by Royal Bank of Canada for $600
million, merged into Dain Rauscher unit; ninth largest
full-service securities firm in United States (nearly 2,100
January 1, 1861
- Jay Cooke opened private banking house of Jay Cooke &
Company in Philadelphia.
April 1865 -
Henry P. Kidder, Francis H. Peabody, Oliver W. Peabody formed
Kidder, Peabody & Co. as reorganization of J. E. Thayer &
Brother (founded 1824); March 1931 - reorganized,
new partnership formed: Chandler Hovey, Edwin Sibley Webster
Jr., Albert H. Gordon.
Oliver W. Peabody
- Kidder, Peabody
Nathanial Thayer II
- Kidder, Peabody
- Abraham Kuhn, Solomon Loeb founded Kuhn, Loeb & Co.
(formerly successful merchandisers in Cincinnati, OH);
January 1, 1875 - Jacob Schiff, Loeb's son-in-law,
joined firm; 1977 - merged with Lehman Brothers,
formed Lehman Brothers, Kuhn, Loeb Inc.; 1984 -
acquired by American Express, renamed Shearson Lehman/American
Express; name dropped.
Jacob Schiff - Kuhn, Loeb
- Marcus Goldman started Marcus Goldman & Co., on Pine Street in
lower Manhattan, as broker of IOUs; Goldman's youngest daughter,
Louisa, married Samuel Sachs, son of close friends;
1882 - Sachs
joined business; changed name to M. Goldman and Sachs;
1885 - Henry
Goldman (son), Ludwig Dreyfuss (son-in-law) joined firm as
junior partners; name changed to Goldman Sachs & Co.;
1887 - began
relationship with British merchant bank Kleinwort Sons (entry
into international commercial finance, foreign-exchange
services, currency arbitrage);
1894 - Henry Sachs joined;
1896 - joined New York Stock Exchange;
1904 - Arthur and
Paul Sachs (Sam's sons) joined firm;
1906 - managed first IPO, for United
Cigar Manufacturers; co-managed Sears Roebuck's initial public
offering; 1956 - co-managed
IPO of Ford Motor Company; 1981 - acquired
commodities-trading firm of J. Aron & Company;
1999 - went public, name
changed to The Goldman Sachs Group Inc. (Henry Paulson, Jr. as
sole chairman, CEO).
January 20, 1870
- Victoria Woodhull, Tennessee Claflin (sister ) opened
Woodhull, Claflin & Co., nation's first brokerage firm run
solely by women (part product of the sisters' friendship with
rail baron Cornelius Vanderbilt).
September 18, 1873 - Jay
Cooke & Co. collapsed, due mainly to decision to fund second
transcontinental railroad line; one of country's most reputable
brokerage houses; thirty-seven banks, two brokerage houses closed; losses increased, NYSE forced to shut for over a week;
Secretary of the Treasury infused economy with $26 million in
paper money; Panic (of 1873) did not subside, economy slumped
through end of decade.
Charles Dennis Barney (Jay Cooke's son-in-law), and Jay
Cooke, Jr. reorganized Jay Cooke & Co., formed Charles D. Barney & Co. in Philadelphia, PA
firm to Jay Cooke & Co.); 1892 - Edward
Brinton Smith, railroad and utility banker, founded Edward B. Smith & Co.;
December 1937 - Charles D. Barney & Co., Edward B. Smith &
Co. merged, formed Smith Barney & Co.
1879 - Leopold Cahn founded Leopold Cahn &
Co. in New York City; 1886 - Jules S. Bache
(nephew) made partner; 1892 - Bache took control,
renamed company J.S. Bache & Co.; 1944 - name
shortened to Bache & Co.; 1966 - $90 million gross
revenues vs.$227 million for Merrill Lynch, Pierce, Fenner &
Smith; 1981- acquired by Prudential Insurance
Company of America.
- Charles Cabot Jackson and Laurence Curtis opened brokerage
office on Congress Street in Boston, MA; June 9, 1942
- merged with Paine Webber, formed Paine, Webber, Jackson &
Curtis (22 branch offices); 1963 - moved
headquarters to New York; 1970 - incorporated;
1972 - went public; 1977 - Mitchell
Hutchins, Inc., leading equities research boutique; 1979
- acquired Blyth, Eastman Dillon & Co.; 1995 -
acquired Kidder, Peabody Group from General Electric Company.
1880 - William A.
Wallace G. Webber,
formerly clerks at Boston's Blackstone National Bank,
Paine & Webber,
brokerage firm, at 48 Congress St. in Boston; May 1881
- admitted Charles H. Paine as partner, changed name to
PaineWebber & Company; June 29, 1942 - merged with
Jackson & Curtis, formed
Jackson & Curtis;
November 3, 2000 - merged
- Jules Bache renamed uncle's brokerage operations J. S. Bache &
Co.; 1945 - renamed Bache & Co.; 1981
- acquired by Prudential Insurance.
1887 - Gen. Albert Gallatin Edwards retired from
post of assistant secretary of the Treasury for Sub-Treasury
bank in St. Louis (appointed made by President Abraham Lincoln);
founded A.G. Edwards & Son Stock and Bond Traders with his son,
Benjamin Franklin Edwards, in St. Louis, MO; May 31, 2007
- agreed to be acquired for $6.8 billion by Wachovia Corp. (3,300
brokerage locations nationwide, $1.1 trillion in client assets,
- Edward F. Hutton, Franklyn Laws Hutton (brother), Gerald M.
Loeb founded E. F. Hutton & Co. in San Francisco, CA;
1957 - Gerald Loeb
established Gerald Loeb Awards for Distinguished Business and
Financial Journalism to encourage quality reporting in areas of
business, finance, economy in order to inform, protect private
investors, general public (presented by UCLA Anderson School of
Management since 1973 to recognize writers, editors, producers
of both print, broadcast media for significant contributions in
this field; highest honors in business journalism);
1970 - Bob Fomon
became CEO; 1980 -
revenue of $1.1 billion, profits totaled $82 million, employed
6000 brokers; May 2, 1985
- pled guilty to 2000 counts of mail and wire fraud associated
with over-drafting checking accounts costing banks millions of
dollars; company agreed to pay fine of $2 million, compensate
government $750,000 for its investigation expenses, make
restitution to defrauded banks;
December 1987 - acquired by Shearson for $29.25
Hutton - E. F. Hutton Co.
- Arthur, Herbert, Percy
Salomon established Salomon Brothers with $5,000 in savings, small family
loan; joined with Morton Hutzler (established firm
with seat on New York Stock Exchange), formed Salomon
Brothers & Hutzler; registered with U.S. Treasury, became
one of first primary dealers in U.S. government securities;
November 1963: Billy Salomon became first managing
partner; 1970 - renamed Salomon Brothers,
Inc.; 1981 - merged with Philbro Corp., became
PhilbroSalomon Inc.; 1986 - renamed Salomon
Brothers; 1997 - acquired by Travelers Group Inc.
for $9.2 billion, merged into Smith Barney unit.
- Arthur James Nesbitt (former dry goods salesman, then employee
of Lord Beaverbrook's Royal Securities Corporation) and Peter
Thomson (former pickle salesman for the Canadian arm of the H.
J. Heinz) formed Nesbitt, Thomson and Company in Toronto;
simultaneously, opened offices on St. James Street in Montreal,
Hamilton, Ontario; provided financing for mining, natural
resource industries; underwrote stock, bond issues for many new
electric power generating companies; 1925 -
established Power Corporation of Canada as holding company for
their substantial equity interests in number of major electric
utilities; 1927 - acquired Ogilvy department store
in Montreal (son James Aird ran for more than fifty years);
1954 - Arthur Dean Nesbitt (son) took helm of
January 6, 1914 - Charles Merrill
formed Charles E. Merrill & Co., brokerage firm, which Edmund C.
May 19, 1914
- opened office at 7 Wall
October 15, 1915
- name changed to Merrill Lynch & Co.; 1930 -
sold retail brokerage business and branches to E. A. Pierce &
Co. [founded 1885]; 1940 - merged with E.A. Pierce
& Cassatt; 1941 - mergeed with Fenner & Beane
(offices in 92 U. S. cities); 1958 - name of
Winthrop H. Smith, Sr., chairman, added to
firm's name: Merrill Lynch, Pierce Fenner & Smith;
23, 1971 - went public.
- Clarence Dillon changed name of William A. Read & Company to
Dillon, Read & & Co.; 1924 - organized United
States and Foreign Securities Company (US&FS), most prominent
closed-end investment company in 1920s; 1928 -
organized second investment company, United States and
International Securities Corporation (US&IS); April 1981
- Sequoia Ventures (Bechtel family) acquired interests of C.
Douglas Dillon (son); 1985 - reacquired Bechtel
stake; 1986 - acquired by Travelers Corporation;
1991 - acquired by Barings PLC (40% for $78
million) and management (60% for 39 million); March 1995
- Barings PLC acquired by Internationale Nederlanden Groep NV
(ING); May 1995 - Dillion Read management
repurchased 15% of Barings's 40% stock for $30 million;
May 15, 1997 - announced agreement to be acquired by
Swiss Bank Corporation (SBC) for approximately $600 million;
integrated into SBC Warburg Division, renamed SBC Warburg Dillon
- Joseph A. Bear, Robert B. Stearns, Harold C. Mayer founded
Bear Stearns & Co. with $500,000 in capital
as equity-trading firm;
1933 - hired Salim B. Lewis to manage institutional bond
trading (later became CEO, chairman); opened first regional
office in Chicago; 1955 - opened first
international office in Amsterdam; 1978 - Alan
"Ace" Greenberg named chairman; 1985 - Bear
Stearns Companies, Inc. formed as holding company; went public;
2001 - James E. Cayne succeeded Greenberg as
Bear, Stearns, Mayer
- Bear Stearns & Co.
(http://graphics8.nytimes.com/ images/ 2008/03/17/
business/ 20080317_BEAR_ STEARNS_GRAPH.jpg)
- Dean G. Witter, Guy Witter (brother), Jean and Ed Witter
(cousins), Fritz Janney (brother-in-law) founded Dean Witter &
retail brokerage firm in San Francisco, CA; 1938 -
established national research department; 1945 -
one of first retail securities firms to formally train account
executives; 1962 - became first firm to use
electronic data processing; 1969 - about 80
branches in U.S., Canada; largest investment firm on West Coast;
1978 - merged with
Reynolds & Co.; renamed Dean Witter Reynolds; 1981
- acquired by Sears Roebuck for $661 million; 1986
- launched Discover Card (credit card); 1993 - 20%
of company spun off, 80% distributed to shareholders; renamed
Dean Witter, Discover and Company;
May 31, 1997
- merged with Morgan Stanley Group Inc. in $10 billion deal;
largest U.S. securities firm measured in terms of market value;
renamed , Dean Witter, Discover & Company; 1998 -
renamed Morgan Stanley Dean Witter.
Dean Witter -
- First National Bank of Boston formed investment banking
division; became independent firm after passage of Glass-Steagall
Act ( February 27, 1933); first publicly-owned major investment
banking firm; 1946 - Mellon Securities
Corporation, former investment banking arm of Mellon Bank,
merged with First Boston Corporation; 1978 - began
London operations with 50-50 investment banking joint venture
with Financière Crédit Suisse (known as Credit Suisse First
Boston); 1988 - Credit Suisse acquired 44% stake
in First Boston; name changed to CS First Boston; 1989
- bailed out First Boston after collapse of junk bond market;
1990 - acquired controlling interest; 1996
- acquired remaining stake of CS First Boston from management;
January 1, 1997 - renamed investment bank Credit
Suisse First Boston (CSFB, one global brand); parent company
renamed Credit Suisse Group; 2001 - acquired
Donaldson, Lufkin & Jenrette for $13 billion; January 16,
2006 - First Boston name dropped.
16, 1933 - President Franklin D.
Roosevelt signed (second) Glass Steagall Act (Banking Act of
1933) as emergency response to failure of nearly 5,000
banks during Great Depression
(bank failures resulted in losses to
depositors of about $1.3 billion between 1929-1933);
separated commercial from investment banking; tightened
regulation of national banks to Federal Reserve System;
prohibited bank sales of securities; created Federal
Deposit Insurance Corporation (FDIC) to insure bank
deposits with pool of money appropriated from banks);
November 12, 1999
- President Bill Clinton signed
Gramm-Leach-Bliley Act (Financial
Modernization Act of 1999); repealed Glass-Steagall Act,
Senator Carter Glass
(D-VA, third from left);
Representative Henry B. Steagall
(D-AL, fourth from
1935 - I. W. "Tubby" Burnham founded Burnham &
Company with $100,000 in capital ($96,000 borrowed from his
grandfather, founder of I.W. Harper, Kentucky distillery);
1967 - merged with Drexel & Co.; former Drexel
Burnham; 1976 - merged with Lambert Brussels
Witter (controlled by Belgian Bank Brussels Lambert); renamed
Drexel Burnham Lambert, Inc.
September 16, 1935
- Henry S. Morgan, Harold Stanley, former partners in J. P.
Morgan & Co.; opened Morgan Stanley on 19th floor of 2 Wall
Street; 1936 - managed $1.1 billion in public
offerings, private placements in first year (24% market share);
1942 - joined NYSE; 1971 - entered
sales, trading business, established M&A division; 1975
- formed Morgan Stanley International in London; 1977
- merged with Shuman, Agnew & Co., entered retail stock
brokerage; December 12, 1980 - led Apple's IPO (5
million shares offered at $22/share), largest IPO since 1964;
1986 - listed on NYSE; 1996 - acquired
Van Kampen American Capital mutual funds; February 5, 1997
- merged with Dean Witter, Discover & Co.; April 2004
- acquired Barra (leading global provider of benchmark indices,
risk management analytics); August 2004 -
co-managed $1.9 billion Google IPO (largest Internet IPO to
date, largest auction-based IPO in history); July 2006
- represented HCA in $33 billion sale to Bain Capital, KKR,
Merrill Lynch (largest LBO to date); July 2006 -
completed $10.4 billion OJSCOC Rosneft IPO (Russia's largest
state-owned oil and gas company, Firm's largest IPO to date).am
Former Drexel partners Edward Hopkinson, Jr., Thomas S. Gates,
Jr., several associates, acquire rights to Drexel name, founded
investment bank with initial capital investment of $1 million;
1965 - merged with Harriman, Ripley and Company,
formed Drexel Firestone Inc.; 1967 - merged with
Burnham and Company; formed Drexel Burnham; 1976 -
merged with Lambert Brussels Witter (controlled by Belgian Bank
Brussels Lambert); renamed Drexel Burnham Lambert, Inc.;
1981 - issued bonds for leveraged buyouts; 1982
- Frederick Joseph, formerly head of company's corporate finance
department, took over as president; 1982-1983 -
major underwriter of debt in country, of all industrial
companies; 1986 - made most profits in one year of
any Wall Street firm in history -$545.5 million; May 1986
- Securities and Exchange Commission charged Drexel Burnham
Lambert managing director, Dennis Levine, with insider trading;
1987 - 49 percent market share of junk bond
market, 78% drop in firm's earnings; December 1988
- pleaded guilty to six felony charges of illegal trading, paid
$650 million in fines; February 13, 1990 -
1951 - Max Oppenheimer, broker at Hirsch
& Company, established Oppenheimer & Co.; Leon Levy invested
$12,500, joined firm as partner, director of research; Jack Nash
joined firm as Oppenheiner's assistant (managing directo in
1957, named president of Oppenheimer & Co. in 1974, chairman
from 1979 until 1982).
- Chuck Schwab, two partners launched Investment Indicator,
investment advisory newsletter (3,000 subscribers paid $84 a
year at its height); 1971
- incorporated First Commander Corp.;
1973 - name changed to Charles Schwab &
Co., Inc.; May 1, 1975
- launched discount brokerage business;
1977 - opened office in Seattle, first
branch outside of California; began offering seminars for
customers; 1979 -
invested in BETA mainframe system, automated transaction and
record keeping system; 1983
- acquired by Bank of America for $57 million;
1985 - one
millionth customer account opened;
July 1987 - reacquired in $280 million management-led
buyout; September 1987
February 5, 1997
- Investment bank Morgan Stanley announced a $10 billion
merger with Dean Witter.
September 25, 1997
- Travelers Group acquired Salomon Brothers for $9 billion.
December 20, 2002
- The nation's 10 biggest brokerages agreed to pay $1.44 billion
and fundamentally change the way they did business to settle
allegations they'd misled investors by hyping certain stocks.
October 24, 2007
- Merrill Lynch announced $8.4 billion fourth-quarter loss, most
associated with losses in subprime mortgage market; biggest in
its 93-year history, biggest known loss in Wall Street history;
October 30, 2007 - CEO, E. Stanley O'Neal,
'retired' from company;
December 24, 2007 - agreed to sell less than 10% stake:
1) $5 billion in new stock (at a discount) to Temasek Holdings
(Singapore's sovereign investment company controlled by finance
ministry), 2) $1.2 billion (discounted stock) to Davis Selected
Advisers (Tucson, AZ), 3) will sell most of Merrill Lynch
Capital, commercial finance business, for $1.3 billion to
January 17, 2008 -
reported $9.8 billion fourth-quarter loss (almost matched loss
reported for period by Citigroup, company three times Merrill’s
size); exceeded analysts’ forecasts, reflected $16.7 billion of
write-downs on mortgage-related investments, leveraged loans.
December 18, 2007
- Morgan Stanley posted fourth-quarter loss of $3.6 billion, or
$3.61 a share (far surpassed analysts' expectations of $0.39 per
share), first-ever quarterly loss in its 72-year history, after
taking additional $5.7 billion write-down related to subprime
mortgages (value reduced by $9.4 billion, one of largest
devaluations on Wall Street); said would sell a $5 billion stake
to China Investment Corporation (China's sovereign wealth fund),
to shore up its capital = 9.9% stake; chief executive, John J.
Mack, took full responsibility, said would forego bonus for
December 19, 2007
- Bear Stearns reported a steep fourth-quarter loss, the first
ever in its 84-year history; lost about $854 million ($6.90 a
share) for fourth quarter, compared to profit of $563 million
($4 a share) for same time last year (analysts had expected loss
of $1.82 a share); wrote down $1.9 billion related to holdings
in mortgages, mortgage-based securities, up from $1.2 billion
anticipated last month; October 22, 2007 - Citic
Securities, China’s largest investment bank (founded in 1995),
invested $1 billion in Bear Stearns (6% stake), Bear took
similar position in Citic; March
16, 2008 - agreed to be acquired by JPMorgan
Chase for $236.2 million ($2/share) to avert a Bear Stearns
bankruptcy filing, spread of crisis of confidence in global
financial system; March 28, 2008 - bid raised to $10/share (JPM
to bear first $1 billion of losses associated with Bear
Stearns's assets, Federal Reserve to fund other $29 billion);
May 30, 2008 - JP
Morgan completed acquisition of Bear Stearns.
Some Wall Street executives
question whether short sellers caused collapse of Bear Stearns;
others complain that shorts told lies about other major firms in
attempt to sink stock prices (accused of spreading rumors,
persecuting companies, unsettling entire economies); short
sellers dismiss idea they killed Bear Stearns, say they often
get blame when things go wrong in markets; "Show me the
evidence," said James S. Chanos, one of Wall Street's most
prominent short sellers. "It's always easier to blame someone
else, some unnamed market force than the people responsible."
(source: New York
Times, April 30, 2008 -
- Five biggest Wall Street firms awarded
record $39 billion in bonuses
January 8, 2008
- James E. Cayne, CEO and 6% shareholder of Bear Stearns,
retired as an employee of the firm.
January 15, 2008
- Subprime Cash Infusions from Foreign Investors (2007-2008)
July 26, 2008
- Compensation costs for six of seven largest brokerage firms in
first half of 2008 declined by total of $9.5 billion (vs. 2007);
implies aggregate decline in pay, benefits (including
bonuses - usually at least 75% of annual income for investment
bankers, traders), of more than $18 billion for full year (state
comptroller estimated $33 billion paid in Wall Street
bonuses in 2006 and 2007); could be biggest single-year decline
in pay on Wall Street in history; bonuses for employees based in
New York (about 178,000 people)
could shrink by $10
billion or more (total bonuses declined by $6.5 billion in
2001); equals about $10 billion less in taxable income, several
billion dollars less to be spent on apartments, furniture, cars,
clothing, services; financial-services industry provides almost
25% of all income earned in New York City (= about 10% of
city’s tax revenue, about 20% of state’s tax revenue, estimated
to drop by about $700 million in 2008 fiscal year).
15, 2008 - Lehman Brothers filed for bankruptcy
protection; Merrill Lynch agreed to be acquired by Bank of
America for $44 billion.
2008 - Warren Buffett
invested $5 billion in Goldman Sachs; received perpetual
preferred shares which will pay 10% annual dividend ($500
million/year) which take precedence over other payments to
common shareholders; Goldman has right to buy back shares at any
time for 10% premium; received warrants to buy $5 billion in
common stock at strike price of $115/share (can be used at any
time in five-year period); Goldman's stock has fallen from Oct.
31, 2007 high of $247.92 to $12505.
2008 - Goldman Sachs
(and Morgan Stanley) converted to deposit-taking bank holding
company; ; GS became fourth-largest in United States ($20 billion
in customer deposits, soon to increase to with $150
billion); primary regulators became Federal Reserve, Office of
Comptroller of the Currency (not SEC).
July 15, 2010 -
Goldman Sachs agreed to pay $550 million to settle federal
claims that it misled investors (had sold Abacus 2007-AC1,
subprime mortgage security, to customers in 2007; had not
disclosed involvement of John A. Paulson, prominent hedge fund
manager, in creating product which enabled him to bet against
what Goldman clients had bought); among largest settlements in
76-year history of Securities and Exchange Commission; small
fraction of Goldman's 2009 reported profit of $13.39 billion).
Bankers Trust Australia), Gideon Haigh (1999).
One of a Kind: The Story of Bankers Trust Australia,
1969-1999. (Melbourne, AU: Text Pub., 499 p.).
Bankers Trust Australia; Investment banking; Investment
banking -- Australia -- History.
(Bear Stearns), Bill Bamber (2008).
Bear-Trap: The Fall of Bear Stearns and the Panic of
2008. (New York, NY: Brick Tower Press,, 350
p.). Former Senior Managing Director at Bear Stearns.
Bear Stearns; Wall Street (New York, N.Y.)--history;
Brokers -- United States. Tragic story of fortunes made,
lost; what happened inside Bear's offices, on trading
floor that led to most sensational financial crisis of
(Bear Stearns), William D. Cohan
House of Cards: A Tale of Hubris and Wretched Excess on
Wall Street. (New York, NY: Doubleday, 480 p.).
Former Senior Wall Street Investment Banker. Bear,
Stearns & Co.; Investment banking --United States; Bank
failures --United States; Financial crises --United
States. March 2008 - fall of Bear Stearns, end of Second
Gilded Age on Wall Street, period of greed, arrogance,
stupidity in financial world; how combination of risky
bets, corporate political infighting, lax government
regulations, bad decision-making wrought havoc on world
financial system; deadly combination of
greed, inattention - why company’s
leaders ignored danger in huge positions
in mortgage-backed securities.
(Bear Stearns), Kate Kelly (2009).
Street Fighters: The Last 72 Hours of Bear Stearns, the
Toughest Firm on Wall Street. (New York, NY:
Portfolio, 256 p.). Staff Reporter (The Wall Street
Journal). Bear, Stearns & Co.; Investment banking
--United States.; Bank failures --United States;
Financial crises --United States. Final, frenzied 72
hours, in March 2008, as independent firm;
as subprime mortgage crisis grew, firm’s key
executives descended into civil war.
(Bear Stearns), Alan C. Greenberg
with Mark Singer (2010).
The Rise and Fall of Bear Stearns. (New York,
NY: Simon & Schuster, 213 p.). Former CEO and Chairman
of the Board of Bear Stearns. Bear, Stearns & Co.
--History --21st century; Investment banking --United
States --21st century; Subprime mortgage loans --United
States --21st century; Financial crises --United States
--21st century. Joined Bear
Stearns in 1949, became head of firm in 1978; how
collapse of company surprised him and other top
executives; whom he thinks was responsible; storied
career and its stunning conclusion.
Alan C. ("Ace") Greenberg
- Bear Stearns
(Bonbright and Company), Jennet Conant
Tuxedo Park: A Wall Street Tycoon and the Secret Palace
of Science That Changed the Course of World War II.
(New York, NY: Simon & Schuster, 330 p.). Granddaughter
of James Conant, President of Harvard. Loomis, Alfred L.
(Alfred Lee), 1887-1975; Physicists--United
States--Biography; Atomic bomb--United
States--History--20th century; Research--New York
(State)--Tuxedo Park--History--20th century; World War,
(Alex. Brown), Frank R. Kent (1950).
The Story of Alex. Brown & Sons. Issued on the One
Hundred and Fiftieth Anniversary of the Foundation of
the House in 1800. (Baltimore, MD: The Company, 2
vols.). Alex. Brown & Sons; Banks and
(Alex. Brown), Frank R. Kent (1975).
The Story of Alex. Brown & Sons, 1800-1975.
(Baltimore, MD: Alex Brown & Sons, 259 p.). Alexander
Brown and Sons -- History; Banks and Banking -- Maryland
(Alex. Brown), Edwin J. Perkins
Financing Anglo-American Trade: The House of Brown,
1800-1880. (Cambridge, MA: Harvard University
Press, 323 p.). Alex. Brown & Sons; Banks and banking --
United States -- History -- Case studies; International
(K. J. Brown Company), E. Bruce
Geelhoed (1982). Bringing Wall Street to Main Street:
The Story of K.J. Brown and Company, Inc., 1931-1981.
(Muncie, IN: Bureau of Business Research, College of
Business, and Dept. of History, 59 p.). K. J. Brown and
(Cantor Fitzgerald), Howard Lutnick
and Tom Barbash (2002).
On Top of the World: Cantor Fitzgerald and 9/11: A Story
of Loss and Renewal. (New York, NY:
HarperCollins, 282 p.). Chairman of Firm. Cantor
Fitzgerald (Firm)--History; World Trade Center (New
York, N.Y.); Stockbrokers--New York (State)--New
York--History; September 11 Terrorist Attacks, 2001.
(James Capel), M.C. Reed (1975).
A History of James Capel & Co. (London, UK:
James Capel & Co., 129 p.). James Capel & Co.; Stock
Exchange (London, England).
(Cazenove), David Kynaston (1991).
Cazenove & Co: A History. (London, UK: Batsford,
359 p.). Cazenove & Co. -- History; Stockbrokers --
England -- London -- History.
(City Securities), E.
Bruce Geelhoed (1985). Indiana's Investment Banker:
The Story of City Securities Corporation (Muncie,
IN: Bureau of Business Research, College of Business :
Dept. of History, College of Sciences and Humanities,
150 p.). City Securities Corporation--History;
(Coutts & Co.), Ernest Hartley
The Life of Thomas Coutts, Banker. (New York,
NY: John Lane Company, 2 vols.). Coutts, Thomas,
1735-1822; Coutts family.
(Coutts & Co.), Ralph M. Robinson
(1929). Coutts, The History of a Banking House.
(London, UK: J. Murray, 180 p.). Coutts, Thomas,
1735-1822; Coutts & co., bankers.
(Coutts & Co.), Edna Healey (1992).
Coutts & Co. 1692-1992: The Portrait of a Private Bank.
(London, UK: Hodder & Stoughton, 488 p.). Coutts & co.;
Banking -- private -- Great Britain. Tercentenary
history of Coutts & Co.
First Boston), Randall Smith (2010).
The Prince of Silicon Valley: Frank Quattrone and the Dot-Com
York, NY, St. Martin’s Press, 384 p.). Reporter (Wall Street
Journal). Quattrone, Frank Peter, 1955- --United States
--Biography; Investment bankers --United States; Investment
banking --Corrupt practices --United States. Cautionary tale of
ambition gone wrong; rise of foremost investment banker of
Internet stock-market bubble, from back streets of South
Philadelphia to peak of finance as highest paid banker on Wall
Street; took some of biggest names in technology public; California-based technology banking group led
most hot initial public offerings in 1999-2000); four different
investigations of bubble-related misconduct, two criminal trials
for obstruction of justice (mistrial, conviction in 2004); 2006 - conviction overturned by
appeals court; returned to banking business.
(Dillon Read), Robert Sobel (1991).
The Life and Times of Dillon Read. (New York,
NY: Dutton, 420 p.). Academic (Hofstra University).
Dillon, Reed & Co.--History; Investment banking--United
Clarence Dillon - Dillon, Read
(Drexel), Dan Rottenberg (2001).
The Man Who Made Wall Street: Anthony J. Drexel and the
Rise of Modern Finance. (Philadelphia, PA:
University of Pennsylvania Press. Drexel, Anthony J.
(Anthony Joseph), 1826-1893; Bankers--United
States--Biography; Capitalists and financiers--United
Anthony J. Drexel
W. "Tubby" Burnham
(Drexel Burnham), Connie Bruck (1989).
The Predators' Ball: The Inside Story of Drexel Burnham
and the Rise of the Junk Bond Raiders. (New
York, NY: Penguin, 399 p.). Milken, Michael; Drexel
Burnham Lambert Incorporated; Consolidation and merger
of corporations--United States; Junk bonds--United
States; Stockbrokers--United States.
(Drexel Burnham), Dan G. Stone (1990).
April Fools: An Insider's Account of the Rise and
Collapse of Drexel Burnham. (New York, NY: D.I.
Fine, 249 p.). Drexel Burnham Lambert Incorporated;
Drexel Burnham Lambert
Incorporated--Employees--Dismissal of; Stockbrokers--New
York (State)--New York; Securities fraud--New York
(Drexel Burnham), Fenton Bailey; with
an introduction by Alan Dershowitz (1992).
Fall From Grace: The Untold Story of Michael Milken.
(Seacaucus, NJ: Carol Pub. Group, 330 p.). Milken,
Michael; Drexel Burnham Lambert Incorporated;
Stockbrokers--United States--Biography; Junk
bonds--United States; Securities industry--Corrupt
(Drexel Burnham), Benjamin Stein
A License to Steal: The Untold Story of Michael Milken
and the Conspiracy to Bilk the Nation. (New
York, NY: Simon & Schuster, 219 p.). Milken, Michael;
Drexel Burnham Lambert Incorporated;
Stockbrokers--United States--Biography; Junk
bonds--United States; Securities industry--Corrupt
(Drexel Burnham), Harlan D. Platt
The First Junk Bond: A Story of Corporate Boom and Bust.
(Armonk, NY: M.E. Sharpe, 236 p.). Milken, Michael;
Drexel Burnham Lambert Incorporated; Securities
industry--Corrupt practices--United States; Junk
(Drexel Burnham), Daniel R. Fischel
Payback: The Conspiracy to Destroy Michael Milken and
His Financial Revolution. (New York, NY:
HarperBusiness, 332 p.). Professor of Corporate Law
(University of Chicago). Milken, Michael; Drexel Burnham
Lambert Incorporated; Junk bonds--United States; Insider
trading in securities--United States.
(Fimagest), The Company (1996). La
Revolution du Marche Financier Francais, 1978-1995:
Naissance d’un Acteur Fimagest, Profession Gestionnaire.
(Paris, FR: Public Histoire: A. Michel, 188 p.).
Fimagest (Firm)--History; Securities
(Gardner Rich & Co.), Chris Gardner
with Quincy Troupe (2006).
The Pursuit of Happyness: From The Mean Streets to Wall
Street. (New York, NY: Amistad, 320 p.). CEO
(Gardner Rich). Gardner, Chris (Chris P.); Gardner Rich
& Co.; Stockbrokers--United States--Biography.
From working poor single
parent, living in an Oakland homeless shelter with his
infant son to self-made millionaire.
(Robert Garrett &
Sons), Harold A. Williams (1965).
Robert Garrett & Sons Incorporated: Origin and
Development - 1840-1965. (Baltimore, MD: Press
of Schneidereith & Sons, 102 p.). Garrett, Robert &
Sons. (firm); Investment banking.
(Gillett Brothers Discount Company
Ltd.), R. S. Sayers (1968).
Gilletts in the London Money Market 1867-1967.
(Oxford, UK: Clarendon Press, 204 p.). Gillett Brothers
Discount Company, ltd., London--History; Bills of
(Goldman, Sachs - origins to 1869 when
Marcus Goldman opened an office), LIsa Endlich (1999).
Goldman Sachs: The Culture of Success. (New
York, NY: Knopf, 319 p.). Former Goldman, Sachs Foreign
Exchange Trader. Goldman, Sachs & Co.; Investment
banking--United States; Going public (Securities).
Marcus Goldman - Goldman Sachs
(Goldman Sachs), Nils Lindskoog
(1999). Long-Term Greedy: The Triumph of Goldman
Sachs. (Appleton, WI: McCrossen Pub., 192 p. [2nd
ed.]). Goldman, Sachs & Co.; Investment banking--New
York (State)--New York; Financial leverage--New York
(Goldman Sachs), June Breton Fisher (2010).
When Money Was in Fashion: Henry Goldman, Goldman Sachs, and the
Founding of Wall Street. (New York, NY: Palgrave
Macmillan, 288 p.). Henry Goldman’s granddaughter. Goldman,
Henry, 1857-1937. Rise of Wall Street, growth of Goldman Sachs
from small commercial paper company to international banking
business; Henry Goldman (son of founder) established many of practices
of modern investment banking; devised plan that made Sears,
Roebuck Co. first publicly owned retail operation in world,
helped convince Woodrow Wilson to pass Federal Reserve Act of
1913, became power player in world of Wall Street finance at
time when Jews were considered outsiders; hard-fought, often
frustrating career with Goldman Sachs; tensions
between Goldman and Sachs families outside of boardroom, into
larger world as United States went to war; continued his involvement
with finance throughout life.
(Goldman Sachs), Suzanne McGee (2010).
Chasing Goldman Sachs: How the Masters of the Universe Melted
Wall Street Down-- and Why They’ll Take Us to the Brink Again.
(New York, NY: Crown Publishers, 398 p.). Contributing Editor at
Barron's. Goldman, Sachs & Co.; Investment banking --United
States --History --21st century; Financial crises --United
States --History --21st century; Finance --United States
--History --21st century. Why financial system came so close to
falling over edge of abyss, why it could happen again; forces
that transformed Wall Street from traditional role as
capital-generating and economy-boosting engine into behemoth
operating with only its own short-term interests in mind,
reckless disregard for broader financial system; where banking
stands, where it needs to go.
(Goldman Sachs), Willaim D. Cohan
Money and Power: How Goldman Sachs Came to Rule the
World. (New York, NY: Doubleday, 672 p.).
Contributing Editor (Vanity Fair), Bi-weekly opinion
column (The New York Times). Goldman Sachs; investment
bankers --United States --history. Goldman's rise to
summit of world capitalism; weathered financial crises,
congressional, federal and SEC investigations, numerous
lawsuits, with reputation and profits intact; how
Goldman became so profitable, powerful: cultivation of
people in power (since 1913), eagerness to deal on both
sides of transaction; 2 images: 1) "The Goldman Way" -
model predicated on hiring most talented people,
indoctrinating them in corporate culture where partners
stifle their egos for greater good, honoring "14
Principles," first of which is "Our clients' interests
always come first"; 2) secretive money-making machine
that has straddled the line between conflict-of-interest
and legitimate deal-making; has exerted undue influence
over government; composed of "cyborgs" kept in line by
internal "reputational risk department" staffed by
former CIA operatives, private investigators; workplace
rife with brutal power struggles; Wall Street titan
whose clever bet against mortgage market in 2007 (not
revealed to its clients) may have made financial ruin of
Great Recession worse.
(E. F. Hutton), Mark Stevens (1989).
Sudden Death: The Rise and Fall of E.F. Hutton.
(New York, NY: New American Library, 298 p.). E.F.
Hutton & Company; Stockbrokers--United States;
- co-founding partner, E. F. Hutton
(E. F. Hutton), Donna S. Carpenter and
John Feloni (1989).
The Fall of the House of Hutton. (New York, NY:
Holt, 322 p.). E. F. Hutton & Company;
(E. F. Hutton), James Sterngold
Burning Down the House: How Greed, Deceit, and Bitter
Revenge Destroyed E.F. Hutton. (New York, NY:
Summit Books, 305 p.). E.F. Hutton & Company--History;
(Keefe Bruyette & Woods), John Duffy
and Mary S. Schaeffer (2001).
Triumph over Tragedy: September 11 and the Rebirth of a
Business. (Hoboken, NJ: Wiley, 228 p.). Duffy,
John; Keefe, Bruyette & Woods, Inc.; Chief executive
officers--Biography; Investment advisors--New York
(State)--New York; September 11 Terrorist Attacks, 2001.
(Kidder Peabody), Vincent P. Carosso
More Than a Century of Investment Banking: The Kidder,
Peabody & Co. Story. (New York, NY: McGraw-Hill,
212 p.). Kidder Peabody & Co.
Albert H. Gordon - rescued
Kidder, Peabody (http://www.alumni.hbs.edu/bulletin/2001/october/img/gordon.jpg)
(Kidder Peabody), S. Melvin Rines
(1999). Al Gordon of Kidder, Peabody. (Weston,
MA: Southport Press, 145 p.). Gordon, Al (Albert
Hamilton), 1901- ; Kidder, Peabody & Co.; Investment
(Kidder Peabody), Joseph Jett with
Sabra Chartrand (1999).
Black and White on Wall Street: The Untold Story of the
Man Wrongly Accused of Bringing Down Kidder Peabody.
(New York, NY: Morrow, 387 p.). Jett, Joseph; Kidder,
Peabody & Co.--Employees--Biography; Insider trading in
securities--United States; Securities industry--Corrupt
(Lazard Freres), Anne Sabouret (1987).
MM Lazard Frères et Cie: Une Saga de la Fortune.
(Paris, FR: O. Orban, 285 p.). Lazard Frères &
Co.--History; Banks and banking--France--History;
- Lazard Freres (http://referentiel.nouvelobs.com/file/293428.jpg)
- Lazard Freres
(Lazard Freres), Didier Lazard (1988).
Simon Lazard, 1828-1898: Emigré à Seize Ans, Pionnier du
Far-West, Fondateur de la Banque Lazard: Les Origines de
la Banque Lazard. (Paris, FR: Editions du Félin,
161 p.). Lazard, Simon, 1828-1898; Lazard, Simon,
1828-1898 --Journeys--United States;
States--Biography; United States--Description and
(Lazard Freres), Cary Reich (1997).
Financier, The Biography of André Meyer: A Story of
Money, Power, and the Reshaping of American Business.
(New York, City: Wiley, 392 p.). Meyer, André,
1898-1979; Capitalists and financiers--United
States--Biography; Investment banking--United
(Lazard Freres), enquête de Laurent
L'Incroyable Histoire de Lazard Frères, La Banque Qui
Règne sur le Monde des Affaires. (Paris, FR:
Editions Assouline, 141 p.). Lazard Frères &
Co.--History; Banks and banking--France--History.
(Lazard LLC), Martine Orange (2006).
Ces Messieurs de Lazard. (Paris, FR: Albin
Michel, 345 p.). Lazard Freres & Co.--History; Banks and
Banks and banking--New York (State)--New York--History;
Bankers--New York (State)--New York--Biography.
1980s - arranged more
than 70% of all the corporate mergers, acquisitions in
France; 1998 - arranged less than one-third; 2002 -
recruited Bruce Wasserstein; killed 'old firm', created
new investment bank.
(Lazard LLC), William D. Cohan (2007).
The Last Tycoons: The Secret History of Lazard Freres &
Co. (New York, NY: Doubleday, 752 p.). Six Years
at Lazard Frères, Later Managing Director at JP Morgan
Chase. Lazard Freres & Co.--History; Banks and
banking--New York (State)--New York--History;
Bankers--New York (State)--New York--Biography; Banks
Bankers--France--Biography. Portrait of Wall Street
through tumultuous history of this company - Michel
David-Weill, Felix Rohatyn, Steve Rattner, Bruce
(Lazard Freres & Co.), Felix Rohatyn (2009).
How Our Government Built America, and Why It Must Rebuild Now. (New York, NY: Simon & Schuster, 272
p.). Managing Director at Lazard Freres & Co. LLC, Former U.S.
ambassador to France, Former Chairman of the Municipal
Assistance Corporation of the State of New York (1975-1993).
Infrastructure (Economics) --Government policy --United States;
Public works --United States;, Public investments --United
States; United States --Social policy --1993-.
transformative events in American history: Louisiana Purchase,
Erie Canal, transcontinental railroad, Lan Grant colleges,
Homestead Act, Panama Canal, rural electrification,
Reconstruction Finance Act, G. I. Bill, interstate highway
(Lazard Freres & Co.), Felix Rohatyn (2010).
Dealings: A Political and Financial Life. (New York,.
NY: Simon & Schuster, 352 p.). Former Managing Director at
Lazard Freres & Co. LLC, Former U.S. ambassador to France (1975
to 1993). Rohatyn, Felix G., 1928-; Investment bankers --United
States --Biography; Capitalists and financiers --United States
--Biography; Ambassadors --United States --Biography.
merger-and-acquisition business that revolutionized investment
banking, transformed worlds of finance, entertainment; some of
era’s most renowned figures in worlds of finance, entertainment,
(Lehman Brothers), Ken Auletta (1986).
Greed and Glory on Wall Street: The Fall of the House of
Lehman. (New York, NY: Random House, 253 p.).
Lehman Brothers; Wall Street; Stockbrokers--United
Emanuel Lehman (http://www.library.hbs.edu/hc/lehman/images/history/emmanual-lehman.jpg)
(Lehman Brothers), David Neal Keller
Edwin L. Kennedy: Reinvesting in Education.
(Athens: OH: Ohio University Press,, 236 p.). Kennedy,
Edwin Lust, 1904- ; Businesspeople--United
States--Biography; Universities and colleges--United
States--Finance. Kennedy - Senior Partner, Lehman
(Lehman Brothers), Lawrence G. McDonald with
Patrick Robinson (2009).
A Colossal Failure of Common Sense: The Inside Story of the
Collapse of Lehman Brothers. (New York, NY: Crown
Business, 368 p.). Former Vice President of Distressed Debt and
Convertible Securities Trading at Lehman Brothers. Lehman
Brothers (1993- ) --History; Global Financial Crisis, 2008-2009;
Financial crises --United States. Culture, unspoken rules of
game; reckless, pedal-to-the-floor addiction to growth
demolished nation’s oldest investment bank; ruthless place; brilliance, arrogance, ambition, greed, capacity for
relentless toil, other human traits combined in potent mix that
sometimes fueled prosperity, occasionally destroyed it.
Brothers), Joe Tibman (2009).
The Murder of Lehman Brothers: An Insider’s Guide to
the Global Meltdown.
(New York, NY, Brick Tower Press, 245 p.). Former
Senior Banker at Lehman Brothers. Lehman Brothers
(1993- ) --History; Global Financial Crisis,
2008-2009; Financial crises --United States. People,
forces that share responsibility for demise of
Lehman; feud erupted, soon after death of last
Lehman Family CEO, between two "houses" of Lehman
(investment bankers, sales and trading group); rise
of Dick Fuld, from junior trader to CEO; what small
handful of people, inside Lehman, did to crush it,
with assistance of misguided, inept politicians,
dysfunctional, antiquated regulatory
infrastructure. People, forces that share
responsibility for demise of Lehman; feud erupted,
soon after death of last Lehman Family CEO, between
two "houses" of Lehman (investment bankers, sales
and trading group); rise of Dick Fuld, from junior
trader to CEO; what small handful of people, inside
Lehman, did to crush it with assistance of
misguided, inept politicians, dysfunctional,
antiquated regulatory infrastructure.
(Lehman Brothers), Peter Chapman (2010).
The Last of the Imperious Rich: Lehman Brothers, 1844-2008.
(New York, NY: Portfolio, 320 p.). Writer, Editor for the
Financial Times. Lehman Brothers --History; Stockbrokers
--United States; Investment banking --New York (State) --New
York --History; Finance --New York (State) --New York --History;
Bankruptcy --United States; Business failures --United States.
How one of largest, most respected firms in world could fail;
history of Lehman from beginnings as cotton-brokering general
store run by family of German immigrants in Montgomery, Alabama,
to dramatic exit from world financial stage; from Henry Lehman,
who founded firm, to Bobbie Lehman, who led company into world
of radio, motion pictures, air travel in 1920s, to Dick Fuld,
who ran firm during final days; what caused Lehman to fail.
Michael P. Malloy (2010).
Anatomy Meltdown: Financial Biography Subprime Mortgage Meltdown.
(New York, NY: Wolters Kluwer Law & Business, 281 p.). Professor
of Law, McGeorge School of Law (University of the Pacific).
Lehman Brothers (1993-2008) --Trials, litigation, etc.;
Washington Mutual, Inc. --Trials, litigation, etc.; Banking law
--United States; Global Financial Crisis, 2008-2009.
two financial icons, Lehman Brothers (investment banking),
WaMu (consumer financial services sector) on path to financial
ruin; global economic meltdown, steps necessary to restore
financial markets, measures that must be taken to avoid similar
crises in future; fundamental law, policy, practical issues
raised by crisis, government's response to it.
(Lehman Brothers), Vicky Ward (2010).
The Devil's Casino: Friendship, Betrayal, and the High Stakes
Games Played Inside Lehman Brothers.
(Hoboken, NJ: Wiley, 296 p.). Contributing Editor (Vanity
Fair). Lehman Brothers; Investment banking --New York (State)
--New York --History; Investment advisors --New York (State)
--New York --History; Finance --New York (State) --New York
- Lehman acquired by by American Express, renamed
Shearson/Lehman American Express; 1990 - Lehman Commercial Paper
Inc. renamed Lehman; 1994 - became independent;
September 15, 2008 - bankrupt; four best
friends who rebuilt Lehman Brothers - Steve Lessing, Tom Tucker,
Chris Pettit, Joe Gregory (all from Huntington, Long Island);
poisonous culture - illicit affairs, treachery, séances,
boardroom backstabbing, friendships and families torn apart;
"Little Lehman" - known to be forever fighting for its life,
somehow succeeding; victim of men, women blinded by arrogance,
(Lehman Brothers), Mark T. Williams (2010).
Uncontrolled Risk: Lessons of Lehman Brothers and How
Systemic Risk Can Still Bring Down the World Financial
System. (New York, NY: McGraw-Hill, 256 p.).
Finance and Economics Faculty (Boston University).
Lehman Brothers -- bankruptcy; economic conditions -
2000-2008. How uncontrolled risk
toppled 158-year-old institution; what it says about
Wall Street, Washington, world financial system;
microcosm of industryâ€”worst-case scenario of smart
decisions, stupid mistakes, ignored warnings, important
lessons in money, power, policy: did CEO Dick Fuld
deserve Congressional inquisition? how investment
banking money machine broke down: can it be fixed?; can
lessons be learned from key drivers that caused
financial meltdown? is Washington to blame for wild risk
taking? ongoing debate on reform and regulation: can
meaningful reform avert another financial catastrophe?
(Levesque, Beaubien), Jules Belanger
Jean-Louis Levesque: A Biography. (Westmount,
QU: R. Davies Multimedia, 312 p.). Levesque, Jean-Louis;
Capitalists and financiers--Canada--Biography.
(Mediobanca S.p.A), Giandomenico
Piluso, (2005). Mediobanca: Tra Regole e Mercato.
(Milano, IT: Egea, 229 p.). Mediobanca--History;
Investment banking--Italy--History--20th century.
(Merrill Lynch), Donald T. Regan
A View from the Street. (New York, NY: New
American Library, 220 p.). Wall Street.
October 7, 1956 Obituary -
http://www.nytimes. com/ learning/general/onthisday/bday/1019.html
(Merrill Lynch), edited by Henry R.
Hecht (1985). u>A Legacy of Leadership: Merrill Lynch,
1885-1985. (New York, NY: Merrill Lynch, 151 p.).
Merrill Lynch & Co. (1973- )--History;
(Merrill Lynch), Edward J. Perkins
Wall Street to Main Street: Charles Merrill and
Middle-Class Investors. (New York, NY: Cambridge
University Press, 283 p.). Merrill, Charles, 1885-1956;
Merrill Lynch & Co. (1973- )--History; Capitalists and
financiers--United States--Biography. History of Merrill
Lynch, founder Charles Merrill.
(Merrill Lynch), Greg Farrell (2010).
Crash of the Titans: How the Decline and Fall of Merrill Lynch
Crippled Bank of America and Nearly Destroyed America's
Financial System. (New York, NY: Crown Business, 320
p.). Journalist (Financial Times). Merrill Lynch; Bank of
America; financial crises - 2008. Worldwide financial collapse
seen through merger of Bank of America and Merrill
Lynch; focus on Ken Lewis and John Thain; critical look at two companies' boards of directors, "bonus culture" of Wall
Street, risks embedded in any company run by all-powerful CEO.
(Montgomery Securities), Richard
Brandt with contributions by Thomas Weisel (2002).
Capital Instincts: Life as an Entrepreneur, Financier,
and Athlete. (Hoboken, NJ: Wiley, 336 p.).
Weisel, Thomas; Capitalists and financiers--United
(Moody's), John Moody (1975).
The Long Road Home: An Autobiography. (New York,
NY: Arno Press, 263 p. [orig. pub. 1933]). Moody, John,
1868-1958; Capitalists and financiers--United
(Morgan Stanley), Patricia Beard
Blue Blood & Mutiny: The Fight for the Soul of Morgan
Stanley. (New York, NY: Morrow, 352 p.). Morgan
Stanley. Leadership battle at Morgan Stanley - fight for
dominance between two competing business cultures: 1)
collegial meritocracy from days of J. P. Morgan, 2)
cold, contemporary corporate model.
Henry S. Morgan - Morgan Stanley
(Mullens & Co.), David Wainwright
Government Broker: The Story of an Office and of Mullens
& Co. (East Molesey, UK: Matham, 160 p.).
Mullens & Co.; Securities markets Business History Great
(Nesbitt Thomson Inc.), A.R.Deane
Dry Goods & Pickles: The Story of Nesbitt, Thomson.
(Toronto, Canada: The Author, 144 p.). Grandson of
Founder. Nesbitt, Thomson Inc.--History; Nesbitt, Arthur
(Nomura), Albert J. Alletzhauser
The House of Nomura: The Inside Story of the Legendary
Japanese Financial Dynasty. (New York, NY:
Arcade Pub. Co., 343 p.). Nomura Sh¯oken Kabushiki
Kaisha--History; Stockbrokers--Japan; Securities
(Paine Webber), Paine Webber Inc.
(1930). Paine, Webber & Company, 1880-1930. A
National Institution. (Boston, MA: Oxford-Print, 75
p.). Brokers -- United States.
William A. Paine
- Paine Webber
(Prudential-Bache), Jeffrey Taylor
The Pru-Bache Murder: The Fast Life and Grisly Death of
a Millionaire Stockbroker. (New York, NY:
HarperCollins, 293 p.). Prozumenshikov, Michael,
1953-1991; Prudential-Bache Securities, Inc.--Case
studies; Murder--Minnesota--Minneapolis--Case studies;
(Prudential-Bache), Kurt Eichenwald
Serpent on the Rock. (New York, NY:
HarperBusiness, 480 p.). Prudential-Bache Securities,
Inc., Securities Fraud.
(Prudential-Bache), Kathleen Sharp
In Good Faith. (New York, NY: St. Martin's
Press, 256 p.). Prudential-Bache Securities,
Inc.--Corrupt practices; Securities fraud--United
(Royal Securities Corporation),
Douglas How (1986).
Canada's Mystery Man of High Finance: The Story of Izaak
Walton Killam and His Glittering Wife Dorothy.
(Hantsport, NS: Lancelot Press, 173 p.). Killam, Izaak
Walton, 1885-1955; Killam, Dorothy Johnston, 1899-1965;
Capitalists and financiers -- Canada -- Biography.
John F. Stairs
- founder, Royal Securities
Izaak Walton Killam - Royal
(Royal Securities Corporation),
Gregory P. Marchildon (1996).
Profits and Politics: Beaverbrook and the Gilded Age of
Canadian Finance. (Toronto, ON: University of
Toronto Press, 348 p.). Beaverbrook, Max Aitken, Baron,
1879-1964; Royal Securities Corporation--History;
Consolidation and merger of
corporations--Canada--History; Business and
(Salomon Brothers), Robert Sobel
Salomon Brothers, 1910-1985: Advancing to Leadership.
(New York, NY: Salomon Brothers, 240 p.). Salomon
Brothers--History; Investment banking--New York
(Salomon Brothers), Martin Mayer
Nightmare on Wall Street: Salomon Brothers and the
Corruption of the Marketplace. (New York, NY:
Simon & Schuster, 272 p.). Salomon Brothers; Government
securities--Marketing--Corrupt practices--United States.
(Schwab), John Kador (2002).
Charles Schwab: How One Company Beat Wall Street and
Reinvented the Brokerage Industry. (Hoboken, NJ:
Wiley, 324 p.). Schwab, Charles; Charles Schwab
Corporation--History; Stockbrokers--New York
(Seligman - founded 1864), Ross L.
Muir and Carl J. White (1964).
Over the Long Term; The Story of J. & W. Seligman & Co.
(New York, NY: J. & W. Seligman, 172 p.). Seligman, J. &
W., & Co., New York.
(Muriel Siebert & Co.), Muriel
Siebert, with Aimee Lee Ball (2002).
Changing the Rules: Adventures of a Wall Street Maverick.
(New York, NY: Free Press, p.).
Founder (Muriel Siebert & Co., Inc.). Siebert, Muriel;
New York Stock Exchange--History--20th century;
Stockbrokers--New York (State)--New York--Biography;
Businesswomen--New York (State)--New York--Biography.
(Slater Walker Securities), Charles
A Financial Phenomenon: An Investigation of the Rise and
Fall of the Slater Walker Empire. (New York. NY:
Harper & Row, 368 p.). Slater, Jim, 1929-; Walker, Peter
Edward, 1932-; Slater, Walker Securities, Ltd.;
Capitalists and financiers--Great Britain--Biography.
(Standard & Poor's), Alfred D.
Chandler, Jr. (1956).
Henry Varnum Poor, Business Editor, Analyst, and
Reformer. (Cambridge, MA: Harvard University
Press, 362 p.). Poor, Henry Varnum, 1812-1905;
(Sutro & Co.), Louis H. Cahen and
Edward I. Fitzpatrick (1928). The Empire of the
Golden Gate, 1858-1928, Prepared for Sutro & Co. at the
Moment of Their Seventieth Year of Activity. (San
Francisco, CA: H.S. Crocker Company, Inc., 53 p.). Sutro
& Co., San Francisco; San Francisco Stock Exchange
(1927-1957); San Francisco (Calif.)--History.
(Julia Walsh & Sons), Julia Montgomery
Walsh in collaboration with Anne Conover Carson (1996).
Risks and Rewards: A Memoir. (McLean, VA: EPM
Publications, 216 p.). Walsh, Julia Montgomery;
Stockbrokers--United States--Biography; Women in
finance--New York (State)--New York--Biography.
(Weeden & Co.), Donald E. Weeden
Weeden & Co.: The New York Stock Exchange and the
Struggle Over a National Securities Market. (New
York, NY: Donald E. Weeden, 224 p.). Weeden, Donald E.;
Weeden & Co.; United States. Securities and Exchange
Commission; Securities --United States; Securities
industry --United States. Whether stock exchange
is place or concept.
J.S. Aikman (2020).
When Prime Brokers Fail: The Unheeded Risk to Hedge Funds,
Banks, and the Financial Industry. (New York, NY:
Bloomberg Press, 290 p.). Former VP and Counsel for a
Bulge-Bracket Investment Bank in London). Hedge funds; Brokers;
Investment banking; Investment advisors; Financial services
industry; Financial risk. Relationship between hedge funds,
their brokerages, risks that multiply in extraordinary markets;
source of unexpected risk for banks lending to highly leveraged
hedge funds, for funds with assets at struggling banks; unheeded
risks of prime finance; steps required for managers to protect
their funds, bankers to protect their brokerages; challenges,
trends, risks within prime brokerage space; structural
adjustments firms will need to make to avoid similar disasters;
complex relationship between hedge funds, their brokerages,
risks that multiply in extraordinary markets; new ways to manage
inherently risky business, regulations that may soon be
Geraint Anderson (2008).
Cityboy: Beer and Loathing in the Square Mile. (London,
UK: Headline, 320 p.). Former Joint Team Leader and Star Stock
Analyst at Dresdner Kleinwort. Stockbrokers -- England -- London
-- History; Stock Exchange (London, England). Semi-fiction,
reads like memoir; son of former leftwing Labour MP Donald
Anderson (now Lord Anderson of Swansea); secrets about the dark
underbelly of City life; read the columns:
Stephen Birmingham (1996).
Our Crowd: The Great Jewish Families of New York.
(Syracuse, NYs: Syracuse University Press, 404 p. [orig.
pub. 1967]). Jews --New York (State) --New York --Social
life and customs; Jewish bankers --New York (State)
--New York; Upper class --New York (State) --New York;
New York (N.Y.) --Ethnic relations.
Charles R. Geisst (2001).
The Last Partnerships: Inside the Great Wall Street
Dynasties. (New York, NY: McGraw-Hill, 338 p.).
Wall Street--History; Securities industry--Mergers--New
York (State)--New York--Case studies;
Stockbrokers--Mergers--New York (State)--New York--Case
studies; Partnership--New York (State)--New York--Case
studies; Business failures--New York (State)--New
York--Case studies; Securities industry--United
States--History; Stockbrokers--United States--History.
Alexandra Michel and Stanton Wortham (2008).
Bullish on Uncertainty: How Organizational Cultures Transform
Participants. (New York, NY: Cambridge University Press,
264 p.). Assistant Professor in the Department of Management and
Organization at the Marshall School of Business (University of
Southern California); Judy and Howard Berkowitz Professor of
Education at the Graduate School of Education (University of
Pennsylvania). Corporate culture; Bank management; Investment
banking. How two highly successful Wall Street investment banks
managed uncertainty of their high-velocity environment through
different work practices; 1) familiar route of decreasing
bankers' uncertainty; 2) novel, effective practice of increasing
bankers' uncertainty to make them more alert to new situations,
more likely to draw on bank's entire range of resources; why
banks differed in ability to notice market changes, adapt to them; how similar participants were
transformed into different kinds of persons by different kinds
of work practices.
Roy C. Smith and Ingo Walter (1997).
Street Smarts: Linking Professional Conduct with
Shareholder Value in the Securities Industry.
(Boston, MA: Harvard Business School Press, 351 p.).
Securities industry--United States.
In the late
1840s, Henry Lehman made the journey from Germany to Alabama,
where he established a dry goods store. Several years later, he
was joined by his two brothers and over the coming years the
firm of Lehman Brothers would become a commodities broker buying
and selling cotton for the planters in the area. They opened a
New York office in 1858, and during the next century and a half
they would become one of the world's most prominent financial
firms. Lehman Brothers collapsed in 2008, but curious persons
can still learn about their various dealings via this site. The
Lehman Brothers Collection at Harvard University's Baker Library
contains digitized records of their deal books from the 1920s to
the 1980s. On the homepage, visitors can learn about the history
of the firm, and also use the "Using the Deal Books" to learn
how to decipher all of their transactions. The deal books can
also be browsed by chronology, company, or industry. Site also
has extensive business records, which include executive records,
financial documents, and correspondence.
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