tailieunhanh - THE LAST PARTNERSHIPS Inside the Great Wall Street Money Dynasties phần 5

doanh số bán nhà trường để đào tạo các nhà môi giới về kỹ thuật bán hàng hiệu quả. Tuy nhiên, nhiều sản phẩm đã phần nào hạn chế. Hầu hết các doanh số bán hàng có hiệu lực đẩy AT & T cổ phiếu phổ thông, và đã không khuyến khích các tài khoản lợi nhuận từ khách hàng. Đó là phạm vi giới hạn đã giúp tiết kiệm công ty từ sự tàn phá tồi tệ nhất của sụp đổ năm 1929. | THE LAST PARTNERSHIPS house sales school to train the brokers in effective selling techniques. But the product range was somewhat limited. Most of the sales force pushed AT T common stock only and did not encourage margin accounts from customers. That limited scope helped save the firm from the worst ravages of the Crash of 1929. Ironically it was the traditional private banking business that caused serious difficulties. The stock market crash troubled Kidder Peabody but the firm survived intact. But events in 1930 caused it to fail creating a low point in the firm s history. The informal structure of the company came to haunt it when many of its senior partners decided to retire taking their capital with them as they did. The new partners who had been admitted over the years were never required to bring new money with them so the firm was suffering withdrawals of capital at the same time as the Crash. In financial circles the situation became well-known and depositors began to withdraw their funds creating a situation not unlike that which befell Jay Cooke seventy years before. The final blow occurred when the Italian government withdrew the balance of its deposit causing the firm to seek outside assistance in order to survive. Kidder Peabody became the best-known victim of the financial crisis of 1929 on Wall Street. The only question was who would pick up the pieces so the firm could begin again. In a move reminiscent of previous Wall Street panics Kidder was bailed out by J. P. Morgan. In times of financial distress it was natural for larger solvent firms to extend assistance to the smaller and 1930 proved to be no exception. The original tab for the bailout was 15 million. Kidder approached Morgan who agreed to help out an old banking friend. The negotiations lasted months. Morgan organized a bailout group consisting of New York and Boston banks and several private investors one of whom was Mortimer Schiff of Kuhn Loeb. The group provided 10 million while .