tailieunhanh - THE LAST PARTNERSHIPS Inside the Great Wall Street Money Dynasties phần 9

Vốn vượt quá $ 500 triệu, nhiều lần của Salomon Brothers vị trí thứ hai, và nó đứng trên đỉnh bảng xếp hạng bảo lãnh cho cả hai vị trí quản lý lãnh đạo và sự tham gia. Công ty có 250 văn phòng, hơn nửa triệu tài khoản, và nhân viên, xa hơn nữa trong tất cả ba loại hơn bất cứ ai khác trên đường. Như một minh chứng cho sự phổ biến và sức mạnh tài chính của công ty môi giới bán lẻ trở thành ngân hàng đầu tư, vị trí vốn khác đã bị. | Unraveled by Greed Salomon Brothers and Drexel Burnham prestigious client list and on paper complemented Drexel perfectly. The new Drexel Harriman Ripley Co. seemed to be a match made in heaven because it joined two blue-blooded firms at a time when the rest of the Street was under attack by what old-line investment bankers considered the proletariat of retail brokerage and trading. But the marriage did not accomplish its desired objective. Low capital again was the problem. Within four years of the merger partners were retiring taking capital out of the firm in what was quickly becoming a serious capital flight following the backroom crisis of the time. The old guard was retreating from the Street proving that partners capital was transient. Drexel found a new source of capital in an unlikely source the Firestone Tire Rubber Co. a client. Firestone bought into the firm for a capital infusion of 6 million and its name was changed to Drexel Firestone. The day was saved but not for long. The investment bank soon began losing its senior corporate finance specialists at an alarming rate and again was under threat of losing both capital and influence. Another merger partner was needed. At the same time another firm was looking for a partner. At first glance it appeared that the two had little in common. Burnham Co. was founded by I. W. Tubby Burnham II in 1935 with 100 000 borrowed from his grandfather a successful businessman who founded the distillery that made I. W Harper Bourbon. Tubby Burnham s securities firm was mainly Jewish and was very similar to Salomon Brothers at the time only smaller and less developed. It made its living by brokerage and trading but certainly was not part of the New York elite or the Philadelphia mainline as was Drexel. The capital crisis brought about by the backroom problems in the late 1960s and early 1970s brought pressure to bear and although the two firms had dissimilar backgrounds they could not afford to ignore each other. They .