August 23, 1989 |
The investment firm Drexel Burnham Lambert Inc. warned its employees this week to avoid business contact with Michael Milken, the financier who turned Drexel into one of the most profitable firms on Wall Street. As part of its settlement of sweeping fraud charges with the Securities and Exchange Commission earlier this year, Drexel agreed to dismiss Michael Milken and his brother, Lowell, and to sever business relationships with them.
December 3, 1989 |
A stockbroker can help you put together an investment portfolio and even advise you on the range of securities and other opportunities available to you. But a broker is not necessarily a financial planner, who can evaluate your personal circumstances and objectives and draft a detailed investment strategy. Choosing a good financial planner who understands your goals and investing temperment can be difficult, but not impossible.
March 23, 1989 |
Signaling that recently rising interest rates may be hurting the bond trading activities of several Wall Street firms, Salomon Inc. said Wednesday that it expects to report a "modest" loss in the current first quarter. The once-venerable firm--which has been trying to reduce its dependence on trading--blamed the expected poor results on adverse trading conditions over the past few weeks in its Salomon Bros. government bond operations and its Philipp Bros. commodity operations.
November 15, 1989 |
Drexel Burnham Lambert Inc. said Tuesday that it dismissed about 50 staff members, including close to 40 in its high-yield junk bond headquarters in Beverly Hills, as part of overall staff cuts that began more than a week ago. The move eliminates about 10% of the Beverly Hills junk bond staff, which last week totaled close to 325.
November 23, 1989 |
The chairman of Wall Street's leading trade group peered into his industry's future three weeks ago, and it didn't look half bad. The investment world seemed to have survived the stock market's Oct. 13 mini-crash, many corporate takeovers were continuing, and Wall Street firms had been "prudent" in trimming their work forces, said Hardwick Simmons, who retires this month as chairman of the Securities Industry Assn. "I don't think I see another retrenchment ahead."
October 20, 1989 |
Mercury Savings & Loan has hired Merrill Lynch Capital Markets as its lead investment banker to find ways to improve the Huntington Beach thrift's capital, including a possible sale of the institution. Mercury Chairman Leonard Shane said the thrift will need more capital to meet higher levels that federal regulators soon will require under the new law intended to bail out the industry's deposit insurance system. "I look at (hiring Merrill Lynch) as a positive step," he said.