January 22, 1988 |
Wall Street giant Shearson Lehman Brothers Inc. today suspended a controversial form of computer-driven trading in what it said was a response to concerns that the technique inflamed volatility on Black Monday. Shearson and its pending merger partner, E. F. Hutton Group Inc., said index-arbitrage program trading would be suspended for their own accounts beginning today, "in response to concerns expressed by clients that program trading may exacerbate market volatility."
May 6, 1988 |
The government today charged E. F. Hutton & Co. Inc. with conspiracy and laundering at least $532,000 for organized crime figures and businessmen who wanted to hide income from the Internal Revenue Service. U.S. Atty. Lincoln C. Almond said the company is expected to plead guilty at a hearing May 16 and faces a fine of $1.01 million. Two Hutton brokers were also named in the criminal information.
July 9, 1987 |
Charles Skibo resigned today as president of US Sprint Communications Co., one year after he took over a fledgling company that is gambling on a $2-billion fiber optic network to earn it a significant share of the nation's long-distance telephone business. Sprint had a pre-tax loss of $358 million in the last half of 1986 and a pre-tax loss of $242 million on revenue of $615 million in the first quarter of this year, including one-time charges.
February 29, 1988 |
The chairman of Prudential-Bache Securities Inc. has agreed to a censure by the New York Stock Exchange for failing to oversee E. F. Hutton & Co. properly when he was president of that firm during an overdrafting scheme, sources familiar with the settlement said today. The sources said the exchange determined George L. Ball was not aware of the scheme, which was conducted in the 1980s and became a key element in Hutton's subsequent demise.
August 31, 1990 |
A grand jury today indicted Shearson Lehman Brothers Inc. and two former employees on securities fraud charges stemming from millions of dollars in customer losses in the stock market crash of 1987. In addition to the corporation, the 42 indictments handed up by a Cuyahoga County grand jury named Sheldon Strauss, a former account executive at Shearson's Cleveland office, and Stephen Weinberg, the former office manager.
March 24, 2000 |
Genentech Inc., the world's No. 2 biotechnology company, said Thursday that 17.3 million shares of its common stock are being offered by Roche Holding at $163 each, or about $2.82 billion worth of shares. After the offering, Roche's stake in Genentech would be reduced to about 58% from 66%. If an option for underwriters to purchase an additional 1.7 million shares isn't exercised, Roche's stake will be about 59%. Genentech said it won't receive proceeds from the offering.
December 24, 2004 |
Lehman Brothers Holdings Inc. bought six hotels and a stake in the Summerfield Suites brand from Wyndham International Inc. for $105 million. Lehman and Wyndham will start a joint venture to manage Summerfield's 24 extended-stay properties, to develop new accommodations and to sell new franchises, according to Dallas-based Wyndham. Lehman made the purchase in partnership with Gencom Group, a private Miami-based hospitality investment firm. Lehman shares fell 30 cents to $86.
November 14, 2008 |
Lehman Brothers Holdings Inc. said it planned to sell about $8 million of artworks warehoused in New York and Paris to help pay creditors. Lehman, which filed the biggest U.S. bankruptcy Sept. 15 with liabilities of $613 billion, said in a court filing it had a "desire to monetize the art collection through sales, for the benefit of" creditors. It asked the court to allow it to pay $20,000 in overdue bills to art-handlers who would move artworks to and from the warehouses and display them to prospective purchasers.
June 8, 1993 |
North Coast Executive Center, the Oxnard office building with the curved, green-glass facade, has changed its name, hired a new management company and attracted a major new tenant. Henceforth, the 110,000-square-foot structure, which was completed in 1991 as the county's commercial real estate market sank into recession, will be known as 1000 Town Center Drive. In another move, the building's owner, NCEC Realty Inc., a subsidiary of Citicorp, has named the Voit Cos.
September 21, 1990 |
Oil prices shot above $35 per barrel today for yet another all-time high on the futures market, as traders responded to Iraqi President Saddam Hussein's statement that his citizens should be ready for war. Ann-Louise Hittle, a senior oil analyst with Shearson Lehman Brothers Inc., said the Iraqi leader "made it clear he is not going to retreat, and I think that has got the market on edge again about the possibility of military escalation."