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BUSINESS
November 14, 2008 | Times Wire Services
Franklin Bank Corp., the owner of a Houston-based lender closed by regulators last week, filed for court protection from creditors under bankruptcy rules used to liquidate assets. Franklin, which is controlled by mortgage-bond pioneer Lewis Ranieri, filed under Chapter 7 of the U.S. Bankruptcy Code in Wilmington, Del., listing assets worth less than $500,000 and debts of as much as $500 million.
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BUSINESS
November 14, 2008 | Times Wire Services
Franklin Bank Corp., the owner of a Houston-based lender closed by regulators last week, filed for court protection from creditors under bankruptcy rules used to liquidate assets. Franklin, which is controlled by mortgage-bond pioneer Lewis Ranieri, filed under Chapter 7 of the U.S. Bankruptcy Code in Wilmington, Del., listing assets worth less than $500,000 and debts of as much as $500 million.
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BUSINESS
August 28, 1992 | From Associated Press
A bid by an investor group including CBS Inc. Chairman Laurence Tisch has sharply cut back its offer to rescue the ailing Canary Wharf project, sources confirmed Thursday. A Wall Street group including Tisch and former Salomon Bros. Vice Chairman Lewis Ranieri has lowered its bid to $464 million at current exchange rates from $691.6 million, sources said. Olympia & York Developments Ltd.
BUSINESS
August 28, 1992 | From Associated Press
A bid by an investor group including CBS Inc. Chairman Laurence Tisch has sharply cut back its offer to rescue the ailing Canary Wharf project, sources confirmed Thursday. A Wall Street group including Tisch and former Salomon Bros. Vice Chairman Lewis Ranieri has lowered its bid to $464 million at current exchange rates from $691.6 million, sources said. Olympia & York Developments Ltd.
BUSINESS
August 13, 1992 | From Times Staff and Wire Reports
U.S. Investors to Bid on O&Y London Project: Major Wall Street investors, including CBS Inc. Chairman Laurence A. Tisch, are expected to make a bid exceeding $570 million for Olympia & York's Canary Wharf project in London, a source close to the deal said. A group of 11 bankers is scheduled to gather in London today to hear details of the bid by Tisch and Lewis Ranieri, a former Salomon Bros. vice chairman, said the source, who requested anonymity.
BUSINESS
June 27, 2001 | Bloomberg News
Computer Associates International Inc. added two board members as the software maker defends against entrepreneur Sam Wyly's attempt to seize control. Linus Cheung, 52, deputy chairman of Hong Kong's Pacific Century CyberWorks Ltd., and Lewis Ranieri, 54, who pioneered trading in mortgage-backed securities at Salomon Brothers Inc., joined the board, raising it to 10 members, the company said.
BUSINESS
July 15, 1987 | DEBRA WHITEFIELD
Lewis Ranieri, revered on Wall Street as the "father of the mortgage securities market" and the man many regarded as heir apparent to Salomon Bros. Chairman John H. Gutfreund, resigned Tuesday to "pursue private entrepreneurial interests."
BUSINESS
April 22, 2004 | From Bloomberg News
Amid an intensifying federal investigation into the accounting practices of Computer Associates International Inc., Sanjay Kumar stepped down Wednesday as chairman and chief executive, assuming the new role of chief software architect at the Islandia, N.Y., company. The two-year investigation already has led to the firing of 14 other officials. The software maker said director Lewis Ranieri would become chairman and that a search had begun for a new CEO.
BUSINESS
September 23, 2004 | From Associated Press
Former Computer Associates International Inc. Chief Executive Sanjay Kumar was charged Wednesday with securities fraud conspiracy and obstruction of justice in connection with a multibillion-dollar accounting scandal at the software company. The federal charges against Kumar were unsealed after Computer Associates agreed to pay $225 million to shareholders to settle federal accounting charges against the company. The settlement allows Computer Associates to defer criminal prosecution.
BUSINESS
August 22, 2000 | Bloomberg News
Washington Mutual Inc., which built itself into the largest U.S. savings bank by snapping up West Coast rivals, said it will acquire Bank United Corp. for $1.49 billion, giving it top-tier market share in three of the four largest Texas metropolitan markets. Seattle-based Washington Mutual said it will exchange 1.3 of its shares for each share of Houston-based Bank United, which was formed more than 10 years ago by former Salomon Bros. bond trader Lewis S. Ranieri.
BUSINESS
February 26, 1988 | From Reuters
After years of domination by two giant Wall Street investment banking firms, the $700-billion U.S. mortgage-backed securities market is witnessing a significant redistribution of market share, industry sources say. Salomon Bros. and First Boston Inc., which three years ago collectively handled 60% of the mortgage business, now are responsible for just 30% of the $4 billion to $5 billion worth of mortgage securities traded each day.
BUSINESS
November 4, 1988 | TOM FURLONG, Times Staff Writer
Three large savings and loan companies in California are among the bidders that want to acquire two large troubled Texas savings and loans, industry sources confirmed Thursday. Columbia Savings & Loan in Beverly Hills and the parent companies of World Savings & Loan in Oakland and First Nationwide Bank in San Francisco are among those that want to buy troubled First Texas Savings of Dallas and Gibraltar Savings of Houston. The assets of the two Texas firms total $9.5 billion.
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