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Salomon Bros Inc

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BUSINESS
September 12, 1991 | From Times Staff and Wire Reports
Salomon Exec Stays as Head of SIA: The Securities Industry Assn. said Gedale Horowitz, a senior executive director of Salomon Bros. Inc., will continue as chairman of the brokerage industry's main trade association. Earlier, there was speculation that Horowitz would be asked to step down as association chairman because of Salomon's admitted wrongdoing in the government securities market, even though Horowitz personally wasn't implicated in any wrongdoing.
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BUSINESS
January 18, 1997 | Times Staff and Wire Reports
Salomon Bros. Inc. said it formed an alliance with Fidelity Investments, allowing customers of Fidelity's discount brokerage unit to buy as much as 10% of the shares in public offerings Salomon arranges. The agreement also permits the discount brokerage unit to distribute Salomon's stock research to its clients.
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BUSINESS
September 11, 1991 | From Times Staff and Wire Reports
Salomon Trader's Bonuses Disclosed: Salomon Bros. Inc. said it paid the former head of its government bond trading desk bonuses of $11 million between 1988 and 1990. Paul W. Mozer was fired for his alleged direct role in the firm's government securities scandal. The disclosures came in a letter from Salomon to Rep. Edward Markey (D-Mass.). Mozer's base salary was $150,000.
CALIFORNIA | LOCAL
March 15, 1996 | SHELBY GRAD
The Orange County Public Finance Advisory Committee held its inaugural meeting Thursday and discussed the appointment of former state Treasurer Thomas W. Hayes as co-financial advisor for the county. Under a contract that the Board of Supervisors will consider in coming weeks, the county would pay Hayes' brokerage firm, Metropolitan West Securities, $500,000 to work as financial advisor along with Salomon Bros. Inc.
BUSINESS
August 17, 1995 | Times Staff and Wire Reports
Salomon Inc. Credit Downgraded: A major credit-rating agency lowered its opinion of the Wall Street firm, citing a big quarterly loss and problems in retaining top investment staff. Standard & Poor's Ratings Group downgraded $15 billion in long-term Salomon debt to a low investment grade and cut the investment firm's preferred stock to "junk" status. But the parent of Salomon Bros. Inc.
BUSINESS
December 31, 1993 | From Times Staff and Wire Reports
The Securities and Exchange Commission said it fined Thomas Murphy $300,000 and permanently barred him from participating in Treasury auction bids. The agency took the action against Murphy for his role in a bidding scandal that rocked the Wall Street firm in 1991. In its complaint, the SEC alleged that Murphy submitted false customer bids in three auctions of Treasury securities and caused Salomon Bros. Inc. to create false records.
BUSINESS
August 17, 1995 | Times Staff and Wire Reports
Salomon Inc. Credit Downgraded: A major credit-rating agency lowered its opinion of the Wall Street firm, citing a big quarterly loss and problems in retaining top investment staff. Standard & Poor's Ratings Group downgraded $15 billion in long-term Salomon debt to a low investment grade and cut the investment firm's preferred stock to "junk" status. But the parent of Salomon Bros. Inc.
BUSINESS
June 24, 1995 | From Associated Press
The powerful head of trading at Salomon Bros. Inc. resigned Friday in the most senior-level departure yet to recently hit the defection-plagued investment bank. In the unexpected shake-up, Salomon said it replaced Dennis J. Keegan, 42, with Shigeru Myojin, 45, a legendary Salomon bond trader who decided to forgo retirement to fill the opening as head of proprietary trading.
BUSINESS
April 18, 1995 | From Associated Press
Salomon Bros. Inc., which has been struggling against defections by top-level staff members, on Monday announced a restructuring of top management and softened its recent radical change in the way the firm determines employee bonuses. The investment bank unit of Salomon Inc. said it was naming a new executive group to oversee the firm's client-driven businesses, which include investment banking, asset management and trading on behalf of clients.
BUSINESS
March 25, 1995 | GREG JOHNSON, TIMES STAFF WRITER
Capitalizing in part on lessons learned while serving as financial adviser to bankrupt Orange County, Salomon Bros. Inc. on Friday said it would buy up to $8.1 billion of complex derivative investments and repackage them as less-risky "plain vanilla" bonds. Earlier this year, Salomon helped Orange County sell more than $5 billion risky derivative securities from its loss-riddled investment pool and replace them with short-term, money-market securities.
BUSINESS
March 11, 1995 | From Bloomberg Business News
The Resolution Trust Corp., the thrift cleanup agency, proposed Friday to bar Salomon Bros. Inc. and Morgan Stanley & Co. from future agency contracts, citing alleged violations of agency rules prohibiting gifts to and entertainment of RTC employees, the agency said in a statement. The proposed exclusions are the first results of a continuing investigation by the RTC of practices of firms that have provided financial advisory and underwriting services to the agency.
NEWS
December 20, 1994 | TOM PETRUNO, TIMES STAFF WRITER
How much is left in the Orange County investment fund-- really ? Salomon Bros. officials acknowledged Monday that they erred last week in their initial estimate of the value of the bankrupt fund's securities and the total amount of loans it owed. But they say the error does not change the most important number--the $5.03 billion that the brokerage figures to recover for fund investors by liquidating the portfolio's bonds.
BUSINESS
December 19, 1994 | CHRIS WOODYARD, TIMES STAFF WRITER
In 16 years at Salomon Bros., William D. Rifkin has had a front-row seat to some of the best-known corporate takeovers and massive bankruptcies of the past decade. But being called in to help straighten out Orange County's multibillion-dollar financial mess was another matter. "I am used to looking at the balance and income sheets of a corporation. The finances of a municipality are completely different," Rifkin said in a recent telephone interview.
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