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BUSINESS
March 6, 1990 | JAMES RISEN, TIMES STAFF WRITER
The Roaring '80s--the decade of ambition, of excess and, yes, of greed--is finally ending. It is ending a few weeks after the calendar actually turned, and not with a bang but with a bankrupt thud: The demise of Drexel Burnham Lambert--the money machine largely responsible for driving junk bond takeover mania--gives the dawn of the decade the feel of a bank vault slamming shut.
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BUSINESS
December 29, 1992 | From Times Staff and Wire Reports
Shearson Said to Be Under Criminal Probe: Shearson Lehman Bros., the nation's No. 2 securities firm, is being investigated by the New York State Department of Labor for alleged violations of labor laws at one of its branch offices, said Mark Molinari, a department spokesman. Sally Cates, a spokesman for Shearson, an American Express Co. subsidiary, declined to comment. Shearson is under investigation because a telemarketing employee at the firm's 14 Wall St.
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BUSINESS
September 23, 1989 | From Associated Press
A group of Thomson McKinnon Inc. employees filed a $100-million lawsuit Friday claiming that executives of the Wall Street brokerage bankrupted an employee trust fund and used company assets to pay for apartments and a yacht. The federal suit also alleges that a deal to sell struggling Thomson McKinnon this year fell through after buyer Prudential-Bache Securities Inc. discovered that the brokerage was overvalued by $80 million to $95 million.
BUSINESS
February 8, 1991 | TOM PETRUNO
If you have any doubt that people are deeply troubled over the economy and the war, consider this: The public has suddenly begun stashing cash--literally hoarding hard currency. Currency in circulation had leveled off at about $245 billion in the fall. Then, in late December, the total began surging. By Jan. 28, the latest figures available, cash held had jumped to $254.3 billion, Federal Reserve Bank of St. Louis data show.
BUSINESS
June 5, 1992 | From Times Staff and Wire Reports
SEC Chief Says Pay-Curbing Efforts Could Hurt: Congressional efforts to limit executive pay packages through tax laws or setting legal limits may do more harm than good, the nation's top securities regulator told a Senate panel. Alarmed by a 75% jump in executive pay the last decade, lawmakers are considering limitations. "The growing gap between executive compensation and the salary of the average worker, if allowed to continue, will breed cynicism and indifference," Sen. Max Baucus (D-Mont.
BUSINESS
April 3, 1990 | From Reuters
Shearson Lehman Hutton Inc. said Monday that it will post a massive loss of $900 million in the first quarter, due to losses from operations and a restructuring charge believed to be the largest ever by a Wall Street firm. The charge was widely expected after American Express Co., Shearson's majority shareholder, said last month that it would buy the remainder of Shearson and launch a crash program to turn the troubled brokerage around.
BUSINESS
March 6, 1990 | SCOT J. PALTROW, TIMES STAFF WRITER
American Express Co. is expected to order a significant number of layoffs--perhaps two or three times the 2,000 already announced--at its troubled Shearson Lehman Hutton brokerage unit in an attempt to stem losses, insiders and securities industry analysts said Monday. In the wake of American Express' announcement Sunday that it will buy all shares of Shearson that it doesn't already own, the firm is expected to move swiftly to streamline the unit.
BUSINESS
January 23, 1990 | SCOT J. PALTROW, TIMES STAFF WRITER
Merrill Lynch & Co., severely battered by the prolonged downturn in the securities industry, said Monday that it was reporting a significant net loss for its 1989 fourth quarter and the full year because of a $395-million after-tax charge to cover costs of restructuring its operations. The firm, the nation's largest securities brokerage, said the charge resulted in a net loss for the fourth quarter of $361.8 million, contrasted with a profit of $275.8 million for the same quarter a year ago.
BUSINESS
January 16, 1990 | From Associated Press
Merrill Lynch & Co. will cut about 3,000 jobs in 1990 that will include another round of layoffs at the nation's largest brokerage, officials said Monday. Merrill spokesman Fred Yager said reductions will be spread throughout the year and occur through layoffs, attrition and selling off businesses. The firm announced plans for across-the-board trims in November.
BUSINESS
April 3, 1990 | From Reuters
Shearson Lehman Hutton Inc. said Monday that it will post a massive loss of $900 million in the first quarter, due to losses from operations and a restructuring charge believed to be the largest ever by a Wall Street firm. The charge was widely expected after American Express Co., Shearson's majority shareholder, said last month that it would buy the remainder of Shearson and launch a crash program to turn the troubled brokerage around.
BUSINESS
March 27, 1990 | From Associated Press
A brokerage house that fired a gaming industry analyst who issued a negative critique of Donald J. Trump's newest casino project has tarnished its image and increased skepticism about investment advice, industry observers said Monday. Marvin Roffman, an analyst for 16 years with Janney Montgomery Scott Inc., was fired last Friday.
BUSINESS
March 6, 1990 | SCOT J. PALTROW, TIMES STAFF WRITER
American Express Co. is expected to order a significant number of layoffs--perhaps two or three times the 2,000 already announced--at its troubled Shearson Lehman Hutton brokerage unit in an attempt to stem losses, insiders and securities industry analysts said Monday. In the wake of American Express' announcement Sunday that it will buy all shares of Shearson that it doesn't already own, the firm is expected to move swiftly to streamline the unit.
BUSINESS
March 6, 1990 | JAMES RISEN, TIMES STAFF WRITER
The Roaring '80s--the decade of ambition, of excess and, yes, of greed--is finally ending. It is ending a few weeks after the calendar actually turned, and not with a bang but with a bankrupt thud: The demise of Drexel Burnham Lambert--the money machine largely responsible for driving junk bond takeover mania--gives the dawn of the decade the feel of a bank vault slamming shut.
BUSINESS
February 14, 1990 | From Reuters
The mood was glum and even angry Tuesday at the New York headquarters of the investment banking firm Drexel Burnham Lambert, as workers prepared resumes and waited for their employer to file for bankruptcy protection. "It looks like it's over for us," said one of Drexel's 5,300 employees. "We were told yesterday (Monday): 'Look for a job.'
BUSINESS
August 3, 1988 | Associated Press
The nation's securities industry fired a net 15,900 employees between last October's stock market crash and the end of the first quarter, according to a study published Tuesday. The joint study was made by the Securities Industry Assn. and the accounting firm Arthur Andersen & Co. It said about 262,200 employees were employed in the securities industry as of Sept. 30, 1987, the last benchmark before the Oct. 19 crash. That number dropped to 260,500 employees as of Dec.
BUSINESS
February 14, 1990 | KATHY M. KRISTOF, TIMES STAFF WRITER
The bankruptcy filing of Drexel Burnham Lambert's parent has dealt another psychological blow to the securities industry, already suffering from losses, layoffs and a dearth of investors, market executives said Tuesday. Nevertheless, many in the industry had mixed feelings about Drexel's fall, apparently weighing its potential negative impact on investors and brokers against a general dislike for the once high-flying firm that rose from obscurity to national prominence in less than a decade.
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