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BUSINESS
May 8, 1991 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
California Insurance Commissioner John Garamendi said Tuesday that troubled First Capital Holdings Corp. will need a "substantial infusion of cash" to survive and that the state was hopeful of rescuing failed Executive Life of California. In an interview after a Senate hearing, Garamendi said the state will take a tough line in talks with American Express, demanding that the firm supply the funds needed to bolster Los Angeles-based First Capital.
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BUSINESS
May 7, 1991 | VICTOR F. ZONANA, TIMES STAFF WRITER
Seeking to bolster the finances of First Capital Holdings Corp. to protect policy and annuity holders, California Insurance Commissioner John Garamendi met here Monday with executives of Shearson Lehman Bros. Inc. Shearson, a unit of American Express Co., holds a 28% stake in the troubled insurer, which has been struggling under the weight of a huge portfolio of high-risk, high-yield junk bonds. Shearson and its predecessor, E. F. Hutton & Co.
BUSINESS
April 16, 1990 | United Press International
Shearson Lehman Sues Former Employee: Shearson Lehman Hutton Inc. sued Mazen Ali-Ahmad, a former securities broker for the firm, in U.S. District Court in Los Angeles after he allegedly violated company rules about paying cash up front on all trades. The suit said that when a margin call was issued to Ali-Ahmad, his personal account was liquidated, leaving an unpaid balance of $377,000--of which at least $371,742 allegedly remains unpaid.
BUSINESS
December 24, 1988 | From Reuters
Boston Co., a financial services subsidiary of Shearson Lehman Hutton Inc., said Friday that its profit for the first nine months of 1988 may have been overstated by as much as $15 million, and three company officers have been asked to take a leave of absence pending a review. The Boston-based firm, wholly owned by Shearson, would not give out its profit, but the parent company said it had earned $140 million in the first three quarters of the year. Boston Co.
BUSINESS
October 27, 1988 | Associated Press
RJR Nabisco Inc. broke off buyout talks with Kohlberg Kravis Roberts & Co. on Wednesday, raising the possibility of a hostile $20.3-billion offer as Wall Street speculated about the two takeover titans' next move. After a meeting of Nabisco's directors, President F. Ross Johnson said the group concluded that Kohlberg Kravis' proposal to acquire Nabisco for $90 a share was "not in the best interest of the company, its employees or the diverse communities it serves."
BUSINESS
October 6, 1988
Don S. Dalis, 30, has been named vice president and sales manager of Shearson Lehman Hutton Inc., Beverly Hills. Dalis previously was manager of Shearson's West Coast training center in Century City.
BUSINESS
July 7, 1990 | From Associated Press
Shearson Lehman Hutton Inc. has agreed to pay the New York Stock Exchange a record $500,000 fine to settle allegations that it violated exchange rules in buying E. F. Hutton & Co. stock in 1986. Shearson is paying the fine without admitting or denying wrongdoing, the NYSE said Friday. Shearson acquired a 4.9% stake in Hutton in 1986, then sold the shares that October after the management of the troubled brokerage rejected a Shearson takeover overture.
BUSINESS
June 28, 1990 | Associated Press
Peter A. Cohen, who was ousted as chairman of Shearson Lehman Hutton Inc. earlier this year, will receive a severance package worth about $10 million, individuals familiar with the pact said Wednesday. Cohen was ousted in January by American Express Co. Chairman James D. Robinson III as part of an overhaul designed to stem mounting losses and morale problems at the nation's second-largest securities firm. American Express holds a controlling interest in the brokerage.
BUSINESS
June 22, 1990 | TOM PETRUNO
While many folks on Wall Street are still waiting for a steep market selloff--a correction, as it is called--a few stocks are already deep into their own private declines. Investors who have been considering getting into some solid stocks for the long run might want to look at some of the recently wounded. Take Pasadena-based Jacobs Engineering. The stock has come down 17%, from its May peak of $25.50, to $21.125.
BUSINESS
May 30, 1990
Shearson Lehman Hutton Inc. has named Jonathan Linen, an executive from parent American Express Co., to head Shearson's brokerage and money management businesses. The move appears to confirm American Express' plan to split Shearson in two as part of a restructuring of the troubled financial services company. New York-based Shearson, the nation's second-largest securities firm after Merrill Lynch & Co.
BUSINESS
May 19, 1990 | PAUL RICHTER, TIMES STAFF WRITER
Shearson Lehman Hutton, charting a new course after bruising losses and management turmoil, is expected soon to create separate units for its principal businesses of investment banking and retail brokerage. The investment firm, a unit of American Express, may give the new retail brokerage division the Shearson name, people close to the firm said Friday. The new investment banking division may be called Lehman Bros., after the respected investment house acquired by Shearson in 1984.
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