:: wikimiki.org ::

Investment Bankers

Investment bankers

Investment Bankers / Investment Banks

Investment bankers form that arm of investment banks where deals are done. It begins with selling a company on the idea of the deal, getting hired to do that deal and then completing the deal or transaction. Usually this is to raise money for a company, via a stock or bond offering; but it includes also mergers, divestitures and other restructurings of companies; and handling larger sums that need investing especially via special investments as derivatives (swaps,etc). Below is a listing of key investment banking professionals the past 100 years; and below that a listing of the ceo of Major (top 25) Wall Street Invesment Banking Firms. While investment banking / 'deal' professionals did not normally include trading professionals, these are also included and as "transaction" finance emerged , both fields also merged. (first from memory, then with your help completely)

Leading Investment Bankers 1950-present

(dates approx , help correct) (alphabetical by last name) key names everyone remembers:
- Jacob H. Schiff - Kuhn, Loeb & Co. Senior Partner
- JP Morgan - JP Morgan ceo
- Gus Levy - GS ceo , sr banker
- Michael Milken -founder junk bonds
- Joe Perella - CSFOB, Wasserstein Perella & Co., MS - M&A whiz
- Felix Rohatyn -Lazard - M&A whiz
- Robert Rubin - GS ceo, sec of US Treas Name Firm(s) Specialty(ies) Years
- Lincoln Ames Dean Witter Head Corp Fin 1970-1985 Sr Mgt 1975-1985
- Tom Bertelson Dean Witter Head SF Corp Fin 1975-1985 Sutro Mgr Corp Fin ?1985-?2000
- Geoffrey Boisi Goldman Sachs M&A Leader 1980-1990 Beacon Hill ceo M&A boutique 1990-2001
- Chase JP Morgan ceo inv bkg 2001-2002
- bought Beacon Hill
- John Booth Blyth Eastman Sr Mgt 1965-1982 Am Hospital ch 1982-1990
- Lauren Carlson Blyth Eastman Sr Banker 1978-1982 Man Hanover Secur Co Head Inv Bkg 1982-1995 Stephens Sr Mgt 1995-Present
- Howard Clark Blyth Eastman Corp Fin 1971-1983 Lehman Bros Sr Exec 1983-Present (father - CEO Am Express)
- Lesley Fabian Dean Witter Head Util Fin 1975-1985
- Brad Freeman Dean Witter Head West Coast Fin 1975-1985 Freeman Riordan Spogli co founder 1985-present
- Art Gartland Dean Witter co head corp fin 1985-1988 Gartland & ? fded boutique 1988-present
- Ed Gleacher Morgan Stanley M&A 1970-1985 Gleacher & Co ceo 1985- ?
- Lewis Glucksman Kuhn Loeb ch trader, then ceo 1970-1977 Lehman Bros Kuhn Loeb co ceo 1977-1984
- Daniel Good M&A President A.G. Becker 1964-1984 E.F. Hutton 1984-1986 Shearson Lehman 1986-1990
- 'Ace' Greenberg Bear Steans ch trader, then ceo 1970-1988
- Ira Harris Blair & Co deals ?-1968 Salomon Bros (Chicago) M&A 1968-?1985 Lazard Frere M&A ?1985-?
- Dale Horowitz Salomon Bros Head Muni's 1970-1980 Sr Mgt 1980-?1990
- Tom Healey Dean Witter Head Proj Fin 1979-1984 US Treasury Dep Sec 1984-1986 Goldman Sachs Head R Est Fin 1987- ?
- ?Ken? Hill Blyth & Co
- Sr Banker ?1960-?1972 Blyth Eastman Sr Banker ?1072-?1979
- as Chevron, B of A
- Bradley Jack Lehman Bros Head Corp Fin ?1999-Present
- Henry Kaufman Salomon Bros mkt predictions ?1970-1982 ('Dr Doom') & mng 500 man dept
- Jack Kelsey Blyth Eastman Head Corp Fin 1970-1985
- Tom Kilburn Blyth Eastman IDBs 1973-1977 Head Energy Fin 1977-1990 Consultant 1990-?
- Joe King Eastman Dillon Sr Mgt/Sr Banker 1955-1980 Blyth Eastman Dillon
- Austin Koenen Kuhn Loeb IDBs 1973-1985 Morgan Stanley Coops 1985-1998 (descd) died prematurely ? 1997-8
- Don Layton Manufactuers Hanover cap mkts head 1873-1991 Chase Manhattan cap mkts head 1991-2001 JP Morgan Chase cap mkts head 2001-2002
- Gus Levy Goldman Sachs leading sr bker ?1960-?1985 & sr partner
- Sy Lewis Bear Stearns sr bker , ceo ?1960-?1975
- Dr Martin Liebowitz Salomon Bros analysis, swaps ?1975-?1982
- Dick Locke Blyth Eastman Head Pub Fin 1970-1877 EF Hutton Head Inv Bkg 1977-1990 Sutro Trader 1990-Present
- Jim Lopp Blyth Eastman Dillon IDBs 1968-1977 EF Hutton cohead corp fin 1977-1992 (decsd) & Founded MBIA & fded ? Fin Assurety ? died prematurely (1992?)
- Gerard McGrath Salomon Bros Sr Bker ?1970-?1980 Dean Witter Head Corp Fin ?1981-?1984
- Roger W Mehle First Boston Head Pub Fin 1972-1980 Dean Witter Head Pub Fin 1980-1983 US Treasury Deputy Sec 1983-1984 Paine Webber Head Fin Co 1985-1986 Inv Bkg
- Michael Milken Drexel Burnham Junk Bond King 1978-1988 (created raising huge capital by Junk bonds, esp for takeovers)
- Johnny Miller Blyth Eastman Sr Mgt / Sr Banker 1960-1982
- John Meriwether Salomon Bros VCh Firm Trading 1980-1991 Long Term Cap Mgt Ch-Hedge Fund 1993-2001
- Bill Morgan Blyth Head Muni's 1960-1972 Blyth Eastman Head Pub Fin 1972-1975
- Barry O'Connor Blyth Eastman Head Proj Fin 1980-199?
- Ted Palatucci Blyth Eastman Head Muni Synd 1977-1984 Merrill Lynch Head Muni Synd 1984-1991 NJ Firm Head Trading 1991-Present
- Joe Perella First Boston M&A 1972-1988 Wasserstein Perella & Co. co ceo 1988-94 Morgan Stanley dir-inv bkg, VCh 1994-Apr 2005
- Jay Perry Salomon Bros Block Trading Head Trading 1975-1983 Dean Witter Head Trading 1983-1985 (died pre maturely)
- Pete Peterson Lehman Bros ceo 1973-1977 Lehman Bros Kuhn Loeb ceo 1977-1984 Blackstone Partners ceo 1984-present
- Scotty Pierce Blyth Eastman Head Muni Synd 1975-1977 EF Hutton Head Synd 1978-1985 Prudential Securities Sr Mgt 1985-1990 Pru Inv Mgt ceo Inv Mgt 1990-200? (brother of First Lady Barbara Pierce Bush)
- Lewis Ranieri Salomon Bros Mort Backed Bonds ?1975-?1982 ? DLJ MBC ?1982-?1992 CSFOB MBC ?1992-?Present
- Felix Rohatyn Lazard Freres M&A whiz & head ?1970-?2002
- Richard Rosenthall Salomon Bros mgr Eq & Arb ?1970-?1982
- Jon Rotenstreich Salomon Bros mgr corp fin, 1965-?1978 cur trading IBM treasurer ?1978-?1982 Ins Co ceo ?1982-?2003 R Estate principal ?2003-present
- Robert Rubin Goldman Sachs Mgr Trading 1975-1988 Co CEO 1988-1992 US Treasury Secretary 1992-2001 Citibank Director 2001-present
- Bill Sadowski Blyth Eastman Head Muni Synd 1975-1985 Paine Webber Head Muni Synd 1985-1990 Paine Webber Sr Bker 1990-1995 Cowan & Co Trader 1995-Present
- Bill Simon Union Securities Head Trading 1970-1972 Salomon Bros Head Trading 1972-1975 US Secretary Secretary 1974-1977 Blyth East Dillon V Ch 1978 WesRay ceo 1978- c. 1995? descd ? 1995
- Al Shoemaker First Boston Sr Mgt 1970-1978 Blyth Eastman CEO 1978-1980 First Boston CEO 1980-1985
- Alan Snyder Dean Witter Sr Mgt 1973-1985 Ins, Credit Cards
- Harold Tanner New Court Securities Inv Banker 1975-1980 Blyth Eastman Head Corp Fin 1980-1983 Salomon Brothers Head Corp Fin 1983-1992
- Robert Tighe Dean Witter Mgr Muni Sync 1981-1984 ?Jeffreys Mgr Trading ?1984-?1990
- Bruce Wasserstein First Boston M&A 1976-1985 Wasserstein Perella & Co. co ceo 1985-2002 Lazard ceo 2002-present
- James D Wolfenson Schroeder bker ?-1976 Salomon Bros mgr London 1976-1982 (cashed out on purchase of Soly by Phibro) ...(boutique with Rothschild) ?1990-1994 World Bank ceo ?1994-2005 please add those you know that were well known 1950-present

Leading Investment Bankers 1900-1950

(In earlier years of Wall Street (1800-1935), commercial banks as JP Morgan functioned then as Investment Bankers; but, after Glass Steagall Act (c. 1933) this function was required to be split off from those commercial banks ; then this requirement blurred in 1980's to the present, as commercial banks again sought and obtained permission to enter arena of Wall Street business.)
- George Walker Brown Bros Harriman CEO c. 1930-1950 (granddad & grgrandad of Bush41,43)
- JP Morgan Morgan Guaranty founder, ceo c. 1890-1920 (see below also the ceo listing which shows many firms founding partners in this period)

Investment Banking Firms CEOs-Chief Executive Officers)

(Mainly USA with few International Firms) =1850-Present= Firm CEO Years
- Allen & Co
- AG Becker Daniel Good 1982-1984
- Bache
- Jules Bach 1880-1900 ...
- Hardwick 'Wick'Simmons ?1990-present (bought by Prudential Ins in 1981)
- Baring Bros
- Maurice Baring London (?1830-2003) (circa ? 2003 bought by ING who sold it in 2004 to ABN Amro)
- Bear Stearns
- Sy Lewis ?1960-?1975
- Ace Greenberg 1975-1988
- James Coyne 1988-Present
- Blyth & Co
- Frank Mansell 1965-1972 (merged with Eastman Dillon)
- Blyth Eastman Dillon (Blyth & Co merged with Eastman Dillon circa 1970) (1st bought by Ins Co-ING then sold to Paine Webber)
- Bill Boothy 1972-1979
- Al Shoemaker 1979-1981
- Don Maron 1981-1985
- Dillon Read ... ?
- C Douglas Dillon ?1950-?1960
- ...
- Nick Brady 1980-1988
- ...
- Markus Granziol ? 2002-present (bought by UBS Warberg, now Dillon Read Warburg UBS)
- DLJ
- Alan Wheat 1980-1985 (Donaldson Lufkin Jenerette) (bought by Equitable Life then bought by 1st Boston)
- Drexel Burhnam Lambert (leading firm that went out of business 1990 due to financing squeeze)
- Fred Joseph ceo 1985-1988
- Michael Milken evp 1980-1988
- Eastman Dillon (merged with Blyth & Co merging aggressive deal makers with 'blue blood' firm)
- AG Edwards
- First Boston (FOB-First of Boston (Bank) spinoff ? 1930's) (bought by Credit Swisse becoming CS First Boston)
- Al Shoemaker 1981-1985
- John Hennessey 1985-1996
- Alan Wheat 1996-2001
- ...
- John Mack 2001-2004
- Brady W Dougan 2004-Present
- Goldman Sachs
- Marcus Goldman (fd/er)?1900-1930
- ?Sam? Sachs (fd/er) ?1900-1930
- Sidney Weinberg 1930-1969
- Gus Levy 1970-1985
- ? White 1985-1988
- Robert Rubin 1988-1992
- Jon Corzine 1992-1998
- Hank Paulson 1992-Present
- EF Hutton
- John Shad ?1960-?1970 (bought by Shearson 1987 which had earlier in 1981 been bought by American Express; later Lehman Bros (already merged with Kuhn Loeb) was added and all spun off 1994)
- Kidder Peabody
- Mike Carpenter 1994-1997 (bought by GE/GE Capital then sold to Paine Webber)
- Kuhn Loeb (merged with Lehman Bros > Lehman Bros Kuhn Loeb then just Lehman Bros)
- founder Solomon Loeb ?1860-1875
- founder Abraham Kuhn ?1860-1875
- Jacob Schiff
- 1875-?1910
- son in law of Loeb
- ...
- Lewis Glucksman 1973-1977
- Pete Peterson 1977-1984
- Lazard Frere David Weil 1985-2004 Bruce Wasserstein 2004-Present
- Lehman Bros founder Emanuel Lehman ?1850-?1890 founder Mayer Lehman ?1850-?1890 ... Bobby Lehman ?1900-?1930 ... Pete Peterson 1973-1977-1984 Lewis Glucksman 1983-?1985 ... Richard Fuld 1990-Present Bradley Jack 2000-Present (merged with Kuhn Loeb 1977) (merged with Am Express ? c. 1992)
- Merril Lynch Don Reagan 1975-1982 ... 1982-1988 Daniel Tulley 1988-1992 David Komansky 1992-2002 Stan O'Neal 2002-Present
- Morgan Stanley ... Henry Davidson ?1930-1940 ... Richard Fisher 1980-1988 E Parker Gilbert 1988-1992 John Mack 1992-1997 Phil Purcel 1997-June 2005 John Mack 6/30/05-Future
- Paine Webber Don Maron 1970-1981
- Blyth Paine Webber Don Maron 1981-1990
- UBS Paine Webber Don Maron 1990-2002
- UBS Paine Webber Joseph Granno 2002-Present
- UBS Warburg John de Costas 1990-Present
- See Dillon Read above (Paine Webber bought Blyth Eastmen then was later bought by UBS) (Warburg was bought by USB or predecessor SBC & UBS later bought Dillon Read)
- Prudential Securities Hardwick "Wick' Simmons 1990-present (Prudential Ins Co bought Bache 1981)
- Rothschild Evelyn Rothschild 1980-? Present
- Salomon Bros Billy Salomon 1970-1982 Harry Brown (Chicago) 1970-1982 John Gutfruend 1982-1991 Warren Buffet 1991-1992 Deryck Maughn 1992-1997 Mike Carpenter 1997-2003 (Salomon Bros was bought by Public Co - Phillips Bros , or Phibro in 1982 thereby becoming a public company)
- Schroeder Bud Morten 1988-present
- Shearson Haydon Stone Sandy Weill ?1970-1981 (bought by American Express 1981) (bought EF Hutton 1987) (Am Express bought Lehman Bros (Kuhn Loeb) ?1990; spun off as Lehman Bros ? 1994 with Shearson EF Hutton retail brokerage sold to Citibank)
- Smith Barney (bought by Citibank which had already bought Salomon Bros and even earlier had bought retail brokerage of Shearson/EF Hutton from American Express)
- Shearson Hayden Stone Sandy Weil 1975-1985 (Shearson was bought by American Express and then Am Express bought EF Hutton and later merged with Lehman Bros which had already merged with Kuhn Loeb; then finally the surviving entity - Lehman Bros- was spun off to be independent and the Shearson/EF Hutton brokerage was acquired by Sandy Weill's conglomerate that later merged with Traveler's Ins and then bought Citibank and Salomon Bros & Smith Barney)
- Dean Witter William Witter 1930-1975 Andy Melton Jr 1975-1980 Phil Purcell 1981-1995 (merged circa 1995 with Morgan Stanley)

Arms of Largest Commercial Banks in Investment Banking

Bank CEO Years
- Bank of America (began 1904 with Bank of Italy in San Francisco bought in mid 1920s by TransAmerica and merged 1930 with Bank of America Savings & Trust; spun off; ?1999 bought by Nations Bank of Charlotte, NC (largest SE regional bank) and hdq moved to Charlotte)(Giannini sound themes of strong agricultureal lending and strong branch banking built BofA into USA largest USA bank 1950-1990, today ?2nd to Citibank; 3rd JPMorgan Chase) (today's focus national small & medium business, national & global credit cards business, US eastcoast/westcoast rule) AP Giannini fder ?1900-?1935 LM Giannani (son) 1935-?1955 ... Ken Lewis 2000-present (represents merged Nations Bank & B of A-Bank of America)
- Bank One Jamie Dimon
- 2001-2004 (merged with JP Morgan 2004)(
- formerly of Shearson, & Citibank)
- Chase Manhattan Bank David Rockefeller 1960-1985 Tom Labrecque 1885-1990 Walter Shipley 1990-1995 William Harrison 1995-present (Merged with the combined Chemical Bank & Manufacturers Hanover, then these triple 'giants' finally merged with JP Morgan; adding Bank One in 2005)(today's focus 1st merging to top of heap vs 2nd more slowly bldg business)
- Chemical Bank Walter Shipley 1982-1990 (bought Texas Commerce Bank circa 1983, bought Manufacturers Bank circa 1992 , then merged with Chase Manhattan Bank circa 1994 ; later merged with JP Morgan circa 2000; and merged with Bank One circa 2004)
- Citibank founded 1812 (no.1 today due to going national and then global in esp credit cards but also in overseas branch banking; esp strongly positioned by Wriston and todays no. 1 - 145 million in credit cards due to core biz Reed built (tho that also fded by Wriston)) Percy Pyne pres 1882–1891 James Stillman pres 1891–1909 (William Rockefeller 1920-40?) Frank Vanderlip 1909-1919 James Stillman Jr 1919-1921 Charles Mitchell pres 1921–1929 Gordon Rentschler pres 1929-1940 William G Brady pres 1940–1948 Howard Shepard ceo 1948-1952 Stillman Rockerfeller 1952-1959 George Moore 1959-1967 Walter Wriston ceo 1967-1984 Bill Spencer Pres 1970-1982 Charlie Long V Ch John Reed ceo 1984-1998 Rick Braddock Pres Sandy Weil ceo 1998-2004 Charles Prince ceo 2004-present Citibank history source: http://www.citigroup.com/citigroup/corporate/history/citibank.htm (Citibank bought Salomon Bros ?1997 and Smith Barney ?1998; was bought by Travelers Insurance circa 1995)
- Credit Swisse (strong core of insurance and swiss banking and US leading capital market position cant seem to be mushroomed due to weak mgt) Gp Ch Walter B. Kielholz Gp ceo Lukas Muhlmann 2000-2003 Gp ceo Oswald J. Grubell ?2003-present CS ceo Walter Berchtold ?2003-present CS 1st Boston Brady W Dougan 2004-Present (see above, bought CS First Boston circa 1985; which then later bought DLJ-Donaldson Lufkin deJennerette circa 1995)
- Deutche Bank (the powerhouse for always in Euro leader Germany but has not grown much from this leading position) Josef Ackerman ?2002-Present
- JP Morgan (strongly attempting to merge its way to remain at top of USA banking) William Harrison 1999-present Don Layton cap mkts 1990-2001 Geoggrey Boisi inv bkg 2001-2002 Jimmy Lee LBO, M&A lending ?1995-present (JP Morgan represents merged Chemical Bank, Manufacturers Hanover Bank, Chase Manhattan Bank, Texas Commerce, JP Morgan(surviving name) and Bank One) (and represents several purchases in Investment banking/ Capital Markets as Hambrecht & Quist (venture capital) and Beacon Hill Mgt Group)
- Manufacturers Hanover (nice guy McGillicuddy stranglehold mgt style strangled his bank) John McGillicuddy 1975-1985 (bought by Chemical Bank ? 1986)
- JP Morgan JP Morgan ? 1890-1930 ?Benjamin Strong ?1910-1920? ... ?Charlie Stetson ?1960-1975? ... Sandy Warner 1985-1995 William Harrison ceo 1995-present Jamie Dimon president 2004-present (circa 2000 merged with Chase Manhattan Bank - which had already merged with Chemical & Manufacturers Hanover; c. 2004 JP Morgan(Chase) merged with Bank One)
- Wachovia (merger rampage under retired ceo Crutchfield aka "Fast Eddy" for those rapid mergers , caution under present ceo Thompson) Edward Crutchfield ? 1985-2001 Ken Thompson ? 2002-present Wachovia includes past independent banks First Union (also a NC bank as Wachovia) and SouthTrust (headquartered in Birmingham, Ala) and the Wachovia of Charlotte , NC. Ken Thompson of First Union took over the combined bank after retirement of Wachovi'a Edward Crutchfield.
- UBS (strong position , slow followthrough) Marcel Ospel (ch-UBS Group) ?2000-present Peter Wuffli (pres-UBS Gp) ?2000-present Markus Granziol (UBS Warburg) ?2002-present John Costas (UBS Warburg) ?1992-June/2005 Huw Jenkin (UBS Warburg) July/05-Present Joseph Granno (UBS Paine Webber) ?2000-present (UBS represents surviving name of SBC-Swiss Bank Corp and UBS- Union Bank of Switzerland) (UBS and predecessors bought Paine Webber & Warburg and then bought Dillon Read)

Note

The above is addressing larger players and while the largest bank in a smaller country is surely important for that country , it is no global player .... The same holds true for Canadian or US regional banks.
- European Banks- We list above Deutch Bank; USB (plus former SBC) and Credit Swisse ... and mention others next below.
- Brit / Scot - And note the Brit / Scot banks Barclays /
- National Westminister (
- Bought by Royal Bank of Scotland) have been dabblers but never larger players in Capital Markets. And the same for HSBC (Hong Kong Shanghai Bank Corp).
- France - Credit Agricole, Credit Lynonnaise, Credit Indochine, SocGen are all there but not larger players either...
- Germany- Deutch Bank included above and the other leading German banks have not been able to progress to be players in global financial markets.
- Spain - Banco Santander has emerged a larger merger player expanding into Caribbean and Mexico and steadily moving up...
- Asian Banks-- While the massive ballooning of financial assets in 1970's and 1980's made the Japanese banks the leading global banks on paper- the bursting of this bubble 1991-1992 deflated that ranking; and today even with mega mergers that have consolidated the former mega sized Japanese banks into 3-4 main banks, the ongoing uncertain size of any underpinning assets leaves clout - but perhaps no substance.... (Japanese securites firms came to Wall St mid 1970's, bloomed, then mostly have downsized though still there -as Daiwa, Nikko, Nomura, Yamaguchi; & Sanyo went out of business) Similarly the ballooning of assets in China's boom, leaves a banking system with unknown strength with massive reported corruption .... with perhaps facing a similar collapse in values as Japanese banks in the future. A potential contra tend to the present general euphoria predicted for China's future. In the summer of 2005, many US firms have scrambled to invest (1/2 to 2 billion sized investments) in China's largest banks (as Bank of China & Industrial Bank of China); all assuming the Chinese governement would not let an of these largest Chinese banks fail - as fail they must having no real assets with all their loans concentrated in corporate lending to a constantly shifting company base that changes before repayment. In Australia , WestPac and MacQuarries handle local deals.

Capital Raising

The overwhelming importance of the Capital Raising function to energizing future growth seems to pale by the huge size of today's Venture Capital and LBO Funds... that work globally to fuel that growth. There is a weak USA understanding of state involvement in this process versus for example China targeting and funding e.g. 19 chip plants (costing $1-2 billion each) to plan for dominence in pc's and chips. Will huge US venture capital funds and other funds pouring money into a huge future competitor as China (& India) leave the US work force unemployed... and the USA with a thin layer of "rich" investors in a land of poverty. (No US Govt executives of any position address such issues while e.g. China appears to have genius's at work on them. ... And the lore of free markets working best always to bail out human free market misstarts seems to miss the extreme pace of China's advance. ... There are clear implied results important to investing that are imbedded in these issues, that are unknown and discussed.)

LBO Funds

Other larger funds today bring billions to invest as LBO funds pouring billions into corporate purchases, restruturings. And while today there are 100s of these funds, mention is made of the earlier funds & recognized leaders as :
- Bain Capital - Mitt Romney 1984-1999(?)
- Blackstone Partners - Pete Peterson / Carrie McCabe 1985-present
- Carlyle - Wm Conway/Carlucci 1989-present
- Clayton Dublier & Rice - Joe Rice 1978-present
- Forstmann Little - Ted Forstmann 1983-present
- Hicks Muse - (Thos Hicks ret) John Muse 1990-present
- KKR (Kolberg, Kravis & Roberts) - Henry Kravis 1975-present
- Thos H Lee Co - Tommy Lee 1986-present
- JP Morgan Partners ?1998-present

Hedge Funds

Also today there are 1,000s of hedge funds. They attempt more active trading in markets to obtain investment returns touted to be higher than normal. (Estimates are that today there are 6,000 hedge funds with $1.3 trillion to invest.) The overwhelming majority i.e. 98+ % struggle to merely make returns equal to the DJIA or less. A small handful are noteworthy for far exceeding those returns - a handful having returns 25%-75% as:
- Citadel Investment (Ken Griffith)
- ESL Investments (Edward S Lambert)
- JC Henry Fund
- Rennaisance Technoligies (James H Simmons)
- SAC Capital Advisors (Stephen A Cohen)
- Soros Quantum Fund (George Soros)
- Steinhardt Partners (Michael Steinhardt) (closed)
- Tiger Fund (Julian Robertson) (closed)
- Tudor Fund (Paul Tudor Jones) Notorious hedge funds for larger size and famous managements that went out of busines are :
- LTCM (Long Term Capital Mgt)(shut down)
- (LTCM-John Meriwether & Nobel Laureates lose shirts and go out of business)

Markets

The critical function of providing capital to US Capital markets and also to the Globe is supposedly overseen in the USA by two arms of Government. First, the US Treasury esp via its Secretary of the US Treasury which historically has been neglectful and merely opining occasionally & rarely about any unusual market condition. Secretaries of US Treasury
- Alexander Hamilton 1789-1795
- ...
- John Wesley Snyder 1945-1953
- George M Humphrey 1953-1957
- Robert Anderson 1957-1961
- C Doublas Dillon 1958-1962
- Henry Fowler 1965-1968
- Joseph Barr 1968-1969
- John Connally 1971-1972
- George Shultz 1972-1974
- Bill Simon 1974-1977
- Mike Blumenthal 1977-1979
- William Miller 1979-1981
- Don Reagan 1981-1985
- Jim Baker 1985-1988
- Nick Brady 1989-1993
- Lloyd Bentsen 1993-1994
- Robert Rubin 1994-2001
- Lawrence Summers 2001
- Paul O'Neill 2001-2003
- John W Snow 2003-present And more often US capital markets have been indirectly overseen by the Chairman of the US Federal Reserve Bank, which purports to manage the US economy (esp via controlling money supply and also via 'jawboning'-making statements intended to affect markets). While this purported function is its claimed goal, the past Chairman have for the most part not had the slightest clue about markets and done nothing helpful over decades. One exception was William McChesney Martin Chairman in the 1950's, who was called the Savior of the Federal Reserve system for his outstanding work. (And another noteworthy chairman was Marriner Eccles who set up the federal system at the beginning.) Recent US Federal Reserve Chairman:
- Marriner S Eccles 1934-1948
- Thomas B McCabe 1948-1951
- William McChesney Martin 1951-1970
- Arthur Burns 1970-1979
- Paul Volker 1979-1988
- Alan Greenspan 1988-Present Alan Greenspan - widely touted as a solid performer in the Chairman position - is in actuality, best at media PR for obtaining that reputation based on a weak performance. (Widely known as the 'Mexican Hairless' (Chihuahua) or 'slick' for his personal appearance.) Historical Wall Street Page / Article by LE Cooper

Sources

Most all of above from work experience; Sources for others:
- 'Bond Buyer Directory', American Banker , NY
- 'F.I.A.S.C.O.' by Frank Partnoy ISBN: 0-14-027879-6 Penguin, NY, 1997 1999
- 'Infectious Greed' by Frank Partnoy ISBN: 0-8050--7267-5 Times Books/Henry Holt, NY , 2003
- 'Investment Banking in the US' by Vincent Caruso IBSN: , 1970
- 'Nightmare on Wall Street' by Martin Mayer ISBN: 0-671-78187-1 Simon & Schuster, NY, 1993
- 'Our Crowd' by Stephen Birmingham ISBN: 0815604114 Syracuse University Press, Syracuse, NY, 1996

Investment bank

Investment banks assist public and private corporations in raising funds in the capital markets (both equity and debt), as well as in providing strategic advisory services for mergers, acquisitions and other types of financial transactions.They also act as intermediares in trading for clients. Investment banks differ from commercial banks which take deposits and make commercial and retail loans. In recent years, however, the lines between the two types of structures have blurred, especially as commercial banks have offered more investment banking services. In the US, the Glass-Steagall Act, initially created in the wake of the Stock Market Crash of 1929, prohibited banks from both accepting deposits and underwriting securities; Glass-Steagall was repealed by the Gramm-Leach-Bliley Act in 1998. Investment banks may also differ from brokerages, which in general assist in the purchase and sale of stocks, bonds, and mutual funds. In some cases, brokerages and investment banks are integrated into single firms.

Role of Modern Investment Banks

The original purpose of an investment bank was to raise capital and advise on mergers and acquisitions and other corporate financial strategies. As banking firms have diversified, investment banks have come to fill a variety of roles (list taken from the [http://faculty-staff.ou.edu/M/William.L.Megginson-1/ib.pdf Swiss Banking Institute]):
- Underwriting and distributing new security issues
- Offering brokerage services to public & institutional investors
- Providing financial advice to corporate clients, especially on security issues, M&A deals
- Providing financial security research to investors and corporate customers
- Market-Making, in particular securities. Investment banks have also moved into foreign exchange markets, private banking, asset management and bridge financing.

Raising capital in the Capital Markets

A key role of investment banks is to help companies raise capital in the capital markets by arranging the issuance of new securities. There are two ways to do this: through a public offering or through a private placement. A public offering involves selling securities to a wide range of investors. The investment bank can sell the company's stock in an initial public offering (IPO) or secondary offering, or they can arrange a bond issue. As these securities can end up with many investors, including unsophisticated ones, these sales are tightly regulated by bodies such as the U.S. Securities and Exchange Commission (SEC) and the Financial Services Authority in the United Kingdom. A private placement is an offering of securities to a small group of sophisticated investors. There are fewer rules to comply with, though the investment bank must show that the investors comply with certain criteria. The distribution of other types of investment, other than securities, is usually also done through a private placement. This could include investments in venture capital or private equity, acquisitions and other strategic investments by companies.

The main activities and units

Large, global investment banks typically have several business units, including Investment Banking, concerned with advising public and private corporations; Research, concerned with producing reports on valuations of financial products; and Sales and Trading, concerned with buying and selling products both on behalf of the bank's clients and also for the bank itself. Banks undertake risk through Proprietary Trading, done by a special set of traders who do not interface with clients and through Principal Risk, risk undertaken by a trader after he buys or sells a product to a client and does not hedge his total exposure. Banks seek to maximize profitability for a given amount of risk on their balance sheet. The individual activities are described below:
- Investment Banking, is the traditional aspect of investment banks which involves helping customers raise funds in the Capital Markets and advising on mergers and acquisitions. Investment bankers prepare idea pitches that they bring to meetings with their clients, with the expectation that their effort will be rewarded with a mandate when the client is ready to undertake a transaction. Once mandated, an investment bank is responsible for preparing all materials necessary for the transaction as well as the execution of the deal, which may involve subscribing investors to a security issuance, coordinating with bidders, or negotiating with a merger target.
- Research, is the division which reviews companies and writes reports about their prospects, often with "buy" or "sell" ratings. While the research division generates no revenue, its resources are used to assist traders in trading, the sales force in suggesting ideas to customers, and investment bankers by covering their clients. In recent years the relationship between investment banking and research has become highly regulated, reducing its importance to the investment bank.
- Sales and Trading, is often the most profitable area of an investment bank, responsible for the majority of revenue of most investment banks. In the process of market making, traders will buy and sell financial products with the goal of making an incremental amount of money on each trade. Sales is the term for the investment banks sales force, whose primary job is to call on institutional and high-net-worth investors to suggest trading ideas (on caveat emptor basis) and take orders. Sales desks then communicate their clients' orders to the appropriate trading desks, who can price and execute trades, or structure new products that fit a specific need. Investment banks create value for their clients primarily through their:
- extensive network of industry and financial contacts, so they can distribute newly issued securities
- market making and research activities, which allows them to create a liquid environment for the client's securities
- superior knowledge about transaction structuring, legal processes and comparable market events.

Recent evolution of the business

Investment Banking is constantly evolving. One main course of evolution is with investment banking products. Investment banks constantly invent new products, which are usually accompanied by very high profit margins since buyers are not sure how to value them. However, since these cannot be patented or copyrighted, they are very often copied quickly by other Investment Banks, and margins are forced downward as the pricing approaches commodity pricing. Throughout Investment Banking history, many have theorized that all investment banking products and services would be commoditized, and the concentration of power in the bulge bracket would be eliminated. This has failed to happen, because while many products became commoditized, new ones were constantly being invented. For example, trading stocks for customers is now a commodity style business, but creating stock derivative contracts is now a very high margin business since the contracts are difficult to evaluate. In addition, while many products have been commoditized, an increasing amount of investment bank profit has come from proprietary trading, where size creates a positive network benefit (since the more trades an investment bank does, the more it knows about the market, allowing it to theoretically make better trades).

Compensation

Investment bankers are competitively compensated through a base salary that is paid through the year and a large year-end bonus, in July for junior bankers and in November for senior bankers. Recent graduates, typically of top universities, are hired to fill analyst positions and are commonly paid for their first year a $60,000 salary, a $10,000 sign-on bonus, and a bonus that ranges with the reputation and the profitability of the firm but is usually between $40,000 to $60,000. While the base salary stays the same, the size of the bonus increases by about $15,000 a year. Although the analyst contract expires after 2 years, the best analysts are asked to stay on for a third year, and can be promoted to the Associate level after the 3rd year. MBA graduates usually start at the Associate level. Associate salaries start with a $95,000 base salary, a sign-on bonus, and expected bonus of around $100,000. Vice presidents usually command all-in compensation of half a million dollars. Bankers more senior get paid according to the revenue they produce, but a typical managing director earns $1.5-$2.0 million while a group head might earn $3.0-5.0 million. Compensation for bankers who work in the Sales & Trading division varies much more than in actual investment banking. Because compensation is closely attached to the profit generated by each trader, a star Associate with a good relationship with his Managing Director can sometimes earn more than other (presumably less profitable) Managing Directors at the Firm! It is also interesting that the most big banks, like Goldman Sachs and Morgan Stanley, pay lower bonuses than the rest because a short tenure at one of these can drastically increase a banker's value to future employers. Bankers who work outside the major financial centers such as London and New York. typically earn significantly smaller bonuses for various reasons, including the usually better lifestyle abroad, lower cost of living, and in the case of a branch office, the geographic distance from key individuals at head office who may divert money to compensate their own employees. The big picture of compensation is that ultimately about 50% of total revenues is paid out as compensation to employees (Lazard Freres PLC goes as far as setting a target level for compensation as 57.5% of total revenue). In their 3Q 2005 earnings release, Goldman Sachs earmarked an average of $420,000 per employee per year for compensation (this includes everyone from janitors to the CEO).

Possible conflicts of interest

Because potential conflicts of interest may arise between different parts of a bank, the authorities that regulate investment banking (the FSA in the United Kingdom and the SEC in the United States) require that banks impose a Chinese wall which prohibits communication between Investment Banking on one side and Research and Equities on the other. These are some of the conflicts of interest involved in investment banking:
- Historically, most equity research firms are owned by investment banks. It is common practice for equity analysts to initiate coverage on a company in order to develop a relationship with that company that will lead to highly profitable investment banking business. In the 1990s, many equity researchers allegedly traded positive stock ratings directly for investment banking business. The practice went the other way as well: companies would threaten to divert investment banking business to competitors unless an analyst rated their stock favorably. No one is sure how widespread these criminal acts were. Increased pressure from regulators and a series of lawsuits, settlements, and prosecutions curbed this business to a large extent following the 2001 stock market tumble.
- Many investment banks also own retail brokerages. Also during the 1990s, some retail brokerages sold consumers securities which did not meet their stated risk profile. This behavior allegedly occurred, much like with equity researchers, to clinch investment banking business or even to sell surplus shares during a public offering to keep public perception of the stock favorable.
- Since investment banks engage heavily in trading for their own account, there is always the temptation or possibility that they might engage in some form of front running.

Investment banks

Some of the major global public and private investment banks include:
- ABN AMRO
- Bank of America
- Barclays Capital
- Bear Stearns
- BMO Nesbitt Burns
- BNP Paribas
- Brown Brothers Harriman
- CIBC World Markets
- Calyon
- Cazenove
- Citigroup
- Credit Suisse First Boston
- Deutsche Bank
- Dresdner Kleinwort Wasserstein
- Friedman Billings Ramsey
- Goldman Sachs
- Houlihan Lokey Howard & Zukin
- Jefferies & Co.
- JPMorgan Chase
- Lazard
- Lehman Brothers
- Macquarie Bank
- Merrill Lynch
- Morgan Stanley
- Piper Jaffray
- RBC Capital Markets
- Robert W. Baird & Company
- Rothschild
- Scotia Capital
- SG Cowen
- TD Securities
- Thomas Weisel Partners
- TSG Partners
- UBS AG
- Wachovia Securities

Divestiture

In finance and economics, divestment or divestiture is the reduction of some kind of asset, for either financial or social goals. A divestment is the opposite of an investment.

Divestment for financial goals

Often the term is used as a corporate strategy, in which a company sells off a business unit in order to focus their resources on a market it judges to be more profitable, or promising. Sometimes, such an action can be a spin-off. Other times divestment can occur when required by the Federal Trade Commission before a merger is approved. A company can divest assets to wholly owned subsidiaries. The largest, and likely most-famous, corporate divestiture in history was the 1984 US Department of Justice-mandated breakup of the Bell System into AT&T and the seven Baby Bells.

Divestment for social goals

The term also refers to the reduction of investment in firms, industries or countries for reasons of political or social policy. Examples of divestment for social reasons have included:
- the withdrawal of American firms from South Africa during the 1980s due to Apartheid
- discussion over whether it is ethical to invest in companies that sell tobacco Discussion of divestment for social, environmental and political reasons has arisen frequently on college campuses. For example, taking into account faculty and student opinion, several university boards of trustees voted to divest from South Africa entirely during the 1980s, in some cases after widespread protests occurred. In 2004, the Presbyterian USA church voted to selectively divest from companies with ties to the Israeli military (such as Caterpillar Inc.) in order to pressure Israel into ending the occupation of disputed land in the West Bank and Gaza. In 2005, the World Council of Churches followed suit. The New England Conference of the United Methodist Church, at its Annual Conference session held June 8-11-2005, voted to urge the divesting of funds from companies that support the Israeli occupation of Palestinian Territories. The resolution stated:
- Whereas the United Methodist Church should not profit from the illegal Israeli occupation of Palestinian land or the destruction of Palestinian homes, orchards, and lives,
- Whereas we are committed to ensuring that our denomination’s money is used in a manner consistent with our beliefs, with international law, and with Christ’s teaching,[http://www.neumc.org/news_detail.asp?TableName=oNews_PJAYMY&PKValue=60]. On the 27th of April 2005, The Rawalpindi-Islamabad Citizens Peace Committee of Pakistan has called for a total boycott of US and British products to protest declaring war on weak nations [http://www.adnki.com/index_2Level.php?cat=Trends&loid=8.0.157716480&par=]. Their release cites:“The local chains pay their American principals a royalty of 5 per cent on each sale for using their brand names. It is this 5 per cent that goes to bloat the coffers of the US corporations most of whom are major contributors to the state of Israel. Thus, consuming American fast food goes to strengthen the US and Israeli armed forces, US aggression worldwide and the Israeli atrocities on the Palestinians". Pro-Palestinian student groups at many colleges and universities petitioned their schools to divest from companies with ties to the Israeli military in 2002-2004, but most divestment campaigns at universities were unsuccessful in swaying the schools' administrations' investment decisions, and such campaigns are often labeled as anti-Semitic. Such divestment activities have brought the notion of "socially conscious investing" into the public eye. Under such a philosophy, investors intentionally invest in companies whose policies they believe to be especially aligned with their own interests, such as in environmental protection. Some denominational divestment initiatives have taken criticism for their alliance with the Sabeel movement. By divesting from certain sectors of the economy, and investing in others, such investors may intend to provide a market-based incentive for corporate social responsibility.

External links

- [http://activistmagazine.com/index.php?option=content&task=category§ionid=9&id=200&Itemid=80 Pensions for Peace ~ ACT for the Earth]
- [http://camera.org/index.asp?x_context=2&x_outlet=118&x_article=959/ CAMERA information on divestment.]
- [http://alawda.rso.wisc.edu/statementofpurpose.htm University of Wisconsin Divestment website.]
- [http://www.divest-from-israel-campaign.org/CitySeattle.html City of Seattle Divest.]
- [http://www.opinionjournal.com/taste/?id=110007002 Mainline churches launch a policy to punish Israel] by Eugene Kontorovich, in the Wall Street Journal, July 22, 2005.

Jacob Schiff

Jacob Henry Schiff (January 10, 1847 – September 25, 1920) was a German-born New York City banker and philanthropist, who financed, among many other things, the Japanese military efforts against Tsarist Russia in the Russo-Japanese War. He was part of a wealthy and powerful circle that included the Warburgs and Rothschilds. From his base on Wall Street, he was the foremost Jewish leader in what became known as the "Schiff era," grappling with all major issues and problems of the day, including the plight of Russian Jews under the czar, American and international anti-Semitism, care of needy Jewish immigrants, and the rise of Zionism. He also became the director in many important corporations, including the New York City National Bank, the Equitable Life Assurance Society, and the Union Pacific Railroad. He was born in Frankfort-on-Main, Germany to a distinguished rabbinical family that traced its lineage in Frankfort back to 1370. In 1865, Schiff moved to the US at the age of 18. After several banking jobs, he eventually became the head of the banking firm of Kuhn, Loeb & Co., which grew to become "one of the two most influential private international banking houses on the Western Hemisphere" (Adler 8). Schiff always felt strongly about his connection to the Jewish people, and showed this through his philanthropy. He supported relief efforts for the victims of pogroms in Russia, and helped establish and develop Hebrew Union College, the Jewish Theological Seminary, and the Jewish Division in the New York Public Library. However, he also financed many major American projects, believing strongly in the need to further develop and bring together the US. To this end, he reorganized the bankrupt Union Pacific Railroad in 1897, as well as a number of other railroad companies. Schiff grew to be one of American Jewry's top philanthropists and leaders, donating to nearly every major Jewish cause, as well as many secular American causes, and a number of other organizations for civil rights and the disadvantaged, such as the American Red Cross and Tuskegee Institute. He also played a role in the municipal affairs of New York City, and worked to shrink the reliance on machine bureaucracy in this arena. During the Russo-Japanese War, in 1904 and 1905, in perhaps his most famous financial action, Schiff, again through Kuhn, Loeb & Co., extended a critical series of loans to Japan, in the amount of $200 million. He was willing to extend this loan due, in part, to his belief that gold is not as important as national effort and desire, in helping win a war, and due to the apparent underdog status of Japan at the time; no European nation had ever been defeated by a non-European nation before then. It is quite likely Schiff also saw this loan as a means of taking revenge, on behalf of the Jewish people, for the anti-Semitic actions of the Tsarist regime, specifically the then-recent pogroms in Kishinev. This loan attracted worldwide attention, and had major consequences. Japan won the war, and elements of its government mistakenly took this as evidence of the power of Jews all around the world, of their loyalty to one another, and as proof of the truth of the Protocols of the Elders of Zion. This thinking later led to the failed Fugu Plan, which would have saved many thousands of Jews from the Holocaust, bringing them to Japan-controlled China to work for the benefit of Japan's economy. In any case, Schiff was conferred the Second Order of the Sacred Treasures of Japan by Emperor Meiji, becoming one of the first foreigners to be offered this rare honor. He was also invited to a private audience in 1904 with King Edward VII of England. In addition to his famous loan to Japan, Schiff financed loans to many other nations, including those that would come to comprise the Central Powers. When World War I finally did break out, he used his reputation and influence to urge President Woodrow Wilson, and others, to put an end to the war as quickly as possible, even without an Allied victory. He feared for the lives of his family, back in Germany, but also for the future of his adopted land. He engineered loans to France, and other nations for humanitarian purposes, and spoke out against submarine warfare. Over the years, before, during, and after World War I, his firm extended loans to many nations all around the world, but Schiff made sure none of the funds ever went to Russia, which continued to severely oppress the Jewish people. When the Tsar's government fell in 1917, Schiff believed that the oppression of Jews (and other peoples) would end. He became sympathetic for Alexander Kerensky's government, and formally repealed the impediments within his firm against lending to Russia. Of course, once the policies and doctrines of Lenin's and Trotsky's Soviet government became apparent, Schiff once more became bitterly opposed to aiding Russia in any way. Perhaps surprisingly, Schiff stood opposed to political, secular Zionism. He claimed to identify with Jews by faith, not by race. However, despite not agreeing fully with the ideas of Theodore Herzl, and in fact believing that Zionism was not compatible with American citizenship, he donated to many Jewish projects in Palestine, including the Technical Institute of Haifa. As the situation for Eastern European Jews grew more dire, with the Russian Revolution, and pogroms in Ukraine, Schiff made more considerable contributions to the Zionist effort; he even offered to join the Zionist organization, provided he could publish a statement he'd prepared. This offer was denied, and so he never formally joined the Zionist camp. Schiff fell ill and died in the winter of 1920.

Schiff in conspiracy and fiction

Due to his fame, his wealth and power, and the large number of causes, events, and organizations he was involved in, Jacob Schiff has been incorporated into many conspiracy theories, most inspired in large part by the Protocols of the Elders of Zion. He is accused, along with the Rothschilds, Warburgs and others, of being one of the leaders of a worldwide Jewish conspiracy to dominate the economies, and therefore the governments, of the world. In truth, he did play a significant role in the election campaign of Woodrow Wilson in 1912, and spoke directly to Presidents Wilson and Roosevelt on several occasions, and he met personally with King Edward VII of England and Emperor Meiji of Japan. His loans to Japan and other nations, along with his contributions to countless companies and organizations around the world made him a ready target for anti-Semitic conspiracy theories. Ironically, he has also, in other texts, been accused of being an anti-Semite, and anti-American, due to his support of the Russian Communists. Schiff demonstrated time after time his dedication not only to the Jewish community, but also to his adopted homeland of America. Over the course of his lifetime, Schiff donated many hundreds of thousands of dollars to American corporations and organizations, and to Jewish causes in the US, Palestine, and around the world.

Family

- Wife: Therese
- Children: Mortimer Schiff; Frieda Warburg, nee Schiff
- Father: Moses Schiff
- Mother: Clara Schiff, nee Niederhofheim

References

- Adler, Cyrus (1921). "Jacob Henry Schiff: A Biographical Sketch." New York: The American Jewish Committee.
- Brody, Seymour (1996). "Jacob Henry Schiff". [http://www.jewishvirtuallibrary.org/jsource/biography/schiff.html Virtual Jewish Library]. Accessed 21 Jan 2005.
- Cohen, Naomi W. (1999). "Jacob H. Schiff". Brandeis University Press Schiff, Jacob Schiff, Jacob Schiff, Jacob

Kuhn, Loeb & Co.

Kuhn, Loeb & Co. was an investment bank founded 1867 by Abraham Kuhn and Solomon Loeb. Under the leadership of Jacob H. Schiff, it grew to be one of the most influential investment banks in the late 19th and early 20th centuries, financing America's expanding railways and growth companies, including Western Union and Westinghouse, and thereby becoming the principal rival of J.P. Morgan & Co. In the years following Schiff's death in 1920, the Firm was lead by Otto Kahn and Felix Warburg, men who had already solidified their roles, in the eyes of their clients and the world, as Schiff's able successors. However, the Firm's fortunes began to fade in the years following World War II, when it failed to keep pace with a rapidly changing investment banking industry, where Kuhn, Loeb's old-world, genteel ways, did not seem to fit. Sadly, the days of the gentleman-banker had passed. The Firm lost its independence in 1977 when it merged with Lehman Brothers, to create Lehman Brothers, Kuhn, Loeb Inc., which was itself absorbed in 1984, and with that, the Kuhn, Loeb name was lost forever.

History

Kuhn, Loeb & Co. was an investment bank located in New York City, founded by Abraham Kuhn and Solomon Loeb in 1867. Kuhn and Loeb had created a successful merchandising business in Cincinnatti, Ohio, when they decided to move east, to New York, to take advantage of the country's burgeoning economic expansion. Company records indicate that by time Kuhn and Loeb established their partnership, they were able to capitalize it at $500,000. On January 1, 1875, Jacob Schiff (1847-1920), Solomon Loeb's son-in-law, joined the Firm and began a remarkable reign as leader of the Firm, during which it grew to be the most prestigious investment bank in the United States, perhaps, second only, to J. Pierpont Morgan's, J.P. Morgan & Co. Schiff famously sided with E. H. Harriman in 1901 against Morgan and James Jerome Hill in the battle for the Northern Pacific railroad. Famous partners of the Firm included Otto Kahn, Paul Warburg, Felix Warburg, Mortimer Schiff, Benjamin Buttenweiser and Lewis Strauss. Sigmund Warburg, founder of S.G. Warburg, served as an Executive Director of the Firm. At the time, intermarriage among the German-Jewish elite was customary. Consequently, the partners of Kuhn, Loeb were closely related by blood and marriage to the partners of J & W Seligman, Speyer & Co., Goldman, Sachs & Co., and Lehman Brothers. A particularly close relationship existed between the partners of Kuhn, Loeb and M. M. Warburg & Co. of Hamburg, Germany, through Paul, Felix and Sigmund Warburg, who were Kuhn, Loeb partners. In 1977, Kuhn Loeb merged with Lehman Brothers to form, in the United States, Lehman Brothers, Kuhn, Loeb Inc. However, internationally, the merged firms were known as Kuhn Loeb Lehman Brothers Incorporated, in recognition of the fact that Kuhn Loeb's international reputation was clearly superior to that of Lehman's. A period of bitter internal strife ended in 1984 when the Firm sold itself to Shearson/American Express, itself the product of a recent merger between American Express and Sandy Weill's, Shearson Loeb Rhodes. Later, the combined firm purchased disgraced E.F. Hutton, becoming Shearson Lehman Hutton. Having failed to successfully create the country's first financial services supermarket, American Express sold its retail brokerage operations to Primerica in 1993 and in 1994 spun off a beleaguered Lehman Brothers as Lehman Brothers Holdings Inc., in an initial public offering. Although the Kuhn, Loeb name is likely lost forever, the Firm's legacy is not. Former Kuhn, Loeb employees remain in senior positions both within Lehman Brothers and throughout Wall Street. Vestiges of the firm survive in the form of Lehman Brothers' extensive fixed income capabilities, including many of their bond indices, such as the Government/Credit index. This index, originally birthed in 1973 by Kuhn, Loeb, as the Government/Corporate index was among the first generation of bond index data to measure the fixed income market. It is still the preeminent benchmark in its class.

Partners of the Firm

Limited Partners

- Gilbert W. Kahn
- Benjamin Buttenwieser
- Hugh Knowlton
- Percy M. Stewart
- Robert F. Brown
- J. Emerson Thors

Partnership Summary Data (2/1/1867-10/1/1967)

- 49 General Partners
- 6 Limited Partners
- Longest Serving Partner: Felix M. Warburg (40 years)

Clients of the Firm

- American Smelting and Refining Company
- Anheuser-Busch Incorporated
- Automatic Data Processing, Inc.
- Bank Leumi Le-Israel B.M.
- Bayer Foreign Investments Limited
- Bethlehem Steel Corporation
- C.I.T. Financial Corporation
- Chemical Bank New York Trust Company
- Dreyfus Corporation
- Eastern Air Lines, Inc.
- [http://www.albany.edu/history/ej/ Endicott Johnson Corporation]
- Erie Lackawanna Railroad Corporation
- European Coal and Steel Community (forerunner of the E.U.)
- Ford Foundation
- Great Atlantic & Pacific Tea Company, Inc.
- International Telephone and Telegraph Corporation
- Israel Discount Bank Limited
- Kingdom of Denmark
- Kingdom of Norway
- L.M. Ericsson Telephone Company, Sweden
- Metromedia, Inc.
- Metropolis of Tokyo, Japan
- Power Authority of the State of New York
- R.K.O. General, Inc.
- Republic Industrial Corporation
- Republic of Austria
- Republic of Finland
- Republic of Peru
- Republic of the Philippines
- Republic of Venezuela
- Reynolds Metals Company
- Rockwell Manufacturing Company
- Rockwell-Standard Corp.
- Southern Pacific Company
- Stouffer Foods Corporation
- Uniroyal, Inc.
- Mexico (United Mexican States)
- Wagner Electric Corporation
- Western Union Telegraph Company
- Westinghouse Electric Corporation

Operating Entities

- Kuhn, Loeb & Co. Incorporated
- Kuhn, Loeb Asia Limited
- Kuhn, Loeb Government Securities Incorporated
- Kuhn, Loeb International Limited

Office Locations

Kuhn, Loeb & Co., had a number of homes throughout its existence:
- 31 Nassau Street, (1867)
- 30 Nassau Street, (1884)
- 27 Pine Street, (1894)
- 52 William Street, (1903)
- 30 Wall Street, New York, NY, (May 31, 1955)
- 40 Wall Street, New York, NY
- [http://www.55water.com 55 Water Street, New York, NY] (as Lehman Brothers Kuhn Loeb)

Value of a Dollar

In 1867 Kuhn, Loeb & Co., was reputed to have been capitalized at $500,000.00. Just how much was that in 1867? See below to see how much $500,000 would be today compared to various benchmarks.
- $500,000.00 would be worth $6,181,573.03 using the Consumer Price Index
- $500,000.00 would be worth $5,972,113.44 using the GDP deflator
- $500,000.00 would be worth $51,870,503.45 using the unskilled wage
- $500,000.00 would be worth $83,006,500.51 using the GDP per capita and, incredibly, $500,000.00, as a percentage of the entire United States Gross Domestic Product, would be equal to: $675,103,104.84. in today's dollars.

Law Firms Representing Kuhn, Loeb & Co.

- [http://www.cravath.com Cravath, Swaine & Moore] Successor law firm to Paul D. Cravath's, Guthrie, Cravath & Henderson
- Dewey, Ballantine, Bushby, Palmer & Wood

References

Books

- Auletta, Ken. Greed and Glory on Wall Street: The Fall of the House of Lehman. Random House, 1985
- Birmingham, Stephen. Our Crowd. Pocket Books, 1977
- Chernow, Ron. The Warburgs. Random House, 1993
- Collins, Theresa M. Otto. Kahn - Art, Money & Modern Time. The University of North Carolina Press, 2002
- Kuhn, Loeb & Co. Kuhn, Loeb & Co. A Century of Investment Banking. New York: privately printed, 1967
- Kuhn, Loeb & Co. Kuhn Loeb & Co. Investment Banking Through Four Generations. privately printed, 1955
- Strauss, Lewis L. Men and Decisions. Doubleday, 1961

Articles

- [http://www.raken.com/american_wealth/Gilded_age_index5.asp The Gilded Age - Investment Bankers]

External links

- [http://www.kuhnloeb.com Kuhn, Loeb & Co.]
- [http://www.citigroup.com/citigroup/corporate/history/data/tree85x11.pdf Citigroup's ancestor companies 1812 - 2000]
- [http://www.justia.us/us/211/407/case.html Harriman v. Interstate Commerce Commission] Category:Banks of the United States Category:Investment banks

Wasserstein Perella & Co.

Wasserstein Perella & Co. (sometimes referred to as "Wasserella") was built by Bruce Wasserstein and Joseph R. Perella between its founding in 1988 to its eventual sale to Dresdner Bank in 2001. Joe Perella left the firm for Morgan Stanley in 1993.

External links

Articles

- [http://www.marketwatch.com/news/story.asp?guid=%7B41C07479-997E-45EE-9E47-A858933E4051%7D&siteid=mktw 4:47 AM ET April 13, 2005 - Top Morgan Stanley bankers to exit]

Wasserstein Perella & Co.

External links

Articles

- [http://www.marketwatch.com/news/story.asp?guid=%7B41C07479-997E-45EE-9E47-A858933E4051%7D&siteid=mktw 4:47 AM ET April 13, 2005 - Top Morgan Stanley bankers to exit]

Clorofilla

La clorofilla è un pigmento naturale presente nei grani dei cloroplasti delle cellule vegetali, o negli organismi procarioti che realizzano la fotosintesi clorofilliana. Negli eucarioti sono presenti due diverse tipologie, la clorofilla a, che assorbe soprattutto la luce blu-violetta e rossa, e la clorofilla b, che assorbe la luce blu ed arancione. Altri pigmenti minoritari sono i carotenoidi, che assorbono la luce verde-blu. Le piante appaiono verdi, poiché le lunghezze d'onda del verde sono le meno assorbite dalle piante. La clorofilla degli eucarioti è leggermente diversa. Le molecole di clorofilla a e b con i carotenoidi sono racchiuse nei tilacoidi dei grani a gruppi di 200-300 molecole. Quando la luce li colpisce, essa permette l'eccitazione dei pigmenti e il passaggio di un elettrone di una specifica molecola di clorofilla ad un accettore primario. Il complesso di clorofilla a e accettore è chiamato centro di reazione, che unito ai pigmenti prende il nome di fotosistema. Esistono due tipi di fotosistemi: il fotosistema I o P700, e il fotosistema II o P680. categoria:Botanica categoria:Biochimica ja:葉緑素 ko:엽록소 ms:Klorofil

Jamnik Jamniki Zoja niusy tapety motorola Dorota Rabczewska darmowe mp3

:: RELATED NEWS ::

Elfmeter
Der Strafstoß beim Fußball (umgangssprachlich Elfmeter) ist eine vom Schiedsrichter verordnete Maßnahme, die eine von einer Regelwidrigkeit benachteiligte Mannschaft in eine aussichtsreiche Position zum Torerfolg verhilft. Er wird dann durchgeführt, wenn ein Regelverstoß (meist Foul oder Handspiel), der einen direkten 14. Dezember 1914 in Stuttgart; † 9. Januar 2004 in Berlin) war Freiheitskämpfer, Historiker, Buchautor und Publizist.

Leben

Am 1. Oktober 1992 wurde dem Gründer des Mauermuseums

Gewöhnliche Strauchschrecke
Die Gemeine Strauchschrecke gehört zur Familie der Laubheuschrecken, und hier zu den Tettigoniidae-Decticinae, und ist in Deutschland auf Gebüschen an Wegrändern weit verbreitet. Sie fällt am ehesten durch ihre grillen-ähnliche Lautäußerung („Gesang“) auf, ein ziemlich leises, in „Silben“ gegliedertes Zirpen, das der Partnerfindung dient. Erzeugt werden diese Laute, nur von den Männchen, durch Reiben des linken über den rechten der beiden ziemlich stark verkürzt

Otis Bardwell Boise
Otis Bardwell Boise (
- 13. August 1844 in Oberlin (Ohio); † 2. Dezember 1912 in Baltimore/Maryland) war ein US-amerikanischer Komponist. Bereits 1858 wirkte Boise in Orgeln der Romantik gebaute Spielhilfe (mechanisch, pneumatisch oder elektrisch), mit der man die Register automatisch so ziehen oder abstoßen kann, dass die Lautstärke insgesamt größer oder kleiner wird. Meist wird der Registerschweller über eine Walze bedient, die mit dem Fuß gedreht wird, möglich ist auch ein Balanciertritt. Mit dem Registerschweller ka

Marcelo Gonzáles Martín
Marcelo Kardinal González Martín (
- 16. Januar 1918 in Villanubla, Spanien; † 25. August 2004 in Fuentes de Nava) war Erzbischof von Toledo.

Leben

Marce

Investment bankers