Salomon Brothers
Salomon Brothers was a US investment bank that was bought in 1998 by the Travelers Group , now Citigroup .
history
Salomon Brothers was founded in 1910 by Arthur, Herbert and Percy Salomon and was based off Wall Street . In the 1970s, Salomon Brothers was one of the world's largest investment banks. In the 1980s, the Bank developed the first collateralized with real estate loans ( mortgage-backed securities ) and led them into the bargain, which she had great economic success. These bonds were also the focus of the financial crisis from 2007 onwards .
The company's business later shifted to proprietary trading .
In the early 1990s, Salomon Brothers was the main culprit in the US government bond market manipulation scandal . Despite vehement educational work by Warren Buffett , who was appointed to the management team in an emergency , a fine of around 290 million dollars ultimately followed, which Salomon weakened so much that the money house was swallowed up by the financial group Travelers . Travelers, in turn, later merged with Citigroup .
Others
- Michael Bloomberg worked at Salomon Brothers immediately after completing his studies .
literature
- Michael Lewis: Liar's Poker (German: Wall Street Poker ). 1990. ISBN 0-1401-4345-9
Web links
Individual evidence
- ↑ http://www.citigroup.com/citigroup/fin/data/ar041c_de.pdf
- ↑ Investment legend Warren Buffett has a good reputation paid dearly (welt.de)
- ↑ Handelsblatt dated September 15, 2008 (page 26)