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By Sean Somerville and Sean Somerville,SUN STAFF | February 6, 1997
Dean Witter, Discover & Co. and Morgan Stanley Group Inc. yesterday announced a $10 billion merger that will create the world's largest securities firm and likely spark consolidation elsewhere on Wall Street.The stock swap will combine Dean Witter's vast retail brokerage and Morgan Stanley's blue-chip investment bank.The combination will create a $23 billion company that manages $270 billion -- the largest amount managed by a securities firm, the two companies said."The combination of Morgan Stanley and Dean Witter, Discover may be as close to an ideal merger as there is," said Philip J. Purcell, Dean Witter's chairman and chief executive officer.
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BUSINESS
By BLOOMBERG NEWS | July 2, 2005
NEW YORK - Morgan Stanley Chief Executive Officer John J. Mack may consider selling the company's asset-management business as he takes over the world's largest securities firm that he helped create eight years ago. Mack told analysts during a conference call Thursday that Citigroup Inc.'s announced sale of its fund unit to Legg Mason Inc. may be worth mimicking. "You have to question now your ability to gather assets with your own in-house funds, so that right there is a strategic question," he said.
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BUSINESS
December 23, 1992
Sears to offer stock in financial unitSears, Roebuck and Co.'s financial arm, Dean Witter, Discover & Co., sought federal clearance yesterday to offer 29.5 million shares of common stock to the public.The stock offering, which had been expected, would be a prelude to Sears' planned spinoff of the New York-based brokerage, money manager and credit card unit. Sears is jettisoning its financial businesses, except for its Allstate insurance unit, in an effort to shore up its retailing business.
BUSINESS
By JAY HANCOCK | May 7, 2003
BY MOST MEASURES, Morgan Stanley Internet stock analyst Mary Meeker had a pretty good 1999. All her companies rose in value - just as she predicted! She was mentioned hundreds of times by the media. She made the lists of biggest Internet kahunas at all the business magazines. She was inducted into the Analyst Hall of Fame. She earned a $15 million bonus for herself. And she made zillions more for her firm, including helping land more than $140 million in investment banking fees. People called her the Queen of the Net, but in certain quarters at Morgan Stanley, Meeker was just another drone.
BUSINESS
November 23, 1994
Calif. orders insurance refundCalifornia's outgoing insurance commissioner, John Garamendi, yesterday ordered 28 insurance firms to refund $1.25 billion to customers, his second big effort to enforce controversial Proposition 103. The 1988 law ordered firms selling auto, homeowners' and several other types of insurance to roll back rates 20 percent after state officials found they were overcharging.OPEC agrees on outputCash-strapped OPEC producers yesterday clinched a deal on 1995 oil production, agreeing to maintain their combined output unchanged for the next year at 24.52 million barrels a day. The rare unanimous decision was rewarded in the oil markets, which have now driven prices up 30 cents a barrel since last Friday.
BUSINESS
February 23, 1993
Investors near pact with MarriottA group of the nation's biggest investment institutions is close to an agreement with Marriott Corp. on its proposed restructuring plan, investors in the group said.The group, a steering committee of institutions that own $500 million of Marriott bonds, includes two of the nation's biggest pension funds, California Public Employees' Retirement System, known as Calpers, and Teachers Insurance & Annuity Association. Investors said they are within days of reaching agreement with Marriott.
BUSINESS
By JULIUS WESTHEIMER | September 8, 2000
Here are excerpts from "Advice for a Recent Widow," by Alexandra Armstrong, certified financial planner, in Better Investing: "Don't make important irrevocable decisions for six months. ... See your lawyer, accountant and stockbroker promptly. ... Calculate your net worth - what you own and what you owe. ... Seek professional investment advice. ... Organize and pay appropriate bills. ... Start recording income and projected expenses. ... If you have trouble getting organized, ask a knowledgeable family member to help."
BUSINESS
By BLOOMBERG NEWS | August 1, 1997
NEW YORK -- U.S. stocks yesterday were mixed at the close of the best month for the Standard & Poor's 500 index since December 1991. Investors expect today's report on July employment to spark further gains.Dell Computer Corp. led a rally in computer stocks, offsetting a decline in Goodyear Tire & Rubber Co. and other stocks that don't perform well when the economy is slowing.The Dow Jones industrial average lagged behind the broad market, falling 32.28 to 8,222.61, after touching an all-time high of 8,282.
BUSINESS
By BLOOMBERG NEWS | July 2, 2005
NEW YORK - Morgan Stanley Chief Executive Officer John J. Mack may consider selling the company's asset-management business as he takes over the world's largest securities firm that he helped create eight years ago. Mack told analysts during a conference call Thursday that Citigroup Inc.'s announced sale of its fund unit to Legg Mason Inc. may be worth mimicking. "You have to question now your ability to gather assets with your own in-house funds, so that right there is a strategic question," he said.
BUSINESS
By BLOOMBERG NEWS | January 25, 2000
WASHINGTON -- The National Association of Securities Dealers reduced by half yesterday a $1 million fine that it had imposed on Morgan Stanley Dean Witter & Co. for allegedly manipulating the price of some stocks in the Nasdaq 100 index. NASD Regulation's top judicial panel, while lowering the fine to $495,000, upheld the thrust of a lower committee's finding against the nation's second-largest brokerage. The panel found that Morgan Stanley fraudulently raised quotes on nine stocks in 1995 when the options on the Nasdaq 100 index were set to expire, allowing the firm to avoid losses.
BUSINESS
By BLOOMBERG NEWS | December 12, 2001
NEW YORK - Credit Suisse First Boston is in talks with the Securities and Exchange Commission on a possible $100 million settlement of a probe into how the firm allocated shares in initial public offerings, according to people familiar with the situation. The settlement, which would be the fifth-largest in a securities case, would end an 18-month investigation into the firm that brought more technology companies public than any other in 1999 and 2000. Regulators are investigating allegations that Credit Suisse and other U.S. securities firms offered clients sought-after IPO shares in exchange for kickbacks and promises to buy more shares.
BUSINESS
By BLOOMBERG NEWS | November 17, 2001
NEW YORK - Merrill Lynch & Co. said yesterday that more than 2,600 employees, or 3.9 percent of its work force, took the buyouts offered as part of President Stanley O'Neal's effort to trim expenses and improve profits at the nation's biggest securities firm. Merrill, which had 65,900 employees on Sept. 30, earned $6,403 per employee in the third quarter, making it the least profitable of the five biggest Wall Street firms. Morgan Stanley Dean Witter & Co., which ranks fourth in profitability, earned $11,780 per employee, 45 percent more than Merrill.
BUSINESS
By BLOOMBERG NEWS | July 18, 2001
NEW YORK - Merrill Lynch & Co.'s second-quarter earnings fell 41 percent, as investment banking, trading, asset management and brokerage revenue slid. The biggest securities firm said yesterday that the slump may prompt more job cuts. Merrill Lynch earned $541 million, or 56 cents a share, down from $921 million, or $1.01 a share a year earlier, a larger drop than rivals Goldman Sachs Group Inc. and Morgan Stanley Dean Witter & Co. Merrill's net revenue fell 19 percent to $5.57 billion.
BUSINESS
June 30, 2001
In the Region Cost of parking downtown is below national average Parking in downtown Baltimore averages $137.50 a month, below the national average of $157 a month for downtown metropolitan areas, according to a study released yesterday by Colliers International, a real estate services firm. Colliers said parking rates are rising well above the annual rates of inflation and are a significant business expense. They are 14 percent higher than a year ago and up 33 percent since 1996. Rates range from $520 a month in New York City to $17.50 in Bakersfield, Calif.
BUSINESS
By Lyle Denniston and Lyle Denniston,SUN NATIONAL STAFF | January 17, 2001
WASHINGTON - Brokers' dealings with investors are closely monitored by federal laws and rules, but the Supreme Court cleared the way yesterday for another form of consumer protection: the right to sue their brokers under state laws. In a brief order, the justices turned down an appeal by Morgan Stanley Dean Witter & Co. that claimed it would be unconstitutional to permit such state court lawsuits to go forward. State court claims, Morgan Stanley contended, would disrupt federal oversight of brokers' dealings with their customers.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | September 13, 2000
NEW YORK - Chase Manhattan Corp. is in serious talks to acquire J. P Morgan & Co. Inc., an executive close to the deal said yesterday. The deal, expected to be worth at least $40 billion, would unite two of the oldest and most powerful forces in New York finance. Details of the negotiations were not immediately available, although the executive said an announcement could come as early as today. The transaction would end the independence of J. P. Morgan, the most famous name in the history of American finance and the nation's fifth-largest investment bank.
BUSINESS
By Julius Westheimer | November 29, 1991
The Dow Jones average fell 16 points Wednesday, closing at 2,900.04.Here are DJ figures for Thanksgivings past, decimals dropped: 5 years ago (1986) 1,920; 10 years ago (1981) 880; 20 years ago (1971) 800. The Dow has more than tripled over 10 and 20-year spans.WHAT NEXT? "There was a marked increase in bullishness over the last three weeks among market timers who have beaten the market over the last five years." (Hulbert Financial Digest) . . . "Most analysts focus on whether stocks will rise or fall.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | September 13, 2000
NEW YORK - Chase Manhattan Corp. is in serious talks to acquire J. P Morgan & Co. Inc., an executive close to the deal said yesterday. The deal, expected to be worth at least $40 billion, would unite two of the oldest and most powerful forces in New York finance. Details of the negotiations were not immediately available, although the executive said an announcement could come as early as today. The transaction would end the independence of J. P. Morgan, the most famous name in the history of American finance and the nation's fifth-largest investment bank.
BUSINESS
By JULIUS WESTHEIMER | September 8, 2000
Here are excerpts from "Advice for a Recent Widow," by Alexandra Armstrong, certified financial planner, in Better Investing: "Don't make important irrevocable decisions for six months. ... See your lawyer, accountant and stockbroker promptly. ... Calculate your net worth - what you own and what you owe. ... Seek professional investment advice. ... Organize and pay appropriate bills. ... Start recording income and projected expenses. ... If you have trouble getting organized, ask a knowledgeable family member to help."
BUSINESS
By BLOOMBERG NEWS | January 25, 2000
WASHINGTON -- The National Association of Securities Dealers reduced by half yesterday a $1 million fine that it had imposed on Morgan Stanley Dean Witter & Co. for allegedly manipulating the price of some stocks in the Nasdaq 100 index. NASD Regulation's top judicial panel, while lowering the fine to $495,000, upheld the thrust of a lower committee's finding against the nation's second-largest brokerage. The panel found that Morgan Stanley fraudulently raised quotes on nine stocks in 1995 when the options on the Nasdaq 100 index were set to expire, allowing the firm to avoid losses.
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