Salomon

Can 700,000 promise-keeping men stand tall in the center of Gomorrah without seizing it?A governor who gets rockfish back in the Giant is re-electable after all.Commercial Credit gobbled Primerica which ate Travelers which wolfed Shearson Lehman and part of Aetna and Salomon, by which time Commercial Credit was invisible.God is on the side of the deep bullpens.Pub Date: 9/29/97

NEW YORK -- Travelers Group agreed yesterday to buy Salomon Inc. for $9.3 billion, moving closer to its goal of becoming a financial supermarket handling everything from health insurance to retirement plans.Travelers, an insurer and the parent of Baltimore-based Commercial Credit Co., will join its Smith Barney Inc. and Salomon Brothers Inc., the world's biggest bond trader with investment bankers around the globe, to create Salomon Smith Barney Holdings Inc., the nation's third largest securities firm.

NEW YORK -- Travelers Group Inc.'s purchase of Salomon Inc. was hailed as a triumph for Chairman Sanford I. Weill when it was announced in September. Now it's drawing mixed reviews on Wall Street.Eight of nine analysts polled by IBES International Inc. have pared fourth-quarter earnings estimates for Travelers, which completed the $9.3 billion purchase last month. Analysts cut forecasts more than 13 cents a share on average, or about 20 percent, to 60 cents.The lower profit forecasts followed Travelers' disclosure last month that Salomon, the biggest trader in the global bond market, had lost $60 million in October's financial tumult.

NEW YORK -- Travelers Group Inc. said yesterday that it completed its $9.3 billion acquisition of Salomon Inc., the largest purchase of a securities firm in the United States.Travelers, an insurer and consumer finance company, is joining its Smith Barney Inc. brokerage with Salomon Brothers Inc., the world's biggest bond trader, to create the second largest U.S. securities firm and a financial services powerhouse. The new firm is called Salomon Smith Barney Inc.The merger combines "a large domestic retail distributor with a very good fixed-income, 'OK' global investment bank," said Schroder & Co. analyst James Hanbury, who advises investors to buy Travelers stock.

A Millersville woman died at Maryland Shock Trauma Center yesterday of injuries she suffered when she was hit by a southbound car on Ritchie Highway near Jumpers Hole Road.Debra Salomon, 46, of the 8200 block of Minton Court was pronounced dead shortly before 5 a.m., authorities said.Police said Salomon was crossing Ritchie Highway north of Jumpers Hole Road shortly before 6 p.m. Tuesday when she stepped into the path of a 1995 Pontiac Bonneville driven by Edward L. Gardner, 40, of the 400 block of Idle Park Road in Severna Park.

TEL AVIV -- In the wreckage of the bombed Apropos Coffee House, Baltimorean Guy Salomon saw a dark figure in the corner, a woman lying unconscious with a severed forearm.From that moment on, the 25-year-old medical school student focused on little else.He rushed to her side, his mind racing through the ABCs of treating a victim of trauma.Airway, is hers clear? Breathing? Circulation, does she have a pulse?Yes, yes and yes. Then, he turned toward the woman's head wound."I found some fabric under a bunch of wood that I took and tore" and pressed it to her head like a makeshift bandage, said Salomon, a fourth-year student at Tel Aviv University's medical school who was raised in Pikesville.

NEW YORK -- Bond trader John Meriwether and his colleagues at Long Term Capital Management earned investors 20.1 percent on their money in the first four months of 1996, putting them on pace for a third mammoth year, investors said.At that pace, the Greenwich, Conn., firm could top its 1995 performance, when it generated a return of 42.8 percent after fees. Such huge returns are reaping a fortune for Meriwether and his 11 colleagues, who in 1995 collected more than $300 million in fees, investors said.

NEW YORK -- Salomon Brothers Inc. said yesterday it will buy as much as $8.1 billion of structured notes and transform them into less-risky, easily traded bonds in one of the biggest bond tender offers ever.Salomon, traditionally among Wall Street's biggest and most creative bond traders, is trying to capitalize on the lessons it learned advising Orange County, Calif. Salomon helped the county unload $5 billion of structured notes -- derivative securities whose value is based on, or derived from, movements in market rates or indexes -- after the county declared bankruptcy in December.

Bell Atlantic makes Czech bidBell Atlantic Corp. said yesterday that it and France Telecom have incorporated a new joint venture company named Telfar, which has submitted a bid for a 27 percent share of SPT Telecom, a telecommunications operator serving the Czech Republic. The value of the stake has been estimated at $500 million to $1 billion, of which Bell Atlantic would own a 55 percent stake.If successful, the Czech venture would join several other overseas investments by the Philadelphia-based telephone company, including ownership stakes in a Mexican cellular carrier and New Zealand's national phone service provider.

WHEN EVA R. Salomon died this month at age 94, Carroll County lost a survivor who also happened to be an optimist. For the past 50 years, she made her home in Sykesville and infused the community with her strong sense of concern for the welfare of neighbors, friends and patients.Her attitude is remarkable given the struggles she endured in Nazi Germany in the 1930s. Mrs. Salomon and her husband, Hermann, a physician, had been raised in an environment of privilege in Cologne. Mrs. Salomon said she often thought of herself as a German first and a Jew second.

He thought it might take one, maybe two months to land a new job. When Guy Salomon was laid off in February from a Hewlett Packard job paying more than $70,000, he had more than two decades of experience in technical support and instruction at major computer companies. At HP in Greenbelt, he handled technical support for Veterans Affairs hospitals, often fielding emergency calls in the middle of the night. He had worked before that for Wang Laboratories and Sysorex Corp. He was stunned to find his job gone, one of a number of positions eliminated under changes to a long-running contract with the VA. Even with 10 years, Salomon, 55, simply had less seniority than others.

NEW YORK - Salomon Smith Barney, the securities underwriting arm of Citigroup Inc., earned more money arranging U.S. stock sales in 2002 than any other firm, including the previous year's leader Goldman Sachs Group Inc. Salomon's fees from initial public offerings and secondary sales totaled $622 million in the past 12 months, a third more than the $471 million generated by Goldman Sachs, according to data compiled by Bloomberg. Without a $171 million fee for managing a $4.27 billion IPO of another Citigroup unit, Travelers Property Casualty Corp.

NEW YORK, - Citigroup Inc. will fire more than 1,200 of the 60,000 employees in its investment and corporate banking units to help counter a slump in revenue from merger advice, stock sales and securities trading, company executives said yesterday. For the past month, top managers at Citigroup's Salomon Smith Barney division have been lengthening their lists of people to be dismissed on orders from Salomon Chairman Charles O. Prince III to cut more expenses, they said. The expected cuts - which will follow the dismissal of 3,600 bankers this year - helped boost the bank's shares 3 percent, or $1.03, to $35.70 in New York Stock Exchange composite trading.

AUSTIN -- A new wrinkle in the annals of corporate scandal: Salomon Smith Barney, the stock brokerage/investment banking firm, allocated almost a million shares of hot IPO (initial public offerings) shares in 21 different companies to Bernard Ebbers, CEO of WorldCom, and that is just the tip of the Everest, according to reports in The Wall Street Journal and elsewhere. Salomon also gave IPO shares to about two dozen other top telecom executives. According to The Journal, "The linking of investment banking business to IPO allocations has been a controversial, yet pervasive, practice on Wall Street."

Bernard J. Ebbers, World-Com Inc.'s former chief executive, made more than $11 million in four years on 21 hot stock offerings he received from Salomon Smith Barney, according to new documents released yesterday by the House Financial Services Committee. Ebbers lost money on five trades, the documents said, and would have made far more had he sold his stakes in some of the companies before he did. The losses that Ebbers incurred in his Salomon account seem to confirm that he was one of the telecommunications industry's true believers.

NEW YORK -- Travelers Group Inc.'s purchase of Salomon Inc. was hailed as a triumph for Chairman Sanford I. Weill when it was announced in September. Now it's drawing mixed reviews on Wall Street.Eight of nine analysts polled by IBES International Inc. have pared fourth-quarter earnings estimates for Travelers, which completed the $9.3 billion purchase last month. Analysts cut forecasts more than 13 cents a share on average, or about 20 percent, to 60 cents.The lower profit forecasts followed Travelers' disclosure last month that Salomon, the biggest trader in the global bond market, had lost $60 million in October's financial tumult.

NEW YORK -- Travelers Group Inc. said yesterday that it completed its $9.3 billion acquisition of Salomon Inc., the largest purchase of a securities firm in the United States.Travelers, an insurer and consumer finance company, is joining its Smith Barney Inc. brokerage with Salomon Brothers Inc., the world's biggest bond trader, to create the second largest U.S. securities firm and a financial services powerhouse. The new firm is called Salomon Smith Barney Inc.The merger combines "a large domestic retail distributor with a very good fixed-income, 'OK' global investment bank," said Schroder & Co. analyst James Hanbury, who advises investors to buy Travelers stock.

Can 700,000 promise-keeping men stand tall in the center of Gomorrah without seizing it?A governor who gets rockfish back in the Giant is re-electable after all.Commercial Credit gobbled Primerica which ate Travelers which wolfed Shearson Lehman and part of Aetna and Salomon, by which time Commercial Credit was invisible.God is on the side of the deep bullpens.Pub Date: 9/29/97

NEW YORK -- Travelers Group agreed yesterday to buy Salomon Inc. for $9.3 billion, moving closer to its goal of becoming a financial supermarket handling everything from health insurance to retirement plans.Travelers, an insurer and the parent of Baltimore-based Commercial Credit Co., will join its Smith Barney Inc. and Salomon Brothers Inc., the world's biggest bond trader with investment bankers around the globe, to create Salomon Smith Barney Holdings Inc., the nation's third largest securities firm.

TEL AVIV -- In the wreckage of the bombed Apropos Coffee House, Baltimorean Guy Salomon saw a dark figure in the corner, a woman lying unconscious with a severed forearm.From that moment on, the 25-year-old medical school student focused on little else.He rushed to her side, his mind racing through the ABCs of treating a victim of trauma.Airway, is hers clear? Breathing? Circulation, does she have a pulse?Yes, yes and yes. Then, he turned toward the woman's head wound."I found some fabric under a bunch of wood that I took and tore" and pressed it to her head like a makeshift bandage, said Salomon, a fourth-year student at Tel Aviv University's medical school who was raised in Pikesville.