NEW YORK - Shearson Lehman Hutton Chairman and CEO Peter A. Cohen resigned under fire after suffering a barrage of bad publicity because of blunders at the USA's second-largest brokerage firm.
In a meeting Tuesday night, Shearson directors elected Howard Clark Jr., American Express Co.'s chief financial officer, as Shearson's president and chief executive officer.
<HEADER:A241576>
The decline of Drexel; Firm seeks merger or big investor
Feb. 13, 1990
<BODY>
NEW YORK - Wall Street's best metaphor for the boom and bust of deal mania admitted Monday that it needs a deal of its own to stem its decline. Drexel Burnham Lambert Inc. said it has begun the process of finding a merger partner or a big investor willing to buy a major chunk of the securities firm.
<HEADER:A250522>
Yanked back to earth; High-flying days over for Wall Street's 'brat pack'; Back to life, back to reality
March 28, 1990
<BODY>
NEW YORK - For a time, the young stars of Wall Street seemed to own New York. Lured to a Klondike of trading desks and merger shops, they struck riches no prospector could dream.
Salaries of $200,000. Bonuses triple that. Million-dollar apartments, $1,200 suits, $100 dinners five nights a week. Riches that, piled upon the normal hubris of those in their late 20s and early 30s, gave birth to oddly hybrid customs. Some young Wall Streeters with money to burn took to the teen-age ritual of cruising - but now standing up through the moon roof of a rented limousine, brandy snifter in one hand, $25 cigar in the other.
<HEADER:A269426>
Midyear investment report; Reports whip stocks around
July 2, 1990
<BODY>
Nothing has dominated the stock market in 1990 as much as corporate earnings.
That in itself is a sign of how frustrating the first half has been. The market has been adrift without a compass. So investors have sought refuge in the most basic of investing ideas: Buy stocks in companies with the biggest and surest profit growth.
<HEADER:A297595>
<ICON:P>
Is Wall Street cleaner now; Scandals are down - not out
Nov. 23, 1990
<BODY>
NEW YORK - The sentencing of junk-bond king Michael Milken on Wednesday to a stunning 10 years in prison for stock market fraud and manipulation capped a five-year crackdown on Wall Street crime.
So is Wall Street cleaner for the effort? Did the jailings of top financiers, the millions of man-hours spent uncovering and prosecuting their crimes, the billions exacted in fines and restitution purge the deceit and dishonesty that former U.S. Attorney Rudolph Giuliani said for years was systemic throughout Wall Street?
<HEADER:A298457>
Wall Street wave of '90s: Undoing debt
Nov. 28, 1990
<BODY>
NEW YORK - Charles Masson labored in obscurity through the 1980s, helping troubled companies work out debt-overload problems. All the while, his investment-banker colleagues were generating headlines and wealth by engineering leveraged buyouts - buying companies with borrowed money.
WINSTON-SALEM, N.C. - RJR Nabisco Inc. made Hobert Johnson one of many reluctant millionaires here in 1989. And at age 94, Johnson is again buying stock in the hometown company.
He wasn't sure he'd ever get the chance. Takeover specialists Kohlberg Kravis Roberts && Co. took RJR private two years ago. The $25.9 billion deal lined the pockets of many here, such as Johnson - whose 150,000 shares were worth $14.7 million when he sold.
<HEADER:A319836>
Garzarelli driven to excel; She proves to be no flash in the pan
Apr. 10, 1991
<BODY>
NEW YORK - Autographed photos of rock stars are scattered around her office, yet her clients include some of the USA's most conservative money managers. In a business that turns some women into prissy risk-avoiders, she isn't afraid to send a suggestive wink toward a client or colleague.
<HEADER:A320881>
Relief rides in with Dow 3000; Investors look to next milestone
Apr. 18, 1991
<BODY>
There were no champagne corks popping, no choruses of "Happy Days Are Here Again," just one big collective sigh of relief.
After eight months of teasing Wall Street with several feints at the psychological milestone, the Dow Jones industrial average finally closed above the 3000 level Wednesday. The big-stock average gained 17.58 points to 3004.46. That surpassed the Dow's previous record of 2999.75, set July 16 and July 17.
<HEADER:A328675>
<ICON:G>
Public offerings surge; Hunting elusive IPO shares
June 24, 1991
<BODY>
Weeks before Duracell International sold its first shares of stock to the public, it was clear this was a deal you didn't want to miss.
A big, well-known battery maker, Duracell offered a higher level of comfort than the typical private company going public. Wall Street showed early how eager investors were to buy Duracell: The deal, planned as one of the largest initial public offerings (IPO) of stock, swelled from 20 million shares to 30 million. "People who had friends on Wall Street were trying to pull strings to get shares," recalls Richard de Ney, managing director at Bear Stearns && Co.,
<HEADER:A343140>
Great reception for BET; Stock offering grabs interest on Wall Street
Oct. 31, 1991
<BODY>
WASHINGTON - Even while Robert L. Johnson was lobbying here for the interests of cable-television entrepreneurs, he dreamed of joining them in a big way.
The young staffer for the National Cable Television Association envisioned no less than a national cable-TV network offering round-the-clock programming aimed at black audiences.
<HEADER:A345256>
IPOs still have investor appeal
Nov. 19, 1991
<BODY>
The hot market for offerings of biotechnology company stocks is almost certain to cool for a while after Friday's biotech-led market plunge. If it does, demand for other stock offerings also could chill.
<HEADER:A367926>
New-stock overdose; Famine follows IPO feast
June 8, 1992
<BODY>
For Payless Cashways, the hot market for new stock seemed heaven-sent. Companies across the USA had been selling record amounts of new stock to the public since early 1991, using the cash to expand, invest in research or pay off debt. So the Kansas City, Mo.-based chain of lumber-products stores decided in January to join the fun.
