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2020 | OriginalPaper | Buchkapitel

19. Three Ring Circus

verfasst von : Nicholas P. Sargen

Erschienen in: JPMorgan’s Fall and Revival

Verlag: Springer International Publishing

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Abstract

The stock market surge continued in 1997, but optimism within the Private Bank faded amid an exodus of MBAs who had been recruited from leading business schools. More surprising were announcements that John Olds and Susan Bell would retire, which caused many to wonder if they had been unable to convince Sandy Warner of the Private Bank’s potential. Meanwhile, the stock market shrugged off the financial crisis that spread from Thailand to other Asian countries in the second half of 1997. These developments occurred as the wave of consolidations in financial services continued unabated that culminated in the merger between Citibank and Travelers Group in 1998, which preceded the repeal of Glass-Steagall a year later. The year ended with Long Term Capital Management having to be bailed out by a consortium of banks and the Fed easing monetary policy.

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Fußnoten
1
“Citicorp and Travelers Plan to Merge in Record $70 Billion Deal,” by Mitchell Martin, The New York Times, April 7, 1998.
 
2
Charles D. Ellis, The Partnership: The Making of Goldman Sachs, Penguin Books, 2009.
 
3
Alan N. Berger et al. “The consolidation of the financial services industry: Causes, consequences, and implications for the future,” Journal of Banking and Finance 23, 1999.
 
4
Reed conducted numerous interviews with the financial press and media during and after the 2008 financial crisis in which he stated the concept of “one stop shopping” for financial services was flawed. Sandy Weill also acknowledged this in his final annual meeting as chairman of Citigroup. See “Citi’s Creator, Alone with His Regrets,” New York Times, Jan 2, 2010.
 
5
Ibid., p. 578.
 
6
Ibid., p. 580.
 
7
Roger Lowenstein, When Genius Failed: The Rise and Fall of Long Term Capital Management, Random House, October 2000.
 
8
Ellis, op. cit., p. 590.
 
9
Ibid., p. 592.
 
10
Roberto Mendoza crafted a plan that would have separated LTCM’s positions into two baskets—one for debt instruments and the other for equities—and then sell the securities back to issuing entities at a discount. But it was not accepted.
 
Metadaten
Titel
Three Ring Circus
verfasst von
Nicholas P. Sargen
Copyright-Jahr
2020
DOI
https://doi.org/10.1007/978-3-030-47058-6_19