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M&A Titans: The Pioneers Who Shaped Wall Street's Mergers and Acquisitions Industry
By: Brett ColeeBook Publisher: John Wiley & Sons
Imprint: John Wiley & Sons, Inc.
Format: ePub Encrypted (DRM)
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This book focuses on the 11 men, lawyers and bankers, who are responsible for the creation of Wall Street's merger industry. It specifically concentrates on the events and personalities who dominated Wall Street during the takeover battles of the 1970s and 1980s. Lawyers Joe Flom and Marty Lipton, the godfathers of modern M&A, educated bankers on takeover laws and regulations as well as tactics. Flom and Lipton were also superlative businessmen who built their own firms to become Wall Street powerhouses. The two men drew into their orbit a circle of bankers. Felix Rohatyn, Ira Harris, Steve Friedman, Geoff Boisi, Eric Gleacher and Bruce Wasserstein were close to Lipton. Robert Greenhill and Joe Perella were close to Flom.
M&A Titans provides insight into the culture of the different investment banks and how each of the bankers influenced the firms they worked in as they became more powerful. Some such as Gleacher, Harris, Wasserstein, Perella and Greenhill clashed with the men running their firms and left. Others such as Friedman and Boisi stayed and profoundly influenced how the firm did business. The career of Michael Milken, perhaps the notorious name on Wall Street in the 1980s, is also examined as well as the actions and tactics of his firm, Drexel Burnham Lambert. Milken and Drexel paved the way for the growth of private equity and helped popularize attacks on management by investors such as Boone Pickens and Carl Icahn.
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| Title of Business & Economics eBook: M&A Titans: The Pioneers Who Shaped Wall Street's Mergers and Acquisitions Industry | |
| Release Date: 10-14-2008 | |
| Publisher: John Wiley & Sons, Inc. |
This eBook download is available in the following formats:
| Parent title | M&A Titans: The Pioneers Who... |
|---|---|
| Encrypted (DRM) | Yes |
| SKU | 9780470391587 |
| File size | 786 |
| Security | n/a |
| Printing | Not allowed |
| Copying | Not allowed |
| Read aloud | No Sys requirements Download reader |
| Devices | Samsung Tablet, Apple Ipad & Iphone, Barnes & Noble Nook, Kobo eReader, Aluratek Libre, Iliad, Nokia, Blackberry, Hanlin |
| Note | Excellent navigation features are available via Adobe such as bookmarks and a quick access table of contents. Text search is easily accessible. An Adobe DRM-protected file is different than a pdf file in that it uses Adobe DRM (Digital Rights Management) technology, which authors and publishers use to protect their content from illegal online distribution and to set certain privileges such as restrictions on copying and printing. |
M&A Titans: The Pioneers Who Shaped Wall Street's Mergers and Acquisitions Industry
Chapter One
Genesis: Wall Street, Its Business and Culture
On Wall Street there were no merger departments or specialists in takeovers for much of the twentieth century. Financier was the term used to describe those few on Wall Street who had the ear of America's most powerful chief executives. If advice was sought on takeovers, it was given mostly free of charge as part of a service, which led to the main business of an investment bank-underwriting a sale of securities.
There were no skyscrapers in lower Manhattan stuffed with thousands working for a brokerage or investment bank. There were no neon signs or ticker tapes running along the side of buildings giving the latest stock prices and proclaiming the site the home of a mighty global firm. The Great Crash of 1929 and the subsequent Great Depression made firms intuitionally conservative. They kept small payrolls. Most firms had no more than 100 employees and just one office up until the early 1960s. When Morgan Stanley began business in 1935, it was on the nineteenth floor of a building at 2 Wall Street. Goldman Sachs rented eight floors of a building on Pine Street in 1947 and had hired virtually no one for two decades.
Wall Street was divided between brokers and investment banks. Brokers sold and traded bonds and stocks. Bear Stearns, Goldman Sachs, and Salomon Brothers were brokers. Investment banks underwrote and managed the sale of securities. Morgan Stanley, First Boston, Dillon Read, Kuhn Loeb, Lazard Freres, and Lehman Brothers were investment banks.
In the pecking order of the street, the investment ban
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