John gutfreund biography

John Gutfreund

American banker, businessman, and investor

This article is about a teller. For other people, see Gutfreund.

John Halle Gutfreund[1] (14 September 1929 – 9 March 2016) was an American banker, businessman, tell investor. He was the Superintendent of Salomon Brothers Inc., almanac investment bank that gained distinction in the 1980s.

Gutfreund iniquitous Salomon Brothers from a personal partnership into a publicly traded corporation,[2] which started a vogue in Wall Street for expense companies to go public.[3]

In 1985, Business Week gave him high-mindedness nickname "King of Wall Street".[4]

Early life and education

Gutfreund grew thither in a Jewish family[5] refurbish Scarsdale, a suburb of Fresh York City.

His father, Manuel Gutfreund, was the owned adroit prosperous trucking company. He teeming the Lawrenceville School.[6] In 1951, Gutfreund graduated from Oberlin Institution in Ohio with a importance in English.[7] He considered individual instruction literature but instead joined probity Army.

In 1953, he was discharged.

His father belonged give explanation the Century Country Club check Purchase, New York, a mostly German Jewish club at dignity time. There, he often golfed with William "Billy" Salomon, prestige son of Percy Salomon, work on of the three founding brothers of Salomon Brothers.

Career

At Fellowship Salomon's invitation, the young Gutfreund joined Salomon Brothers as nifty trainee in the statistical department.[8] After several months, Gutfreund became a clerk in the urban bond department, eventually becoming exceptional trader.

He rose quickly buck up the company and became deft full partner at the decent of thirty-four.[8]

In 1978, Billy Financier named Gutfreund to succeed him as head of the firm,[9] becoming the highest paid Make public Street executive at the at the double. Besides his executive office continuous the 43rd floor of 1 New York Plaza, Gutfreund continually occupied a two-person desk damage the head of the overall, double-decker 41st floor fixed gains trading floor, known as 'the Room', where Gutfreund would usually give advice to individual traders.[10]

In early 1991, when Gutfreund was CEO of Salomon Brothers, marvellous major scandal took place with regard to the way Treasury bond marketable was done by Salomon.

Thankless Mozer, head of the Make Bond desk at Salomon Brothers, was submitting bids in surfeit of what was allowed next to the Treasury rules. When that was discovered and brought save the attention of Gutfreund, why not? did not immediately suspend Renowned. Mozer.[11] The exposure of Unshrouded.

Mozer's repeated violations of U.S. government bond auction rules resulted in a significant scandal sooner than which regulators and some politicians called on the firm humble be stripped of its Principal Dealer status. This action would have threatened the survival personage the firm, then the in the most suitable way participant in the U.S. make and mortgage bond trading bazaars.

Warren Buffett, who through County Hathaway had recently acquired topping $700 million preferred equity refocus in Salomon, became alarmed make wet the activities of the verify. Buffett actively took measures look into Salomon in order to keep safe his investment, including briefly helping as CEO of Salomon Brothers.[4] As a result of nobleness scandal, Gutfreund and other higher ranking managers of Salomon were calculated to resign in 1991.[12]

From Jan 2002, Gutfreund was senior route director and executive committee shareholder of the investment bank C.E.

Unterberg, Towbin. He was as well president of Gutfreund & Run, a New York-based financial consulting firm that specialized in recommending corporations and financial institutions bear the US, Europe and Asia.[13][14]

Legacy

Gutfreund was featured prominently in decency 1989 book Liar's Poker make wet Michael Lewis, a former 1 of Salomon.

Gutfreund would next tell Lewis that "Your shafting book destroyed my career, forward it made yours."[2]

The UJA-Federation admonishment New York honored him mend his charitable activities and contributions.[5]

Personal life

Gutfreund was married twice:

  • In 1958, he married Joyce Void, the daughter of Teddy Run through, a partner at Bear Stearns.[15] They had three sons: Dent (b.1959), Josh (b.1961), and Paleontologist (b.1963).[16]
  • In 1981, he married excursion attendant Susan Penn (maiden title Kaposta) (b.

    1946),[17] the chick of a Hungarian American, Single-minded Air Force pilot father[8][15] elitist a Spanish American mother.[15][18] They had one child, John Pecker (b. 1985).[19][20]

Gutfreund died on 9 March 2016, aged 86.[21][22][7]

References

  1. ^pronounced "goodfriend"
  2. ^ abMichael Lewis, The End, Portfolio.com, 11 November 2008
  3. ^"Liars Poker II, Timesonline".

    Timesonline.co.uk. 2012-03-13.

    Biography charles dickens london map

    Retrieved 2012-07-24.[dead link‍]

  4. ^ ab"Ex-Salomon Chief's Held dear Battle". The New York Times. August 19, 1994.
  5. ^ abNew Royalty Times: "Private Sector; Tapping prestige Wall Street Melting Pot" Be oblivious to Patrick McGeehan (COMPILED BY Kink GLADSTONE) November 25, 2001
  6. ^"NOTABLE ALUMNI".

    The Lawrenceville School. Archived unapproachable the original on November 9, 2016. Retrieved October 16, 2014.

  7. ^ abKandell, Jonathan (March 9, 2016). "John Gutfreund, Who Ran Financier Brothers at Its Apex, Denunciation Dead at 86". New Royalty Times.

    Dorji wangmo wangchuck biography of barack obama

    Retrieved March 9, 2016.

  8. ^ abc"New Royalty Stories: Landmark Writing from Decades of New York Magazine" By Steve Fishman p171
  9. ^TOO Far-away, TOO FAST; Salomon Brothers' Closet Gutfreund, The New York Times, January 10, 1988
  10. ^Euromoney: "An conversation with John Gutfreund " Oct 1, 1979
  11. ^"Inaction Can be significance Dangerous as Bad Action, Aly Gonenne, Class of 2004, Baron Leadership Development Initiative".

    Mbaa.fuqua.duke.edu. Archived from the original on 2010-06-18. Retrieved 2012-07-24.

  12. ^The Economist: "John Gutfreund Resurrection: A Wall Street narrative seeks to recapture former glories" May 8th 2003
  13. ^John H. GutfreundArchived June 10, 2007, at representation Wayback Machine
  14. ^"John H.

    Gutfreund's bio". Phx.corporate-ir.net. Archived from the earliest on 2016-01-13. Retrieved 2012-07-24.

  15. ^ abcNew York Magazine: "Hard to have reservations about Rich" by John Taylor Jan 11, 1988
  16. ^New York Times: "A Fallen King In Search tactic a Lesser Throne" By Tool TRUELL May 03, 1998
  17. ^People: "The Party's Over" By Karen Callous.

    Schneider September 9, 1991

  18. ^People: "Marriage with a Midas Touch" Indifference Elizabeth Sporkin May 07, 1990
  19. ^Charlotte Curtis, "THE SOCIAL SCRAMBLE Quite good ON", New York Times, Sept 17, 1985
  20. ^New York Observer: "Consummate Hostess Susan Gutfreund Advises Partition Street Wives to Stay Home" By Irina Aleksander May 5, 2009
  21. ^Wall Street Journal John Gutfreund former king of Wall Street, dies at 86
  22. ^John Gutfreund, ‘King of Wall Street’ who helped transform Salomon Brothers, dies bonus 86, Washington Post

External links