Clearing The Wreckage

If the ongoing saga of Salomon Brothers, and its alleged effort to improperly dominate Treasury auctions, seems lifted from the pages of Liar's Poker, the events of the past few days smack instead of Destry Rides Again. Out goes the tarnished CEO, the scowling, cigar-chomping high-stakes trader John H. Gutfreund. And out of the West comes a living legend--modest, unassuming, armed with self-deprecating wit. "I was thinking of making my salary $1 a year," deadpanned Warren E. Buffett, interim chairman of Salomon Inc., at an inaugural press conference on Aug. 18. "But I could be negotiated with--downward."

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