Salomon's Lips Are Resealed
WHEN WARREN BUFFETT swept into troubled Salomon Brothers in 1991, he promised to be open with shareholders. Soon the firm began breaking out the results of its two very different operations: customer trading and the more volatile proprietary trading for the house account. Well, so much for openness. When Buffett announced on Oct. 19 that he was cashing out part of his stake in Salomon, the investment bank said it would no longer be breaking out results by unit. The obvious explanation: The firm wants to obscure its reliance on proprietary trading, which accounted for 92% of Salomon Brothers' pretax third-quarter income.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Ivanka Trump Faces Courtroom Showdown Over $785 Sandals
- Uber Losing Battle in London After Regulator Revokes License
- How Electric Cars Can Create the Biggest Disruption Since the iPhone
- Mercedes Plots Tesla Attack With $1 Billion U.S. Electric Push
- Hewlett Packard Enterprise Is Said to Plan About 5,000 Job Cuts