12 Facts About Salomon Brothers

1.

Salomon Brothers, Inc, was an American multinational bulge bracket investment bank headquartered in New York.

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2.

Salomon Brothers served many of the largest corporations in America.

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3.

The founding Salomon Brothers are descendants of Haym Salomon, primary financier of the American Revolutionary War, Consul to France, and childhood friend to Robert Morris, Founding Father and Superintendent of Finance of the United States.

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4.

In 1967, Salomon Brothers sponsored Muriel Siebert, the first woman to obtain a trading license on the floor of the New York Stock Exchange.

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5.

In 1975, Salomon Brothers was formally recognized by other top investment banks as a "bulge bracket" firm, meaning it was one of the leaders in investment banking.

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6.

In 1979, Salomon Brothers scored a major coup when IBM insisted that Morgan Stanley accept Salomon Brothers as co-manager on a $1-billion debt issue for a new generation of IBM computers.

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7.

In 1975, Salomon Brothers aided the state's efforts to save New York City from bankruptcy.

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8.

Shortly thereafter, Salomon Brothers purchased home mortgages from thrifts throughout the United States and packaged them into mortgage-backed securities, which it sold to local and international investors.

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9.

Salomon Brothers had expertise in fixed income securities and trading based on daily swings in the bond market.

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10.

Salomon Brothers was fined $190million for this infraction, and required to set aside $100million in a restitution fund for any injured parties.

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11.

The last years of Salomon Brothers, culminating in its involvement with Long-Term Capital Management, is chronicled in the 2007 book A Demon of Our Own Design.

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12.

Salomon Brothers was acquired by Travelers Group in 1997; and, following the latter's merger with Citicorp in 1998, Salomon Brothers became part of Citigroup.

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