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Lehman Brothers Inc. (/ ˈ l iː m ən / LEE-mən) was an American global financial services firm founded in 1850. [2] Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merrill Lynch), with about 25,000 employees worldwide.
By Jonathan Stempel Top executives at Bank of America (BAC) did not tell shareholders just prior to a 2008 vote on its purchase of Merrill Lynch & Co that losses were mounting and expected to ...
First Franklin was founded in 1981 in San Jose, California, US, to serve the prime credit market, but in 1994 it switched to serve the nonprime lending market.(One of the co-founders of the company was Bill Dallas, who served as its chairman, CEO and chairman emeritus until 2003, and who subsequently bought OwnIt Mortgage Solutions, which was 20% owned by Merrill Lynch.
Drexel management soon realized that a prominent name was not nearly enough to survive and was very receptive to a merger offer from Burnham. [ 1 ] Even though Burnham was by far the dominant partner and nominal survivor in the merger, the more powerful investment banks insisted that the Drexel name come first as a condition of inheriting the ...
Reynolds Securities was a publicly traded brokerage firm. Founded in 1931 by Richard S. Reynolds, Jr., the firm merged with Dean Witter & Co. to form Dean Witter Reynolds Organization Inc. in 1978, which was then the biggest merger in the history of Wall Street.
This firm went through a series of mergers, although it retained the same name. In 1941, Fenner & Beane merged with Merrill Lynch, E.A. Pierce & Cassatt Company to become Merrill Lynch, Pierce, Fenner & Beane, ultimately becoming the largest brokerage firm in the United States.
Shearson Lehman Hutton was the result of the combination of several Wall Street firms over a 25-year period beginning in the early 1960s that included Lehman Brothers, Kuhn Loeb, E.F. Hutton, Hayden Stone & Co., Shearson, Hammill & Co., Loeb, Rhoades & Co., Hornblower & Company, and Cogan, Berlind, Weill & Levitt, which ultimately came together under the ownership of American Express.
Merrill Lynch merger with Bank of America [ edit ] In a letter to Congress from then- New York State Attorney General Andrew Cuomo dated April 23, 2009, Bernanke was mentioned along with former Treasury Secretary Henry Paulson in allegations of fraud concerning the acquisition of Merrill Lynch by Bank of America .