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Shearson Lehman Brothers, Inc., ND (ca.1980s), Proof Bond

Currency:USD Category:Coins & Paper Money / Stock & Bond - Certificates Start Price:75.00 USD Estimated At:120.00 - 200.00 USD
Shearson Lehman Brothers, Inc., ND (ca.1980s), Proof Bond
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New York, (Inc. in Delware), ND (ca.1980s). Registered Proof Bond, Black on brown border printed on tan paper, Fine-VF condition with damage to margins and staple holes at right side. In 1984, American Express acquired the investment banking and trading firm, Lehman Brothers Kuhn Loeb, and added it to the Shearson family, creating Shearson Lehman/American Express. Lehman Brothers Kuhn Loeb, which itself was the merger of Lehman Brothers and Kuhn Loeb in 1977 was led by Pete Peterson, a former United States Secretary of Commerce and future founder of the Blackstone Group. However, by the early 1980s, hostilities between the firm's investment bankers and traders, who were driving most of the firm's profits, prompted Peterson to promote Lewis Glucksman, the firm's President, COO and former trader, to be his co-CEO in May 1983. Glucksman introduced a number of changes that had the effect of increasing tensions. Coupled with Glucksman’s management style and a downturn in the markets, these tensions resulted in a power struggle that ousted Peterson and left Glucksman as the sole CEO. Upset bankers who had soured over the power struggle left the company. The company suffered under the disintegration, and Glucksman was pressured into selling the firm. After the merger, Peter A. Cohen was named Chairman and CEO of Shearson Lehman.