Smith barney tv#

In 1993, Primerica bought Shearson Lehman Brothers, and changed the name of the retail brokerage arm to Smith Barney Shearson. In 1988, Primerica was purchased by Sandy Weill's Commercial Credit Group. Smith Barney was purchased in June of 1987 by Primerica who, subsequent to the market crash of 1987, began losing money on the deal. In 1938, the two merged to become Smith Barney. Each ran successful businesses until the Great Depression, when Smith's firm ran short of money. Smith, another Philadelphian, began his own investment banking firm in 1892. So I obliged.The company was founded in Philadelphia in 1873 As Charles D. But the death of the Smith Barney name certainly deserved some attention and a salute. Brokers are streaming out the door or talking anonymously with reporters about technology glitches, personnel disruptions and management shakeups in a way they'd never been so willing to before.ДЄnd so the jury is definitely still out on the whole thing.

Citi needed cash and Morgan needed to be seen doing something opportunistic and aggressive, from that standpoint it worked out.Д«ut the painful process of integration has been a nightmare. Ultimately, Smith Barney becomes a wholly-owned subsidiary of Sandy Weill's Citigroup-Travelers Frankenstein and then sold off in pieces beginning with a Financial Crisis-driven joint venture with Morgan Stanley in 2008. The 1980's and 1990's will bring plenty of tumult in terms of ownership, as Arabian princes, Primerica, Shearson and others will bat the company around like kittens in a box with a ball of string.

Smith barney tv#

By 1979 the TV commercials begin ('They make money the old fashioned way - they earn it') and Smith Barney develops into a true bulge bracket firm with all the boxes checked off. In the 1970's Smith Barney discovers it has a talent for both asset management and funds along with retail brokerage. The company will spend much of the 50's and 60's doing private placements, large-scale corporate M&A and underwriting business. (Photo credit: Wikipedia)Д¬harles Barney's grandson, Charles Barney Harding comes in and takes control in the 1940's. Smith Barney logo with its common tagline 'They make money the old-fashioned way. The combined firm, Smith, Barney & Co will have over 700 employees and it will turn its back on dealings with the general public in favor of a more institutional and high net worth focus. The company has a cash crunch in 1937 and it merges with Barney's brokerage firm. Then the Depression hits and Edward Smith & Co falls on tough times.

Over the next 30 years the two firms grew quickly and expanded, first into New York via seat purchases on the NYSE and later into the midwest as several high profile competitor firms went bust and divested themselves to Barney & Co and to Smith's firm. At the same time, Edward Smith consolidates power around his firm's corporate relationships - he serves on the board of more than 40 large companies and is ostensibly in business with all of them. Horace Harding who eventually takes the chairmanship from his father-in-law and the company's begins an ambitious growth phase. One of Barney's daughters marries a man named J. Anyway, 20 years later another Philadelphian financier, Edward Smith, would found an investment bank across town. But Cooke had a nephew named Charles Barney who would set up his own eponymous brokerage at the end of that year, in Philadelphia of all places - decades before Morimoto or Budokan would open their restaurant doors in that heathen outpost of a town. Cooke eventually went broke through excess speculation (sound familiar?) and this actually caused the major Panic of 1873.

The first person you should be aware of is the legendary financier Jay Cooke, a treasury bond salesman whose efforts helped fund the Union army during the civil war. Before we shovel the dirt on, however, let's take a moment to reflect on the name that will now be lost to history.