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1. • • John Macfarlane was Salomon Brothers’ treasurer when his firm became embroiled in scandal. Salomon’s traders had submitted unauthorized bids in the names of customers in US Treasury security auctions. Using customer names allowed the traders to purchase more securities than Treasury Department rules allowed.
     www.stories.finance › stories › macfarlane

     The Salomon Brothers Treasury Auction Scandal - Stories.Finance

2. People also ask

   What happened to Salomon Brothers?

   • It was acquired by Travelers Group in 1997, which in turn became part of Citigroup the next year. In February 2022, it was announced that the Salomon Brothers brand will be revived by a group of former employees and execs and operate as full-service investment bank again.

   Salomon Brothers - Wikipedia

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   Who is Salomon Brothers?

   • Salomon Brothers, Inc., was an American multinational bulge bracket investment bank headquartered in New York City. It was one of the five largest investment banking enterprises in the United States and a very profitable firm on Wall Street during the 1980s and 1990s.

   Salomon Brothers - Wikipedia

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   Who financed Salomon Brothers?

   • John and his team were responsible for financing the firm during the ensuing crisis to prevent it from defaulting on its debt. Harvard Business School’s case study of the Salomon Brothers Treasury auction scandal begins with a picturesque vignette.

   The Salomon Brothers Treasury Auction Scandal — Stories.Finance

   www.stories.finance/stories/macfarlane

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   Did Warren Buffett invest in Salomon Brothers?

   • Warren Buffett—the Oracle of Omaha —invested in Salomon Brothers in the 1980s and had to personally take a position on the board to clear out people involved with a false Treasury bond bid scandal to keep the Securities and Exchange Commission (SEC) from taking legal action.

   Salomon Brothers: History of the Investment Bank - Investopedia

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3. www.businessinsider.com › salomon-brothersSalomon Brothers Treasury Bond Scandal - Business Insider

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   Here's how the first scandal went down: ... Warren Buffett had invested $700 million in Salomon Brothers in 1987 and proved to be the best choice for assuming the position of chairman in the 9 ...

4. en.wikipedia.org › wiki › Salomon_BrothersSalomon Brothers - Wikipedia

   en.wikipedia.org › wiki › Salomon_Brothers

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   Salomon Brothers, Inc., was an American multinational bulge bracket investment bank headquartered in New York City. It was one of the five largest investment banking enterprises in the United States [2] and a very profitable firm on Wall Street during the 1980s and 1990s. Its CEO and chairman at that time, John Gutfreund, was nicknamed "the ...

5. Videos

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     Salomon Brothers Scandal: From HBO's "Becoming Warren Buffett"

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     Warren Buffett | Testimony | Salomon Brothers | Securities Trading Investigation | 1991

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     How Salomon Brothers almost brought Warren Buffett to his knees

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6. www.investopedia.com › terms › sSalomon Brothers: History of the Investment Bank - Investopedia

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   Mar 31, 2021 · Learn about the origins, achievements, and scandals of Salomon Brothers, one of the largest investment banks on Wall Street. Find out how it merged with Citigroup and why it was known for its cutthroat corporate culture.

7. www.nytimes.com › 2016/03/10 › businessJohn Gutfreund, 86, Dies; Ran Wall Street Investment Firm at ...

   www.nytimes.com › 2016/03/10 › business

   Mar 10, 2016 · An obituary on Thursday about John H. Gutfreund, a former chairman and chief executive of the investment firm Salomon Brothers, misstated the legal ramifications of a 1991 bond-trading...

   • Author: Jonathan Kandell

8. www.washingtonpost.com › archive › businessSALOMON SAYS TRADER CHALLENGED TREASURY - The Washington Post

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   Sep 5, 1991 · The billion-dollar bond trading violations that have rocked Salomon Brothers Inc. were primarily the work of a 36-year-old senior bond trader who repeatedly challenged the U.S. Treasury by...

9. www.stories.finance › stories › macfarlaneThe Salomon Brothers Treasury Auction Scandal - Stories.Finance

   www.stories.finance › stories › macfarlane

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   Jun 7, 2022 · John Macfarlane, former treasurer of Salomon Brothers, recounts how the firm faced a crisis in 1991 after its traders submitted unauthorized bids in US Treasury auctions. He describes the role of Warren Buffett, the new management team, and the employees who helped restore Salomon's reputation and business.

10. www.justice.gov › archive › atrDepartment of Justice and SEC Enter $290 Million Settlement ...

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    May 20, 1992 · The Department of Justice and the Securities and Exchange Commission (SEC) announced today that Salomon Inc. and Salomon Brothers Inc. would pay a total of $290 million in sanctions, forfeitures and restitution to resolve charges arising out of alleged misconduct in Treasury auctions and government securities trading.