Topic
7 facts from 2 episodes, in date order. These are what speakers said on the shows, each linked to the moment it was said. They aren't independently verified.
1976
Salomon Brothers was the only bank willing to underwrite GEICO's $76 million convertible debt offering.
“They're the only bank that is willing to underwrite what ultimately ends up being a $76 million convertible debt deal, convertible into equity that they underwrite.”
1987
In September 1987 Berkshire Hathaway bought $700 million of convertible preferred stock in Salomon Brothers.
“Berkshire buys seven hundred million dollars of convertible preferred stock in Salomon.”
1990s
Paul Moser was the only person jailed over the Salomon Brothers Treasury auction violations, serving four months.
“The only guy who went to jail was Paul Moser, the guy who did the auction violations and he went to jail for four months.”
1991
Salomon Brothers government bond trader Paul Moser submitted fake bids on behalf of clients, including nonexistent ones, in Treasury auctions.
“What he actually did was he submitted fake bids on behalf of clients for the Treasury auctions.”
1992
Salomon Brothers settled with the government for a $190 million fine plus a $100 million restitution fund.
“They settle in the next few months with the government for a $190 million fine plus a $100 million restitution fund”
1998
Salomon Brothers was acquired by Citigroup in 1998, for about $9 billion according to the hosts.
“in 98, Salomon gets acquired by Citigroup, the former traveler's insurance”
Undated
Charlie Munger said he thought Berkshire Hathaway would have survived even if its Salomon Brothers investment went to zero.
“Not so much. I think we would have survived.”
Episodes