Great Finance Firms · Blowups
Salomon Brothers
From 1910 bond broker to Wall Street's bond-trading king: John Gutfreund, Lewis Ranieri and the mortgage-backed security, John Meriwether's arbitrage desk, *Liar's Poker*, the 1991 Treasury auction scandal, Buffett's rescue, and absorption into Citigroup.
Step 1 of 6 · Overview30 min read ·
Key idea
Prereqs: Bonds & yields; Lehman Brothers. Next: Two Sigma & D.E. Shaw; Long-Term Capital Management. Sources: Michael Lewis, *Liar's Poker* (1989); Martin Mayer, *Nightmare on Wall Street* (1993); Buffett's 1991 congressional testimony.Next: 1. Timeline