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Salomon Brothers Quotes

Browse 7 quotes about Salomon Brothers.

Salomon Brothers Quotes

“What Gutfreund said has become a legend at Salomon Brothers and a visceral part of its corporate identity. He said: “One hand, one million dollars, no tears.”

Gamble Game Wall Street Salomon Brothers John Gutfreund John Meriwether Liars Poker

Book:Liar's Poker

Source: Liar's Poker

“For that purpose, partly as the result of Ranieri’s persistent lobbying, two new facilities had sprung up in the federal government alongside Ginnie Mae. They guaranteed the mortgages that did not qualify for the Ginnie Mae stamp. The Federal Home Loan Mortgage Corporation (called Freddie Mac) and the Federal National Mortgage Association (called Fannie Mae) between them, by giving their guarantees, were able to transform most home mortgages into government-backed bonds.”

Sneaky Wall Street Salomon Brothers Creation Of Mortgage Bonds Fannie Mae Freddie Mac Ginnie Mae Lewis Ranieri

Book:Liar's Poker

Source: Liar's Poker

“No longer were the prices of ordinary mortgage bonds allowed to roam inefficiently, for they were now linked to the CMO market, in much the same way that flour is linked to the market for bread. Fair value for CMOs (the finished product) implied a fair value for conventional mortgage bonds (the raw materials).”

Pricing Mortgage Bonds Salomon Brothers Cmo

Book:Liar's Poker

Source: Liar's Poker

“The Piranha didn’t talk like a person. He said things like “If you fuckin’ buy this bond in a fuckin’ trade, you’re fuckin’ fucked.” And “If you don’t pay fuckin’ attention to the fuckin’ two-year, you get your fuckin’ face ripped off.” Noun, verb, adjective: fucker, fuck, fucking. No part of speech was spared. His world was filled with copulating inanimate objects and people getting their faces ripped off.”

Wall Street Behaviorism Salomon Brothers Bond Trading Human Piranha

Book:Liar's Poker

Source: Liar's Poker

“The difference between Strauss and Ranieri?” says one trader still at Salomon. “That’s easy. Strauss wouldn’t stoop to use the men’s room on the trading floor. He’d go upstairs. Lewie would piss on your desk.”

Humorous Salomon Brothers Lewie Ranieri Tom Strauss

Book:Liar's Poker

Source: Liar's Poker

“Who do you work for? That question haunted salesmen. Whenever a trader screwed a customer and the salesman became upset, the trader would ask the salesman, “Who do you work for anyway?” The message was clear: You work for Salomon Brothers. You work for me. I pay your bonus at the end of the year. So just shut up, you geek.”

Investors Customer Salomon Brothers

Book:Liar's Poker

Source: Liar's Poker

“How could anyone be so stupid as to trust a trader? The best thing I could do was pretend to others at Salomon that I had meant to screw the customer. People would respect that. That was called jamming. I had just jammed bonds, albeit unknowingly, for the first time. I had lost my innocence.”

Investors Wall Street Poor Customer Service Salomon Brothers Jamming

Book:Liar's Poker

Source: Liar's Poker