“It clicked right off the bat”
Has Sandy Weill torn up his own rulebook and forgotten the lessons of the past? The Travelers Group chairman, who last month announced a $9 billion merger between his firm’s giant US brokerage arm Smith Barney and Salomon Brothers, certainly surprised those who knew him in previous incarnations at Shearson and American Express.
Hardwick Simmons, formerly at Shearson, now chief executive of Prudential Securities, says the deal “violates two great rules Sandy taught us: ‘Always buy when nobody else wants to, and never put your earnings in the hands of a trader’.”
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