In bondage: the Salomon scandal. (Salomon Brothers Inc.)
Economist (US), The, September, 1991
Salomon Brothers Inc. is undergoing a significant financial downturn since admitting violations of Treasury bond market rules. Interim chairman Warren Buffett's Congressional testimony has resulted in new rules to tighten up the bond auction process.
WARREN BUFFETT, the temporary chairman of embattled Salomon Brothers,is a wily old charmer. Congress,furious at the firm's flouting of the rules for bidding in the Treasury bond market, has been questioning him eagerly. And yet in the past ten days he has had first the House and then the Senate Banking Committees eating out of his hand.
Mr Buffett needs more than charm to restore confidence in Salomon. The firm's share price has tumbled 30% since it admitted on August 9th to wrongdoing in several Treasury...
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