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Accounting Principles, 229 ACG, 198, 199 Achievement-Driven Knee_0812978048_1p_20_r1.qxp 12/6/07 09:25 Page 249 INDEX accounting principles, 229 bankruptcies, high-profile, 91–92 ACG, 198, 199 Barlow, Frank, 35, 39 achievement-driven individuals, 155–56 Bayly, Daniel H., xvii–xviii AC Nielsen, 160 Beacon, 92 A. G. Edwards, 68 Bear Stearns, 89, 92, 162–63, 165–70, agent role of investment bankers, 19–20 224 Alex Brown, 89, 92 Beller, Davies, 162 All American Communications, 80 Belmont, August, 46 Allwin, Jim, 193 Bernard, Lewis, xiii, xiv Amazon.com, 123, 172 Bessette, Lauren, 130, 131–32 American Express, 189, 190 Biggs, Barton, 74 AOL Time Warner, 115, 138, 142, 146, Bilotti, Richard, 143 172 Black, Conrad, 197 Arthur, Doug, 140–41 Blankfein, Lloyd C., 108, 109, 225 AT&T, 112, 176 block trading, 34 Atlas Corp., 43 Blodget, Henry, 139, 142, 217 auctions, 65, 66, 71–72 Blondy, Steve, 161, 167 automation in investment banking, 27 Bloomberg, Michael, ix blue books (pitch books), 3–6, 9–10, Baldwin, Robert H. B., 111, 112, 127 26, 27–28 BankAmerica, 90 Blundell, Roger, 35 BankBoston, 90 Blythe & Co., 45 Bankers Trust in London, 2–3, 5, 9–12, boards, xiii, 43–44, 108, 228 23, 89, 92 Bolten, Josh, 55 Banking Act of 1933 (Glass Steagall), boutique investment banks, 219, 220, xi, 23, 42–43, 89, 110 221, 224 BankOne, 92 Bradley, David, 28 Knee_0812978048_1p_20_r1.qxp 12/6/07 09:25 Page 250 250 Index bridge loans, 163–64 consequences of, 132–33, 135 British financial houses, 2–3 and Internet boom, 140, 142, 144, British Petroleum, 34 149, 201 British Satellite Broadcasting (BSB), 33 rise and fall of, xv–xvi Brooke, Richard, 35, 40 trends in, 79 BSkyB, 32–33, 34–41, 50, 59 CEOs. See also specific individuals Buchanan, Pat, 85 celebrity CEOs, xv–xvi, 150 Buffet, Warren, 23 compensation, 222 Bunting, Tim, 36 and current environment, 223, bureaucracy in banking, 218 228–29 Bureau of National Affairs in importance of, 209 Washington, 187 relationships with, 213, 228 Business Development Group of role of, 29 Morgan Stanley, 130 Chance, David, 38 business model of investment Chandra, Sabash, 53 banking, xvi, 216, 218 character in investment banking, 170 business schools, 150–53, 226 Chase Manhattan, 90, 92 Business Week, xiii Chernow, Ron, xiv, 79, 111–12, 226–28, bust, 157, 172–73, 178–83, 201, 203. 230 See also layoffs Chicago Directory Company, 160 Buxted Poultry Ltd., 6–7, 9–11, 12 Chicago Gang, 201 buy-side activities, 157 chickens, 6–9 Chisholm, Sam, 33, 39–40 Cahners Consumer Magazines, 63, 65, Ciba-Geigy, 115 66, 74 Cisco, 145 Cantor, Eddie, 32 CitiCable, 53 capital and Internet boom, 171–72 Citigroup, 20, 23, 92, 169, 197 Capitman, Andrew, 1, 5, 7, 9–11, 26 Clark, Jonathan, 193 Carr, Michael, 107 Clinton, Bill, 195, 196–97 Casey, Tom, 135 CNBC, xii Cassou, Beatrice Cognizant, 160 and Harland, 180 Columbia Business School, 187, 208 interviews with, 113–14 commercial banks, 92, 110–11, 177 and layoffs, 186 commissions, 21 and Meguid, 171–72 commitments committee, 52–53, 147, and Sine, 137 165, 166, 167 support of Knee, 117, 134, 210 compensation West Coast initiative, 174, 186 after bust, 183, 206, 222 Catchings, Waddill, 30, 31–32, 43 and culture of banking industry, 126 Cayne, “Jimmy,” 162 at Goldman Sachs, 56–58, 84, 95 celebrity culture in investment banking and Internet boom, 154–56, 172 ambitions of bankers, 144 at Morgan Stanley, 116, 119–20, 122, celebrity CEOs, xv–xvi, 150 134, 172, 173, 208–9 and compensation, 127–28 relative compensation, 88 Knee_0812978048_1p_20_r1.qxp 12/6/07 09:25 Page 251 Index 251 competition, 68, 112, 199–200, 219 “The Death of the Banker” competitive intelligence, 28–30, 228 (Chernow), 226–27 Competitive Local Exchange Carriers De Baubigny, Andre, 141 (CLECs), 175 Dell, 172 confidentiality requirements, 95–96 DePuy, Chris, 139 conflict-of-interest issues, 20, 91, Deutsche Bank, 92, 169 157–58 Deutsche Morgan Grenfell (DMG), consolidations of banks, 89–91 148, 149 convictions of Wall Street figures, 137 Deutsche Telecom, 25–26 Corporate Executive Board (CEB), DEVA (discounted equity valuation 28 analysis), 124 Corrections Corporation of America, “Digital Media Conference,” 142 215 Dillon, Clarence, 46 Corzine, Jon, 48, 98, 101–5 Dillon Reed, 92 Coster, F. D., 44 discounted cash flow (DCF), 124 coverage officer position, 89 Discover and Co., ix Cowles family, 69 Discover Card, 189, 200, 223 Cowles Media Company, 75 Dobkin, Eric, 36, 38–39 Crawford, Steve, 168 Donaldson, Lufkin and Jenrette credit, revenue, 120, 132 (DLJ) Credit Suisse, 22, 92 and CSFB, 89–90, 92, 174, 190 Credit Suisse First Boston (CSFB) IPO investments, 24 and Donaldson, Lufkin and Jenrette junk bond activities, xvii, 22, 24 (DLJ), 89–90, 92, 174, 190 Knee’s offer from, 86, 88, 89 and employee retention, 224 Don Tech, 160, 170 M&A activities, 24 Dow Jones, 192 merger, 22 downturn in the market, 157, 172–73, and principal equity funds, 20 178–83, 201, 203. See also layoffs Quattrone’s move to, 149 The Drama of the Gifted Child Cruz, Zoe, 167 (Miller), 155–56 culture of investment banking, xv, Dresdner Bank, 90 126–27, 196–97. See also specific dress codes, 205 firms Drexel Burnham, 22 Curry, Christian, 128–29, 192, 193 Drexel Lambert, xvii Curry, William, 128 Drill, Elena, 130–32 Czinger, Kevin, 14–15, 16, 32, 33–34, Dun and Bradstreet, 160 37–38, 55 eBay, 123 “Dare to be Great” speech, 10 EBITDA, 67, 176 Davison, Todd, 162 economy, xiv–xv, 229. See also bust Dean Witter Discover education of author, 1–2 culture of, 189 Edwards, Christine, 193–94 merger with Morgan Stanley, ix, xi, Eizenstat, Stuart, 13, 16, 59 xii, 113, 188–92, 197 Elkind, Peter, 144 Knee_0812978048_1p_20_r1.qxp 12/6/07 09:25 Page 252 252 Index employee retention and turnover, Fortune, 144 29–30, 127, 129, 154–55, 223–24 Fortune 500 client base, 112 Endlich, Lisa, 42, 83, 104–5 Foster, Richard, 213–14 Enron, xvii–xviii, 229 Freedom Communications, 208, 220 entitlement mentality, 56 Friedman, Lou, 162 entrepreneurial spirit in bankers, 218 Friedman, Steve, 14, 47, 48, 79, 109 Epstein, Stuart, 138 Equity Capital Markets (ECM), 36 Galbraith, John Kenneth, 43 equity research and analysts, 139–41, game theory, 152–53 146, 148, 149, 216–19 Gannett, 65 European corporations, 229, 230 Gartner Group, 160 Evans, Michael, 36, 38, 50 Gasparino, Charles, 191 gatekeepers, 140–41 fairness opinions, 145, 228 General Motors, 46, 111 fees Gentleman Banker’s Code, 111–12 basis of, 64, 65 gifted children, 155–56 and Bear Stearns, 166, 168 Gilbert, S. Parker, x, xii, xiii, xiv for “buy-side” and “sell-side,” 75 Glass, Carter, 42 and categorization of companies, 179 Glass Steagall legislation (Banking Act and compensation, 120 of 1933), xi, 23, 42–43, 89, 110 from IPOs, 146, 147 Gleacher, Eric, 79 from LBOs, 161 Global Crossing, 135 from M&A activities, 78, 145–46 Golding, Rex, 136 from stapled financing, 158 Goldman, Henry, 31 of Weinberg, 45 Goldman, Marcus, 47 financial sponsors, 161–62. See also Goldman Sachs. See also specific junk bonds individuals, including Thornton, Financial Times, 221 John First Boston, 22, 92, 198 and BSkyB, 34–41 FirstMark Communications, 135 business model, 82–84, 107 Fisher, Richard B. and bust in the market, 188 background, xiv CMT group, 25, 53–54 and “handshake” story, 192 Commitments Committee, 52–53 last years at Morgan Stanley, ix–x compensation, 56–58, 84, 88, 95, and Mack, 191, 192–93 154–55, 172 memorial service, ix, xii competition, 224 and merger, 189 culture of, 76, 87, 88–89, 96, 117 shares owned by, xiii disadvantages of, 92 FLAG Telecom, 175 employee retention, 30, 154–55, 224 Flowers, Chris, 136 Entrepreneur’s Group, 212 Fogg, Joseph, III, 95 and Ford Motor Company, 44–45 Ford, Henry, 45–46 headquarters, 58 Ford, Henry, II, 44, 46 initial public offering of Goldman, Ford Motor Company, 44–45 102–4, 105, 107, 154 Knee_0812978048_1p_20_r1.qxp 12/6/07 09:25 Page 253 Index 253 IPO investments, 24, 148 and Sine, 174 issues, 47–48 and strategic business reviews, 184 as Jewish firm, 84–85 track record, 198 junk bond activities, 24 ventures of, 137 Knee’s career at, xvi, 14–17, 80–81, work style of, 175 85–86, 87–88 HarperCollins, 139 Knee’s resignation, 93–97 Harrington, Richard, 138–39 layoffs, 48, 173, 183 Harvard University, 226 LBO business, 225 Hasselhoff, David, 80 London operations, 24–25 Havens, John, 223 M&A activities, 24, 26, 77–79, hedge funds, xvi 99–100 Hicks Muse, 11 and Morgan Stanley, 42, 111, 118–19 high yields, 161, 164–70, 212. See also organization of, 105 junk bonds public, 98 Hillsdown Holdings, 1, 5–7, 9–11, 19 and publishing industry, 87, 88 homophobia, 128 relationship banking, 74 hostile takeovers, 78. See also and R. H. Donnelley, 160–61 leveraged buyouts and LBO firms and Sidney Weinberg, 43–47 Houghton Mifflin, 208 status, x, 21, 58–59, 109, 118 Huet, Jean Marc, 36 and technology boom, 123–24, 172 Hurst, Bob, 85, 94, 97, 108 and Thornton, 49–55 values, 46–47, 106, 109 Iacocca, Lee, 150 and Webvan, 137–38 “IBG YBG” acronym, xvii, xviii, 156 Goodson-Todman game shows, 80 IBM, 112 Gore, Al, 155 important accounts, 211 Grace magazine, 212 IMS, 160 graduate schools of business, 150–53, individual investors, 146 226 influence of investment bankers, 141, Grasso, Dick, 135 146, 209, 210, 219 greed in investment banking, 154–56 information industries, 207. See also Greenberg, “Ace,” 162 publishing industry Greenhill, Robert, xii, xiii, xiv, 79, 219 initial public offerings (IPOs) Grumpy Old Men, xii, xiii–xiv, xviii, for BSkyB, 25–26 200, 223 fees from, 146, 147 and Goldman Sachs, 25 Hall, Perry, 111 and Internet boom, 145 Hambrecht, 92 league tables, 24 Harcourt General, 72–73 and M&A activities, 145–46 Harland, Chris profitability of, 21, 228 and Knee, 186, 187, 210–11, 213–14 and technology boom, 123–24 and layoffs, 185–87, 208 Instinet subsidiary, 208 management style, 177–82 institutional culture, 196–97 political skills, 181–82, 186 Institutional Investor, 112, 139, 217 Knee_0812978048_1p_20_r1.qxp 12/6/07 09:25 Page 254 254 Index integrity in investment banking, 170 J.
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