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In a matter of hours, Merrill Lynch, with a history of nearly one hundred years as one of the most storied names on Wall Street, would be sold to Bank of America for the biggest premium in the history of banking mergers. It was, as one newspaper later put it, as if Wal-Mart were buying Tiffany’s.
Andrew Ross Sorkin • Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the FinancialSystem--and Themselves
Anthony Drexel, of the long-established Philadelphia banking family, changing the firm to Drexel, Morgan & Co., with the older man again named first.
Charles R. Morris • The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy
Commercial bank (e.g., Citibank) Investment bank (e.g., Goldman Sachs) Brokerage (e.g., Schwab, Fidelity)
Matt Mochary • The Great CEO Within: The Tactical Guide to Company Building
great deal since then.41
Morgan Housel • The Psychology of Money: Timeless lessons on wealth, greed, and happiness
J. S. Morgan’s core business was short-term trade finance, “discounting bills,” as it was called. Its primary customers were American cotton or iron merchants. They typically sold their goods on credit, taking back a piece of paper, or “bill of exchange,” which could be cashed at a specific bank such as Barings at some set future date. If a merchan
... See moreCharles R. Morris • The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy
Walt Bogdanich • When McKinsey Comes to Town: The Hidden Influence of the World's Most Powerful Consulting Firm
This leads to a value of $104 million in owner earnings in year 10. Let’s assume that the market pays an average multiple of 15× on owner earnings for this type of business and that no valuation rerating or derating of the business occurs in the interim period. This gives us a market value of $1.56 billion in year 10. Compared with the current mark
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