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Salomon's growth over the next generation would astound even its most optimistic partners. ...And as we would all see to our amazement, Salomon's ris… - Henry Kaufman
" "Salomon's growth over the next generation would astound even its most optimistic partners. ...And as we would all see to our amazement, Salomon's rise was reflected in broader and equally dramatic transformations in the financial markets—as credit burgeoned, financial crises occasionally rocked the markets, prices and interest rates moved with new volatility, institutions underwent massive shifts, and monetary policy emerged as the dominant force in sustaining economic growth.
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About Henry Kaufman
(born October 20, 1927) is President of Henry Kaufman & Company, Inc. and is known, by some critics of his economic analyses and prognostications, as "Dr. Doom." Kaufman worked in commercial banking and served as an economist at the . After the Federal Reserve, he spent 26 years with , where he was Managing Director, Member of the Executive Committee, and in charge of the Firm’s four research departments. He was also a Vice Chairman of the parent company, Salomon Inc. He also served as a director of Lehman Brothers Holdings Inc. and as chairman of the Lehman board's finance and risk committee.
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Additional quotes by Henry Kaufman
In 1900, industrial workers toiled 10 hours a day, 6 days a week and earning an average of $375 dollars a year. ...[W]orking conditions were typically unsanitary, unsafe, and often fatal, and there were few protections—whether from unions (...a meager 5 percent of industrial workers), employers, or government. ...[S]tate and federal governments frequently trotted out their armed militias to help suppress striking laborers. ...[W]hites lived an average of only 47 years, blacks a mere 33.
Often the real value of management decisions does not become apparent until many years later.
Perhaps what we should do is try to analyze the impact of decisions in any one period on longer-term performance. In the political arena, for example, why should we emphasize the skill and acumen of national policy-makers only on the new initiatives they introduce and legislate? Sometimes the events that do not materialize are more important than those that do. We should try to ascertain what decisions political leaders are undertaking that will benefit their nations subsequent to their terms in office.
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Billy Salomon... along with Charles Simon and Sidney Homer predicted... that research would become a critical function of the firm. ... Sidney was given a free hand in creating a bond market research operation. Years later, he wrote a... memoir... Fun with Bonds. Sidney was taken into the firm as a general partner when he was nearly 60 years old. ...such a step would be impossible today ...Sidney wrote with great clarity. ...I later came to appreciate his great historical sensibilities when he asked me to review and edit a draft of a book... A History of Interest Rates... covering 40 centuries and 40 nations.
When Sidney and I met... he was looking for an assistant to help him build a research department devoted solely to money and bond markets.
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