Saturday, April 19, 2014
FAIRFIELD-SUISUN, CALIFORNIA
99 CENTS

Segregation once commonplace on Wall Street

stevenson column sig

By
From page C1 | October 23, 2011 | Leave Comment

I was just reading in the Wall Street Journal about Dennis Kozlowski and how desperately he wanted to be released on parole.

As he looks at the world through a coiled wire fence, he can’t help but think of the irony that his former company, Tyco, made the barbed wire. Kozlowski admits that he feels some sympathy for the Wall Street Occupiers, mentioning that in his last year at the helm, he pulled in $105 million.

Kozlowski, who apparently still owns a large piece of Tyco shares, wants to merge with General Electric when he gets out. That’s a decision that the boards of both companies will have to make, but it’s an interesting idea.

The Tyco story got me think about how many companies have gone bankrupt, merged or just plain been bought out. One is close to home, or office for me. My first credit card was Manufacturers Hanover Trust Company. It had the nickname in New York of “Manny Hanny.” Then, it merged with Chase to become Chase Manhattan, and finally its current incarnation as JP Morgan Chase, which itself has become the biggest bank in the country measured by assets.

My first brokerage job was for a Wall Street-based firm called Shearson, Hammill, from where, in 1972 or 1973, I went to Loeb Rhodes, which shortly thereafter merged with Shearson to become Shearson, Loeb Rhodes. These firms have been swallowed up by bigger fish, and then a whale.

During the summer in two of my high school years I had worked for Bache and Company. I can’t think of what that rhymes with, but four years into the business in San Francisco I went back to work at Bache. That company by then had merged with Prudential Securities to become Prudential Bache.

At that point it became the first large firm that had Jews and gentiles as senior partners. Until then, Wall Street was tightly restricted on a religious basis. One of the exceptions was a gentleman who, back in my summer internship days in the Bache mutual funds, was pointed out to me with a tap on the shoulder by an older gentlemen who wanted to know if George Meyer, my boss, was around.

I was almost rude when I said “He’s at lunch. Can I tell him whom to call?” The answer shocked me. “James Roosevelt. He has the number.”

He was one of the first Christians to work for a previously all-Jewish firm. I got to tell the story for the next 50 years. The reason for the segregation was that German Jews came over here before Russian or Polish Jews, and since the Germans, back home in Europe, at least, didn’t mix with Slavic Jews, the same tradition “applied” here. The segregation, which is what it amounted to, lasted more than 100 years.

There are now, by the way, a few black firms, specializing in municipal finance.

Often as not, though, an already-integrated firm will hire three or four black investment bankers to specialize in companies headed by black CEOs. All this time the number of firms was getting smaller and smaller. Look at what just happened to Merrill Lynch when it got swallowed up by Bank of America. Sad, because B of A had the distinction of being the first major firm run by Italian-Americans in the country.

Bud Stevenson, a stockbroker, lives in Fairfield. Reach him at Bsteven254@aol.com.

LEAVE A COMMENT

Discussion | No comments

The Daily Republic does not necessarily condone the comments here, nor does it review every post. Read our full policy

.

Solano News

Solano unemployment inches downward

By Barry Eberling | From Page: A1, 1 Comment

 
Transplant recipients talk about their best gifts

By Amy Maginnis-Honey | From Page: A1 | Gallery

 
Fairfield council candidates weigh in on crime

By Ryan McCarthy | From Page: A3, 1 Comment | Gallery

 
Police release name of woman found dead in Fairfield canal

By Ryan McCarthy | From Page: A3 | Gallery

 
Spering, Bertani spar over fighting crime

By Ryan McCarthy | From Page: A3, 14 Comments | Gallery

 
Congregation invites public to Easter music, message

By Amy Maginnis-Honey | From Page: A4

 
Five homes featured on Symphony Home Tour

By Amy Maginnis-Honey | From Page: A4

 
 
Local woman helps spread Easter joy

By Amy Maginnis-Honey | From Page: B12 | Gallery

Weather for April 19, 2014

By Daily Republic | From Page: B13

 
.

US / World

California farmers to get more water

By The Associated Press | From Page: A1

 
Teen sentenced in Oakland toddler’s killing

By The Associated Press | From Page: A4

More Latino than white students admitted to UC

By The Associated Press | From Page: A4, 2 Comments

 
From Clinton to Obama, many parallels

By The Associated Press | From Page: A5, 1 Comment

Study: Half of jailed NYC youths have brain injury

By The Associated Press | From Page: A5

 
PG&E to be arraigned in fatal pipeline blast

By The Associated Press | From Page: A5

Mom and son who died in San Francisco fire ID’d

By The Associated Press | From Page: A5

 
3 alleged gang members convicted of murder

By The Associated Press | From Page: A5

Health care site flagged in Heartbleed review

By The Associated Press | From Page: A5

 
Easter on 4/20, pot holy day; pastors reach out

By The Associated Press | From Page: A8, 2 Comments

Colorado deaths stoke worries about pot edibles

By The Associated Press | From Page: A8

 
NASA’s moon-orbiting robot crashes down as planned

By The Associated Press | From Page: A8

Atheist national conference aims at Mormon church

By The Associated Press | From Page: A8, 1 Comment

 
Man who avoided prison is overwhelmed by support

By The Associated Press | From Page: A9

Teen suspended for asking Miss America to prom

By The Associated Press | From Page: A9

 
White House updating online privacy policy

By The Associated Press | From Page: A9

SpaceX making Easter delivery of station supplies

By The Associated Press | From Page: A9

 
Sudden movement raises alarm in Wyoming slide area

By The Associated Press | From Page: A9

Some countries get Obama, but want his wife, too

By The Associated Press | From Page: A9, 1 Comment

 
In Egypt, a corruption watchdog hit by backlash

By The Associated Press | From Page: A12

Military scales down, modifies Guam buildup plan

By The Associated Press | From Page: A13

 
Captain of sunken SKorean ferry arrested

By The Associated Press | From Page: A13

Avalanche sweeps down Everest, killing at least 12

By The Associated Press | From Page: A13

 
Diplomacy doesn’t move insurgents in Ukraine

By The Associated Press | From Page: A14

Magnitude-7.2 earthquake shakes Mexican capital

By The Associated Press | From Page: A14

 
57-nation OSCE plays key Ukraine monitoring role

By The Associated Press | From Page: A14

Ukraine crisis: The turning points

By The Associated Press | From Page: A14

 
.

Opinion

Cheers, jeers for the week of April 13-19, 2014

By Daily Republic | From Page: A11

 
Editorial Cartoons for April 19, 2014

By Daily Republic Syndicated Content | From Page: A11

 
Here we go again in Sacramento

By Letter to the Editor | From Page: A11, 7 Comments

 
.

Living

Today in History for April 19, 2014

By The Associated Press | From Page: A2

 
Community Calendar: April 19, 2014

By Susan Hiland | From Page: A2

Seniors, it’s never too late to do something about your health

By Kathy Mitchell and Marcy Sugar | From Page: B7

 
Horoscopes for April 19, 2014

By Holiday Mathis | From Page: B7

.

Entertainment

TVGrid

By Daily Republic Syndicated Content | From Page: B10

 
Prince reaches agreement with music label

By The Associated Press | From Page: B14

‘The Boondocks’ back for final ‘offensive’ season

By The Associated Press | From Page: B14

 
A nutty finale for ‘Scandal,’ TV’s craziest show

By The Associated Press | From Page: B14

Stratocaster still a favorite at 60

By The Associated Press | From Page: B14

 
.

Sports

Hertl has impressive playoff debut for Sharks

By The Associated Press | From Page: B1

 
Warriors and Clippers take dislike to playoffs

By The Associated Press | From Page: B1

Big innings lift Mustangs over Indians

By Paul Farmer | From Page: B1 | Gallery

 
Ross, Padres beat Cain and Giants 2-1

By The Associated Press | From Page: B1 | Gallery

A’s come out swinging to beat Astros 11-3

By The Associated Press | From Page: B1

 
Warriors to start O’Neal for Bogut vs. Clippers

By The Associated Press | From Page: B1

NBA playoffs looking more wide-open than expected

By The Associated Press | From Page: B2

 
Source: Grizzlies’ G Calathes suspended for 20 games

By The Associated Press | From Page: B2

Avalanche sweeps down Everest, killing at least 12

By The Associated Press | From Page: B2

 
Mets trade 1B Ike Davis to Pirates

By The Associated Press | From Page: B2

TNT’s Sager to miss NBA playoffs due to leukemia

By The Associated Press | From Page: B2

 
Nadal ousted by Ferrer in Monte Carlo quarters

By The Associated Press | From Page: B2 | Gallery

A’s lefty reliever Doolittle gets 5-year deal

By The Associated Press | From Page: B2, 1 Comment | Gallery

 
’40-and-up club’: Ageless Hopkins after more belts

By The Associated Press | From Page: B2

Jimenez shoots 65 to lead Greater Gwinnett field

By The Associated Press | From Page: B2

 
Solano scores in ninth for 2-1 BVC baseball win over Yuba

By Daily Republic staff | From Page: B2

Choi leads rain-delayed RBC Heritage

By The Associated Press | From Page: B2 | Gallery

 
NBA’s Silver wants age limit change, no rush on others

By The Associated Press | From Page: B2

.

Business

Judge says American can’t end retiree benefits yet

By The Associated Press | From Page: B10

 
Mazda recalls 109,000 older SUVs for rust problem

By The Associated Press | From Page: B10

5 features an Amazon phone might offer

By The Associated Press | From Page: B10

 
.

Obituaries

Sealwyn Shirley Brucefield Shepherd Malkiewicz

By Nancy Green | From Page: A4

 
.

Comics

Wizard of Id

By Daily Republic Syndicated Content | From Page: B6

 
Zits

By Daily Republic Syndicated Content | From Page: B6

Garfield

By Daily Republic Syndicated Content | From Page: B6

 
Frank and Ernest

By Daily Republic Syndicated Content | From Page: B6

Get Fuzzy

By Daily Republic Syndicated Content | From Page: B6

 
Peanuts

By Daily Republic Syndicated Content | From Page: B6

Sally Forth

By Daily Republic Syndicated Content | From Page: B6

 
For Better or Worse

By Daily Republic Syndicated Content | From Page: B6

Beetle Bailey

By Daily Republic Syndicated Content | From Page: B6

 
Rose is Rose

By Daily Republic Syndicated Content | From Page: B6

B.C.

By Daily Republic Syndicated Content | From Page: B6

 
Baby Blues

By Daily Republic Syndicated Content | From Page: B6

Pickles

By Daily Republic Syndicated Content | From Page: B6

 
Baldo

By Daily Republic Syndicated Content | From Page: B6

Blondie

By Daily Republic Syndicated Content | From Page: B6

 
Dilbert

By Daily Republic Syndicated Content | From Page: B6

Word Sleuth

By Daily Republic Syndicated Content | From Page: B7

 
Sudoku

By Daily Republic Syndicated Content | From Page: B7

Bridge

By Daily Republic Syndicated Content | From Page: B7

 
Cryptoquote

By Daily Republic Syndicated Content | From Page: B7

Crossword

By Daily Republic Syndicated Content | From Page: B7

 
.

Home Seller 04/19/14

Summerwood features 8 new homes in Suisun

By Daily Republic | From Page: HSR2

Real estate transactions for April 19, 2014

By Daily Republic | From Page: HSR3

Average US 30-year mortgage rate falls to 4.27 percent

By The Associated Press | From Page: HSR3