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After several months, Gutfreund became a clerk in the municipal bond department, eventually becoming a trader. He rose quickly through the company and became a full partner at the age of thirty-four. [8] In 1978, Billy Salomon named Gutfreund to succeed him as head of the firm, [9] becoming the highest paid Wall Street executive at the time.
Howard Hubler III, known as Howie Hubler, is an American former Morgan Stanley bond trader who is best known for his role in the fifth largest trading loss in history.He made a successful short trade in risky subprime mortgages in the U.S., but to fund his trade he sold insurance on AAA-rated mortgage-backed collateralized debt obligations that market analysts considered less risky, but also ...
In 1993, with a small number of investors, he launched InterVest, an electronic trading platform for anonymous secondary market trading of corporate and municipal bonds and other fixed income securities among institutional investors, brokers and dealers. It was the first SEC-regulated "Proprietary Trading System" (a precursor to the current ...
Michael Robert Milken (born July 4, 1946) is an American financier. He is known for his role in the development of the market for high-yield bonds ("junk bonds"), [2] and his conviction and sentence following a guilty plea on felony charges for violating U.S. securities laws. [3]
Lewis S. Ranieri (/ r ə n i ˈ ɛ r i /; born 1947) is a former bond trader, and founding partner and current chairman of Ranieri Partners, a real estate firm. [1]He is considered the "father" of mortgage-backed securities and co-founder of mortgage-backed securities with Anthony J. Nocella former CEO of Franklin Bank, for his pioneering role in their emergence in the 1970s, during his tenure ...
Michael Lewis, American author and financial journalist, author of The Big Short, worked as a bond salesman in London for Salomon Brothers in the late 1980s. His book Liar's Poker chronicles his time there. [40] John Meriwether, American hedge fund manager, head of fixed-income trading and was promoted to vice-chairman in 1988. [40]
He took advice from a friend and moved to Chicago with some trading knowledge from a few courses taken at graduate school. Due to high inflation in the US in the 1980s, hedgers and speculators preferred trading in treasury bonds. Baldwin followed this trend. Baldwin experienced success as a bond trader, and leased a seat on the Chicago exchange.
Gross was able to beat the market for much of his career by exploiting the element of certainty, and mastering the element of uncertainty, according to a 2002 Fortune story, "The Bond King". Certainty for a bond investor like Gross included variables, such as credit ratings, yields, maturities, and duration, a measure of risk. The longer a bond ...