8/6/2023 0 Comments Donald j faehner paine webber![]() ![]() In the first quarter of 1999, Charles Schwab gained 42% more assets than full-service Merrill Lynch. And while Paine Webber didn't exactly embrace the Internet early on, it is not turning a cold shoulder to it either.įor all the commotion about online trading, it's way too early to identify Internet winners and losers in the brokerage business. During an era when global financial behemoths began offering everything from investment banking to insurance, Paine Webber stayed small (its 1998 net revenues of $4.4 billion are only 25% larger than Morgan Stanley Dean Witter's profits of $3.3 billion), domestic (96% of net revenues are from the U.S.), and embarrassingly retail (75% of net revenues come from individual investors). But crediting only the bull market ignores several choices Paine Webber made in the early 1990s that mostly defied conventional wisdom, yet turned out to be right-at least so far. 2 in any of its major businesses, and it blundered through the 1980s as it repeatedly tried and failed to turn itself into an investment bank. To many Wall Streeters, the firm's survival represents the dumb luck of the bull market and the triumph of mediocrity. Over the past five years the stock of stodgy Paine Webber has not only kept pace with Merrill's but also trounced both the S&P 500 and the shares of glamorous J.P. Revenues, earnings, commissions, and assets under management grew at higher rates than Merrill Lynch's. The company's first-quarter earnings beat Wall Street estimates by almost 40%. Right now it's Paine Webber that's looking good. "Its reason for existence was to make others look good," says Bob Upton, senior director at Fitch IBCA. ![]() Many on Wall Street think that Marron, a serious art collector, is more interested in his Lichtensteins and Jasper Johnses than in financial planning or online trading-and that Paine Webber long ago lost its way. Its CEO, 64-year-old Donald Marron, has ruled since 1980-when the Dow was below 1000 and calculators were considered high tech. This is a firm whose lifeblood is the commissions it earns for trading stocks and bonds on behalf of individual investors. ![]() If so, the company atop the endangered-species list is Paine Webber, the nation's fourth-largest brokerage. It's obvious: Traditional brokers are middlemen on the verge of extinction. "You can add that to the long list of things he was wrong about." "We're betting on ourselves," says a confident woman in another ad. ![]() "My broker said, 'You're gonna hate online trading,'" says one man in an ad for e-brokers. It was a year long celebration, with the biggest events taking place on July 4th.(FORTUNE Magazine) – To watch the television ads for online brokerages like E*Trade and Ameritrade, you would think human brokers were overpriced, arrogant, and dumb. In 1976, in the year of Donald J Weber's passing, The United States celebrated the Bicentennial of the adoption of the Declaration of Independence. The first artificial nuclear explosion took place near Alamogordo New Mexico on July 16, 1945. Julius Robert Oppenheimer, a nuclear physicist born in New York, led the Los Alamos Laboratory that developed the actual bomb. With the support of Canada and the United Kingdom, the Project came to employ more than 130,000 people and cost nearly $2 billion. In 1942, Donald was 34 years old when on June 17th, Roosevelt approved the Manhattan Project, which lead to the development of the first atomic bomb. To the present, it is the symbol of the City that is known throughout the world. The "international orange" color was chosen because it resisted rust and fading. Taking 5 years to build, the 4,200-foot-long suspension bridge was an engineering marvel of its time - 11 men died during construction. In 1937, by the time he was 29 years old, on May 28th, the San Francisco Golden Gate Bridge opened to cars. Its population was over 327,000 when it became a state. territory it was increasingly colonized by European-American settlers. Previously a province of Mexico, then a territory of the United States and mostly populated by Native Americans and Mexicans, once it became a U.S. In 1912, when he was only 4 years old, New Mexico became the 47th state of the Union in January. It was the most destructive earthquake ever to hit Europe. The earthquake, lasting 30 to 40 seconds, occurred in the Strait of Messina which was between the region of Calabria (at the "toe" of Italy) and the island of Sicily and destruction from it occurred in a 186 mile radius. In 1908, in the year that Donald J Weber was born, a 7.1 earthquake and the resulting tsunami killed 70,000 to 100,000 people in southern Italy and Sicily. Refresh this page to see various historical events that occurred during Donald's lifetime. ![]()
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