BANKING & FINANCE - Jan. 17, 1992
From Times Staff and Wire Reports
California Resumes Trade with Salomon Bros.: The state of California resumed business with Salomon Bros., ending a nearly five-month ban on investments with the firm. State Treasurer Kathleen Brown, in a prepared statement, said she took the action because “Salomon has taken bold steps to re-establish the integrity of the firm and regain market confidence.” She added that she was impressed with the radical overhaul of the firm by Warren E. Buffett, Salomon’s interim chairman. Last August, the company admitted to widespread wrongdoing in the Treasury bond market. In the five months since, Salomon has laid off scores of executives, slashed employee bonuses, restructured management and refocused business lines.
