Financial History Issue 131 (Fall 2019) - Page 35

Subscription warrant for stock of the First Boston Corporation, issued to Laura A. Atkins and dated May 26, 1934. member of Bankers Trust and a New Mexico native, was the president and chief operating officer of the firm, having suc- ceeded Archibald Cox Jr. in 1993. (The son of Archibald Cox Sr., the special prosecutor during the Watergate scandal, Cox joined the firm from Morgan Stanley International in 1990.) During Wheat’s tenure, the firm bought the brokerage firm, Donaldson, Lufkin & Jenrette, Inc. and DLJ’s chief executive, Joe L. Roby, became chairman of the executive board. (Roby became chairman emeritus in late 2001.) In 2001, however, Wheat was fired after Credit Suisse became embroiled in a scandal where it was accused by the Securities and Exchange Commission of receiving “extra large commissions from investors in exchange for allocations of hot public offerings.” (The firm paid a $100 million fine in 2002.) Wheat was replaced by John Mack, who was the for- mer president of Morgan Stanley Dean Witter. A North Carolina native, Mack was “the son of a Lebanese-American gro- cer.” In 2004, Mack left First Boston after conflicts with the board over the direction of the firm. He was succeeded by Brady W. Dougan, who had been with CS First Boston since 1990. Dougan, “the son of an Illinois railway dispatcher,” was a gradu- ate of the University of Chicago. In 2005, Credit Suisse Group decided to drop the “First Boston” name from its investment banking division in the United States and Canada starting in 2006. According to The Tennessean, the name change accompanied “the reorga- nization of different Credit Suisse opera- tions into ‘one bank.’” Credit Suisse Group announced, “It makes sense from the perspective of both our clients and our employees to move to a single brand to represent the fully integrated global bank.” With that change, the name of First Boston was lost to history.  Susie J. Pak is an Associate Professor in the Department of History at St. John’s University (New York). A graduate of Dartmouth College and Cornell Uni- versity, she is the author of Gentlemen Bankers: The World of J.P. Morgan (Harvard University Press), a Trustee of the Business History Conference, co-chair of the Columbia University Economic History Seminar and a member of the editorial advisory board of the Business History Review. She is also a member of the Financial History editorial board. About Where Are They Now?  The “Where Are They Now?” Series traces the origins and histories of 207 of the underwriters of the 1956 Ford Motor Company IPO. The research for this series has been generously funded by Charles Royce of The Royce Funds. The Museum’s “Where Are They Now?” blog can be found at: wherearethey-  |  Fall 2019  |  FINANCIAL HISTORY  33