The “Tombstone Tomb”: More IB Tales from the Crypt

The firm that helped launch the careers of Ken Moelis, Paul Singer, and Stephen Schwarzman—among many others?

It no longer exists.

But we see reminders of DLJ around our office every day—along with countless other firms that, regrettably, are also no longer with us.

Over the years we’ve received numerous requests to share deal toys done for these now-defunct firms. When we finally agreed to showcase these pieces, we were relieved that the galleries were received in the spirit we’d intended: not as a snarky post-mortems, but as tributes to firms, and bankers, who were our clients, and in many cases, friends.

With that in mind, we now once again pry open the deal toy vault…

  • In addition to Ken Moelis and Stephen Schwarzman, other DLJ alumni include Paul Singer and Hamilton (Tony) James.

  • Formed in 1903, Bankers Trust merged with Alex Brown & Sons in 1997 before being acquired by Deutsche Bank in 1999. Morgan Stanley Dean Witter, formed by a merger in 1997, was shortened to Morgan Stanley in 2001.

  • A year prior to the deal shown here, Paine Webber acquired Kidder, Peabody from GE.  Five years later Paine Webber, in turn, was acquired by UBS.

  • A key player in the early tech sector, Hambrecht & Quist was acquired by Chase in 1999.  Founder Bill Hambrecht pioneered the use of Dutch auctions as part of the so-called “OpenIPO” model.

  • A premier boutique firm, Wasserstein Perella was sold to Dresdner Bank in 2000. Perella had already left the firm for Morgan Stanley in 1993; Bruce Wasserstein stayed through the takeover and left in 2002 to head Lazard. He died in 2009.

  • Lehman’s 2008 demise has by now been documented all too well. Less well known is the fact that that the firm began in 1850…and in Montgomery, Alabama.

  • Another tech pioneer, Robertson Stephens ultimately became part of Fleet Financial. The firm was liquidated in 2002, though the name was revived in 2013 as a wealth management firm.

  • Bear Stearns was another, well-publicized casualty of 2008. Recent efforts have been made at reuniting CBS and Viacom, the two companies that this 2005 transaction split.


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