But David Wong, who follows the optic network industry for PaineWebber, doesn't doubt the deal.
PaineWebber says that it is cooperating with Lerma in his quest to find out what happened.
Warburg and PaineWebber names, noble relics of the days when the industry was more fragmented.
Alison Cottrell of PaineWebber, an investment bank, points out that enlargement will bring far greater divergence.
With Lerma's knowledge, Perusquia set up offshore trusts through PaineWebber's Channel Islands subsidiary, with Perusquia in charge.
During that time, investors in PaineWebber saw their share price almost quadruple, even before the merger was announced.
The globe-trotting broker left PaineWebber in March 1998 and until recently worked for San Francisco-based Husic Capital Management.
Previously, he headed the Midwest Municipal Bond Sales Desk at PaineWebber in Chicago.
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But since the money was held in a maze of Swiss bank accounts and offshore trusts, PaineWebber won't admit responsibility.
Lerma did this without visiting PaineWebber's San Francisco office to discuss the investing of his money with the office manager there.
It is adopting many features of full-service brokerages, such as Merrill Lynch and PaineWebber firms it used to view as inefficient dinosaurs.
While it was once thought that firms like PaineWebber would sell out of weakness, the American firm dealt from strength, Hayes says.
Fortunately, one soft market can't derail a well-diversified REIT, notes PaineWebber's Boston.
Next up: MuniGroup.com, jointly owned by Goldman, PaineWebber and Spear Leeds Kellogg.
Morgan Stanley Dean Witter's has lost 5% and PaineWebber's a startling 13%.
When he opened his account at PaineWebber, Lerma had most of his money in bonds and in stocks like Schlumberger and Guinness Plc.
David Brickman of PaineWebber, an American investment bank, thinks foreign fans will spend an additional FFr1, 000-1, 500 a day each on food, drink and hotels.
Most REITs in the category have provided a total return of 1% to 5% this year, compared with a negative 0.5% return for all REITs, according to PaineWebber.
Under U.S. securities law, PaineWebber may have to explain why it allowed a broker to place more than half of a retirement-age client's fortune in Canadian penny stocks.
Ospel has charged his PaineWebber chief executive, Joseph Grano Jr.
Certainly the hitch does not seem to have harmed its own market value, well above that of some very much more profitable conventional firms such as PaineWebber, Bear Stearns and Lehman Brothers.
The evidently fake statements, which bear the number of a PaineWebber fax machine in the firm's San Francisco office, listed some of the gold stocks Lerma owned, but with false share prices.
Donald Marron, chairman of PaineWebber, expects his company increasingly to charge individual investors according to the amount of assets they have given his firm to manage rather than on a fee for each transaction.
Though it was often derided for its lack of investment banking prowess and for not being number one in anything, PaineWebber kept profiting in its niche, growing earnings at a 30% clip over the past five years.
The daughter of a PaineWebber managing director and a New York Post reporter, Sadik-Khan took Bloomberg's job offer after a stint in the U.S. Department of Transportation under President Clinton and ten years at international engineering firm Parsons Brinckerhoff.
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