Kidder, Peabody & Co., Inc.

 

Time for some new lead on my trade blotter................. 

When I trained at Kidder under the tutelage of the late, Lee Solot, Ralph DeNumzio was running the ship.

What an interesting day it was when the venerable Al Gordon gave his talk to our class.

Here is some more on Mr. Gordon.

Albert Hamilton "Al" Gordon (1901–2009) was a prominent American investment banker and businessman best known for rescuing and transforming the Wall Street firm Kidder, Peabody & Co.Key Facts

• Born: July 21, 1901, in North Scituate, Massachusetts.
• Died: May 1, 2009, at age 107 in Manhattan.
• In 1931, shortly after the 1929 stock market crash, Gordon (with partners, including help from Stone & Webster interests) acquired the struggling, Boston-based Kidder, Peabody when it was near collapse. He moved its headquarters to New York and rebuilt it into a major player.
• He served as senior partner, chairman, and major shareholder for decades (until selling the firm to General Electric in 1986).
• Under his leadership, Kidder Peabody grew into a respected investment banking and brokerage firm, known for underwriting, sales, and international expansion (e.g., early offices in Hong Kong and Japan).
• Gordon was legendary for his energy: He made cold calls into his 90s, exercised vigorously, flew economy class, and stayed active in finance well past 100.

He was a Harvard graduate (class of 1923), a lifelong Republican, and known for his integrity, salesmanship, and long career on Wall Street.Kidder, Peabody itself had a long history dating back to 1865 but faced severe difficulties in the Great Depression. Gordon's turnaround is often cited as a classic Wall Street success story. The firm later faced challenges in the 1980s–90s (including the Joseph Jett scandal) before its eventual dissolution.