In 1935 both the government and the banks were looking for a face-saving end to the moratorium, but Salomon, still an outsider, decided to end it on its own by underwriting a bond issue for Swift & Company, the meat packer. This was the first new debt issue to come to market under the new SEC rules and, though it brought the Salomon name into the spotlight, it caused resentment among the old-line underwriters that would last into the 1950s.
In 1935 both the government and the banks were looking for a face-saving end to the moratorium, but Salomon, still an outsider, decided to end it on its own by underwriting a bond issue for Swift & Company, the meat packer. This was the first new debt issue to come to market under the new SEC rules and, though it brought the Salomon name into the spotlight, it caused resentment among the old-line underwriters that would last into the 1950s.
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