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45-529: Primerica, after it was merged with Sanford I. Weill 's Commercial Credit Company , would form the basis of what would become Citigroup . The American Can Company had its headquarters at the Pershing Square Building in Manhattan , New York City , until 1970, when it moved into a Greenwich, Connecticut , facility, which had been developed on 150 acres (61 ha) of wooded land in the late 1960s. In

90-688: A $ 400 million donation to Cornell, to which he and his wife personally contributed $ 250 million. In June 2007, he endowed the Weill Institute for Cell and Molecular Biology at Cornell, housed in a new life science building named Weill Hall. On September 10, 2013, Joan and Sandy Weill and the Weill Family Foundation announced a $ 100 million gift to Weill Cornell. Weill is Chairman of the Board of Overseers of Weill Cornell Medical College and Weill Cornell Graduate School of Medical Sciences, having joined

135-425: A 27% share of Travelers Insurance , which had gotten into trouble because of bad real estate investments. In 1993, he reacquired his old Shearson brokerage (now Shearson Lehman ) from American Express for $ 1.2 billion. By the end of the year, he had completely taken over Travelers Corp in a $ 4 billion stock deal and officially began calling his corporation Travelers Group Inc. In 1996 he added to his holdings, at

180-857: A 380-bed specialty teaching hospital was scheduled to open in 2014 in Qatar. Sidra is supported by a $ 9 billion endowment from the Qatar Foundation. In addition, he is a Trustee of New York-Presbyterian Hospital; a Trustee of Hospital for Special Surgery; and a member of the Executive Council of the University of California, San Francisco Medical Center. In May 2003, he received the Baruch Medal for Business and Civic Leadership, presented by Baruch College for his work in public education and his accomplishments in business. A proponent of education, Weill instituted

225-612: A Class A director of the Federal Reserve Bank of New York . Class A directors are those elected by Federal Reserve member banks . Also in 2001, Weill established several offshore enterprises, including one through which he owned his yacht. These entities were identified in the Panama Papers . In 2002, the company was hit by the wave of Wall Street managerial restructuring that followed the stock market downturn of 2002 . In 2003, Weill sold 5.6 million shares of Citigroup back to

270-526: A change in the law, Citigroup would have had to spin off its insurance businesses. Weill's office holds a wood etching of him engraved with the words "The Shatterer of Glass–Steagall". Weill denies that the repeal of Glass–Steagall played a role in the financial crisis of 2007–2008 . In 1998, Weill was the recipient of FinancialWorld Magazine ' s CEO of the Year Award and received the same honor from ChiefExecutive Magazine in 2002. In 2001, Weill became

315-420: A cost of $ 4 billion, the property and casualty operations of Aetna Life & Casualty . In September 1997 Weill acquired Salomon Inc., the parent company of Salomon Brothers Inc. for over $ 9 billion in stock. In April 1998, Travelers Group announced an agreement to undertake the $ 76 billion merger between Travelers and Citicorp , and the merger was completed on October 8, 1998. The possibility remained that

360-570: A joint program with the New York City Board of Education in 1980 that created the Academy of Finance, which trains high school students for careers in financial services. He serves as Founder and Chairman of the NAF , which oversees more than 100,000 students in 617 career-themed academies of finance, hospitality and tourism, information technology, engineering, and health sciences, in 35 states, as well as

405-477: A narrative explanation, through the eyes of management, of how an entity has performed in the past, its financial condition, and its future prospects. In so doing, the MD&;A attempt to provide investors with complete, fair, and balanced information to help them decide whether to invest or continue to invest in an entity. The section contains a description of the year gone by and some of the key factors that influenced

450-411: A new neuroscience institute. At the time, the gift was the largest donation in the school's history. The Weill Institute for Neurosciences is housed in a $ 316 million facility at UCSF's Mission Bay campus. The Weills hope the institute will develop more effective treatments for such diseases as Alzheimer's, Parkinson's, multiple sclerosis, sleep disorders, autism, and other brain-related ailments. In 2019,

495-474: A period in which it completed over 15 acquisitions to become the country's second-largest securities brokerage firm. The company became CBWL-Hayden, Stone, Inc. in 1970; Hayden Stone, Inc. in 1972; Shearson Hayden Stone in 1974, when it merged with Shearson Hammill & Co. ; and Shearson Loeb Rhoades in 1979, when it merged with Loeb, Rhoades, Hornblower & Co. With capital totaling $ 250 million, Shearson Loeb Rhoades trailed only Merrill Lynch as

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540-622: A record $ 60 million in one evening through a generous $ 30 million match by Weill and his wife for the Weill Music Institute, which established broad-reaching music education programs. Weill is also chairman of the Green Music Center Board of Advisors at Sonoma State University and a director of the Lang Lang International Music Foundation. In September 2006, Joan and Sanford Weill Hall was dedicated at

585-626: A set of guidelines and rules are used. Commonly referred to as Generally Accepted Accounting Principles (GAAP), these set of guidelines provide the basis in the preparation of financial statements, although many companies voluntarily disclose information beyond the scope of such requirements. Recently there has been a push towards standardizing accounting rules made by the International Accounting Standards Board (IASB). IASB develops International Financial Reporting Standards that have been adopted by Australia , Canada and

630-762: A subsidiary of Koch Industries , the second largest privately owned company in the United States. In 1985, Nelson Peltz 's New York–based Triangle Industries bought the National Can Company for $ 460 million. The same year, it acquired the Dunham's Sports athletic store chain and made it part of its retail sector, which also included Musicland and Fingerhut . In 1986, it acquired the packaging division of Gerald Tsai 's American Can Company for $ 570 million. In 1987 American Can announced that it would change its 86-year-old name to " Primerica ". In 1988, Pechiney S.A. ,

675-515: A troubled subsidiary, Commercial Credit, a consumer finance company. In 1986, Weill bought Commercial Credit for $ 7 million. After a period of layoffs and reorganization, the company completed a successful IPO . In 1987, he acquired Gulf Insurance. The following year, in 1988, he paid $ 1.5 billion for Primerica , the parent company of Smith Barney and the A. L. Williams insurance company. In 1989, he acquired Drexel Burnham Lambert 's retail brokerage outlets. In 1992, he paid $ 722 million to buy

720-670: Is an American banker, financier, and philanthropist . He is a former chief executive and chairman of Citigroup . He served in those positions from 1998 until October 1, 2003, and April 18, 2006, respectively. Weill was born in the Bensonhurst section of Brooklyn , New York City, to Polish Jewish immigrants, Etta (Kalika) and Max Weill. He attended P.S. 200 in Bensonhurst. He also attended Peekskill Military Academy in Peekskill, New York , and then enrolled at Cornell University , where he

765-416: Is much more than just writing a check. It's donating your time, energy, experience, and intellect to the causes and organizations you are passionate about." In 2015, Joan Weill offered an additional $ 20 million to Paul Smith's College, but only if it changed its name to Joan Weill-Paul Smith's College, a change that would have violated the terms of the devise of the school's real property, which required that

810-450: Is useful to a wide range of users in making economic decisions." Financial statements should be understandable, relevant, reliable and comparable. Reported assets, liabilities, equity, income and expenses are directly related to an organization's financial position. Financial statements are intended to be understandable by readers who have "a reasonable knowledge of business and economic activities and accounting and who are willing to study

855-616: The District of Columbia and the U.S. Virgin Islands. Ninety-nine percent of NAF's students graduate, with eighty-seven percent going on to post-secondary education – often as the first in their families to attend college. New York Governor Andrew Cuomo appointed Weill as a member of his New York Education Reform Commission. Weill has received honorary degrees from Howard University , Hofstra University , University of New Haven , The New School , and Sonoma State University . He previously served as

900-517: The European Union (for publicly quoted companies only), are under consideration in South Africa and other countries . The United States Financial Accounting Standards Board has made a commitment to converge the U.S. GAAP and IFRS over time. Management discussion and analysis or MD&A is an integrated part of a company's annual financial statements. The purpose of the MD&A is to provide

945-463: The U.S. Securities and Exchange Commission . For weeks his only client was his mother, Etta, until his later to be wife, Joan, persuaded an ex-boyfriend to open a brokerage account. While working at Bear Stearns, Weill was a neighbor of Arthur L. Carter who was working at Lehman Brothers . Together with Roger Berlind and Peter Potoma, they formed Carter, Berlind, Potoma & Weill in May 1960. In 1962

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990-627: The University of Michigan . The building is home to the Gerald R. Ford School of Public Policy . Weill donated $ 5 million towards the construction of the building and an additional $ 3 million to endow the position of the dean of the school. Joan and Sanford Weill have been co-chairs, of the annual " Louis Marshall Award Dinner ", from 2000 to 2010. In 2002, the Joan Weill Adirondack Library and Joan Weill Student Center were dedicated at Paul Smith's College . The Weills are recipients of

1035-698: The 2009 Carnegie Medal of Philanthropy Award. Sanford I. Weill was the 2015 recipient of the Carnegie Hall Medal of Excellence. In 2010, the Weills bought a 362-acre estate in Sonoma County, California . In March 2011, the Weills announced a $ 12 million gift to Sonoma State University , providing the funds to complete the Donald and Maureen Green Music Center concert hall for a fall 2012 opening. The facility, inspired by Seiji Ozawa Hall at Tanglewood , has been named

1080-585: The Acme Can Works in Montreal. For many years, the American Can Company was Canada's largest producer of tin cans. In 1957, Dixie cup merged with the American Can Company. In the early 1970s, American Can developed Fresh'n as a toilet paper competitor. The James River Corporation of Virginia purchased American Can's paper business in 1982. The assets of James River are now part of Georgia-Pacific ,

1125-630: The Chairman of the Board of Carnegie Hall until 2016, and is an avid champion of classical music in the United States. Since 1986, one of the three performance halls in Carnegie Hall has been named after Weill and his wife, Joan and Sanford I. Weill Recital Hall . The 1997 recipient of the New York State Governor's Art Award, Weill has been Chairman of the Board of Trustees of Carnegie Hall since 1991. For Weill's 70th birthday, Carnegie Hall raised

1170-496: The Democratic Clinton Administration ) whom Weill was close to. With both Democrats and Republicans on their side, the law was taken down in less than two years. Many European countries, for instance, had already torn down the firewall between banking and insurance. During a two-to-five-year grace period allowed by law, Citigroup could conduct business in its merged form; should that period have elapsed without

1215-541: The French metal conglomerate, acquired Triangle Industries. At the time of the buyout, American National Can was the largest can company in the United States. Rexam acquired American National Can's metal can business in 2000. American Can was formed as Phoenix Can commenced upon a Mergers and Acquisition program to consolidate competitors and named the newly created entity American Can. Sanford I. Weill Sanford I. "Sandy" Weill ( / w aɪ l / ; born March 16, 1933)

1260-598: The Golden Plate Award of the American Academy of Achievement . His Golden Plate was presented by Awards Council member General Colin Powell . Weill served as a Cornell Trustee. In 1998, he endowed Cornell's medical school , now known as Weill Cornell Medicine . As chairman of the Board of Overseers of Weill Cornell Medical College and an emeritus member of the Board of Trustees of Cornell University, Weill orchestrated

1305-741: The Joan and Sanford I. Weill Hall. "We love to be involved in the communities where we spend time," Sandy Weill commented to an interviewer. In 2011, Rambam Medical Center in Haifa, Israel and the American Friends of the Rambam Medical Center announced that Joan and Weill and the Weill Family Foundation made a donation of $ 10 million. In addition, the money was intended to support the Israeli-Palestinian Friendship Center and enable

1350-465: The Weills pledged an additional $ 106 million for neuroscience research at UCSF, Berkeley , and the University of Washington . The Weills are among Berkeley's top benefactors, with the couple contributing over $ 52 million in fiscal year 2020 alone; Weill Hall is named in their honor, and Sandy Weill is a member of the university's board of visitors. Financial statements Financial statements (or financial reports ) are formal records of

1395-453: The board in 1982 and becoming chair in 1995. Weill Cornell established the first American medical school overseas in Doha, Qatar , in 2001. This was made possible through a special partnership between Weill Cornell and the Qatar Foundation for Education, Science and Community Development. Weill Cornell's inaugural class in Qatar graduated in 2008. Weill also serves on the Board of Governors of Sidra,

American Can Company - Misplaced Pages Continue

1440-520: The early 1980s American Can renamed itself and ended its operations in Greenwich. The American Can Company was incorporated in 1901. In 1904, the American Can Company of Greenwich, Connecticut bought the small Norton Can Company that had operated since 1887 at York and Bay Streets (Toronto, Ontario). The company expanded further in 1908 when it bought the Sanitary Can Company of Niagara Falls and

1485-465: The financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand. They typically include four basic financial statements accompanied by a management discussion and analysis : "The objective of financial statements is to provide information about the financial position, performance and changes in financial position of an enterprise that

1530-449: The financial institution for nearly $ 264 million and relinquished the title of CEO to Charles O. Prince . He remained Chairman of Citigroup until 2006. On July 25, 2012, Weill reversed course on the financial supermarket, saying, "What we should probably do is go and split up investment banking from banking, have banks be deposit takers, have banks make commercial loans and real estate loans, have banks do something that's not going to risk

1575-469: The firm became Carter, Berlind & Weill after the New York Stock Exchange brought disciplinary proceedings against Potoma. In 1968, with the departure of Arthur Carter, the firm was renamed Cogan, Berlind, Weill & Levitt ( Marshall Cogan , Arthur Levitt ), or CBWL jokingly referred to on Wall Street as "Corned Beef With Lettuce". Weill served as the firm's Chairman from 1965 to 1984,

1620-573: The hospital to better serve patients from the Gaza Strip and the West Bank by making residential hostel facilities available to their families while providing advanced medical training to Palestinian residents, fellows, and nursing staff. In 2012, Weill was elected a member of the American Academy of Arts and Sciences . In September 2013, Weill and his wife wrote an op-ed for CNBC stating that philanthropy goes beyond just money. "For us, philanthropy

1665-802: The information diligently." Financial statements may be used by users for different purposes: Consolidated financial statements are defined as "Financial statements of a group in which the assets , liabilities , equity , income , expenses and cash flows of the parent (company) and its subsidiaries are presented as those of a single economic entity ", according to International Accounting Standard 27 "Consolidated and separate financial statements", and International Financial Reporting Standard 10 "Consolidated financial statements". Different countries have developed their own accounting principles over time, making international comparisons of companies difficult. To ensure uniformity and comparability between financial statements prepared by different companies,

1710-552: The largest securities broker . In 1981, Weill sold Shearson Loeb Rhoades to American Express for about $ 915 million in stock. In 1982, he founded the National Academy Foundation with the Academy of Finance to educate high school students. Weill began serving as president of American Express Co. in 1983 and as chairman and CEO of American Express's insurance subsidiary, Fireman's Fund Insurance Company , in 1984. Weill

1755-587: The merger would run into problems connected with federal law. Ever since the Glass–Steagall Act , banking and insurance businesses had been kept separate. Weill and John S. Reed bet that Congress would soon pass legislation overturning those regulations, which Weill, Reed and a number of businesspeople considered not in their interest. To speed up the process, they recruited to the Board of Directors former President Gerald Ford (Republican) and former Treasury Secretary Robert Rubin (who served during

1800-480: The school be "forever known" as Paul Smith's College of Arts and Sciences. Paul Smith's applied to the New York Supreme Court for a release from the naming clause of the donor's will, arguing that its continued financial survival depended on receipt of Mrs. Weill's $ 20 million gift. Notwithstanding that argument, there was considerable opposition to the requested name change from alumni and others. The college

1845-448: The taxpayer dollars, that's not too big to fail," Weill said on CNBC. "If they want to hedge what they're doing with their investments, let them do it in a way that's going to be mark-to-market so they're never going to be hit." Weill married Joan Mosher on June 20, 1955. The couple live in Sonoma, California . They have two adult children and four grandchildren. In 1997, Weill received

American Can Company - Misplaced Pages Continue

1890-460: Was 21 I could choose whatever middle name I wanted. In 1955, shortly after graduating from Cornell University , Weill began his first job on Wall Street , serving as a runner for Bear Stearns . In 1956, he became a licensed broker at Bear Stearns . Rather than making phone calls or personal visits to solicit clients, Weill found he was far more comfortable sitting at his desk, poring through companies' financial statements and disclosures made to

1935-474: Was active in the Air Force ROTC and Alpha Epsilon Pi fraternity. In 1955, Weill graduated with a Bachelor of Arts degree in government from Cornell. Weill's middle initial of "I" is not an abbreviation for anything. In 2002, he said: My mother wanted to name me after somebody whose name started with an "I", but she couldn't think of a name she liked. So she gave me the initial with the idea that after I

1980-428: Was originally funded by the will of Paul Smith's son, Phelps Smith, who specified that the institution should be "forever known" by his father's name. In light of the potential donation, the college petitioned to be released from the will's conditions, but their appeal was denied by Judge Ellis. In 2016, Sandy and Joan Weill announced a $ 185 million contribution to the University of California, San Francisco (UCSF) for

2025-510: Was succeeded by his protégé, Peter A. Cohen , who became the youngest head of a Wall Street firm. While at American Express, Weill began grooming his newest protégé, Jamie Dimon , the future CEO of JPMorgan Chase . Weill resigned from American Express in August 1985 at age 52. After an attempt to become the CEO of BankAmerica Corp. , he persuaded Minneapolis -based Control Data Corporation to spin off

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