![]() ![]() This move likely contributed to preventing a major financial crisis in Lebanon from worsening. In 1967, Kidder Peabody helped to arrange a deal whereby the USDA's Commodity Credit Corporation invested $21.8 million in the failing Lebanese Intra Bank, a cornerstone of the Lebanese banking industry. ![]() Kidder Peabody's offices on Devonshire Street in Boston c. Stone & Webster had thus become an integrated company which designed utility projects, built them, financed them, and operated them for municipalities. Gordon helped rebuild Kidder Peabody by focusing on specific niche markets including utility finance and municipal bonds. Stone and Edwin as they started The Massachusetts Electrical Engineering Company, which later became Stone & Webster, in the 1890s. Webster, was a senior partner of Kidder Peabody, and Kidder had actively supported Charles A. Eventually, as fewer investment banking clients were engineering clients, there was an incentive to divest and merge the unit with another investment bank. Many of the utilities were municipally owned, and Stone & Webster's investment banking unit served them in other offerings. Since electric utilities were considered somewhat risky, Stone & Webster set up its own investment banking operation to finance its own projects through bond sales. ![]() Gordon bought the struggling firm with financial backing from Stone & Webster. In the aftermath of the 1929 stock market crash, Kidder Peabody was in a perilous situation. Kidder Peabody also actively traded and invested in securities for its own account. The firm had an active securities business, dealing in treasury bonds and municipal bonds, as well as corporate bonds and stocks. Kidder Peabody acted as a commercial bank, investment bank, and merchant bank. Peabody, co-founder of Kidder Peabody, c. ![]()
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