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Unterberg hires Gutfreund
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November 14, 2001: 4:32 p.m. ET
Partnership hires ex-Street star, 'Liar's Poker' legend to drum up business.
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NEW YORK (CNN/Money) - C.E. Unterberg Towbin has turned to an ex-Wall Street star to help it get more business in a difficult time, hiring John Gutfreund, the former chief executive of Salomon Brothers Inc., as a managing director, a company spokesman told CNNfn.
It is unclear what the private partnership will pay Gutfreund, but he will purchase a sizable stake in the company and take a position on the company's executive committee, according to the Wall Street Journal.
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CNNfn's Jan Hopkins chats with John Gutfreund about his new role.
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Gutfreund was named chief executive of Salomon Brothers Inc. in 1981, but was forced to resign in 1991 after a trader made a number of illegal bids that were not reported until much later. Salomon has since become part of Citigroup (C: up $0.50 to $50.45, Research, Estimates).
"While my last years at Solly ended up being a pain in the wazoo, they were stimulating," the Journal quoted Gutfreund as saying. "And as you get older, you need that."
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C.E. Unterberg Towbin made a name for itself in advising smaller technology firms, but has seen its business dwindle with the tech meltdown, according to the paper.
Hiring Gutfreund is seen as a way to attract clients in a challenging environment. "Because of my age, I know an awful lot of people," Gutfreund told the newspaper. "For some reason they have trust and regard for my views."
Gutfreund was given a larger-than-life image in the book "Liar's Poker," by Michael Lewis, which described the raucous atmosphere that prevailed in bond trading at Salomon and elsewhere on Wall Street in the 1980s. 
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