Sad to report
Robert F. Dall, an investment banker and a pioneer of the mortgage bond market on Wall Street, died on Sunday at Lenox Hill Hospital in Manhattan. He was 81.
The New York Times reports that a son, Matthew, said the cause of death was complications from pneumonia.
While at Salomon Brothers in the 1970s, Dall oversaw the first sale of bonds backed by American home mortgages to large private investors.
The innovation created an entire industry as other investment banks rushed to get into a profitable business, giving rise to a brash culture of big risks, big egos and big pay that would come to define Wall Street.
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