a Credit Suisse branch in Chiasso was exposed for illegally funneling $900 million in Italian deposits to speculative investments. Acquisitions, growth and First Boston In 1978, White, Weld & Company dropped its partnership with Credit Suisse after it was bought by Merrill Lynch. To replace the partnership with White, Credit Suisse partnered with First Boston to create Credit Suisse First Boston in Europe and bought a 44 percent stake in First Boston's US operations. In 1987, the Group acquired the blue chip London stockbrokers Buckmaster & Moore. Originally established by Irish aristocrat Charles Armytage-Moore and sportsman Walter Buckmaster, who had met at Repton School. As stockbrokers they were very well connected, had developed a good private client business, which at one time included John Maynard Keynes. Other Credit Suisse First Boston brands were later created in Switzerland, Asia, London, New York and Tokyo. According to an article in The New York Times, First Boston became "the superstar of the Euromarkets" by buying stakes in American companies that wanted to issue bonds. In 1988 First Boston loaned $487 million to Gibbons and Green for the purchase of the Ohio Mattress Company, which was purchased at twenty times its annual revenue. Gibbons had also borrowed $475 million in junk bonds. When the junk bonds market crashed the following year, Gibbons couldn't repay First Boston. Credit Suisse injected $725 million to keep First Boston in business, which ultimately led to the company being taken over by Credit Suisse. This became known as the "burning bed" deal, because the Federal Reserve overlooked the Glass–Steagall Act that requires separation between commercial and investment banks in order to preserve the stability of the financial markets. In the late 1990s, Credit Suisse executed an aggressive acquisition strategy. The bank acquired Bank Leu, known as Switzerland's oldest bank, in 1990. In 1993 Credit Suisse outbid UBS for a controlling stake in Switzerland's fifth largest bank, Swiss Volksbank in a $1.1 billion deal. It also merged with Winterthur Group in 1997 for about $9 billion and acquired the asset management division of Warburg, Pincus & Co. in 1999 for $650 million. Donaldson, Lufkin & Jenrette was purchased for $11.5 billion in 2000. In 1996, Credit Suisse restructured as the Credit Suisse Group with four divisions: Credit Suisse Volksbank (later called Credit Suisse Bank) for domestic banking, Credit Suisse Private Banking, Credit Suisse Asset Management, and Credit Suisse First Boston