Word: amex
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Dates: during 1960-1969
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...Four Controllers. Presumably the 32-man Amex Board of Governors is expected to keep a vigilant eye on such matters. But, SEC reported, this body has been tightly controlled for ten years by four of its members. SEC identified them as Board Chairman Joseph F. Reilly, 55, Vice Chairman Charles J. Bocklet, Finance Committee Chairman James R. Dyer, 56, and Floor Transactions Committee Chairman John J. Mann, 54. Under their command, President Edward T. McCormick, 50, who resigned his $75,000-a-year job last month in a welter of criticism (TIME, Dec. 22), had his duties reduced to that...
Anxious to forestall any lurid SEC revelations, the financial community is in the midst of a frantic bout of self-policing. Three weeks ago, the governors of New York's American Exchange secured the resignation of longtime Amex President Edward McCormick (TIME, Dec. 22). Last week, in a follow-up move, a special Amex investigating committee urged a sweeping reorganization of the exchange, which would bring its practices closer into line with those of the well-policed New York Stock Exchange. Chief changes proposed: to increase the policing power of Amex's administration, decrease the number of "self...
...grumbles broke into the open when two of Amex's trusted stock specialists, Gerard A. Re and his son Gerard F., were accused by the SEC of five years of market rigging and price fixing that netted them an estimated $3,000,000. McCormick, it turned out, had had personal dealings with the Res in over-the-counter stocks. It was all perfectly legal, but its propriety was dubious. And almost immediately, more sloppy administration at the Amex came to light: the policing of its members was slipshod and records of transactions were incomplete. Then, to the everlasting annoyance...
...Couple of Things." Anxious to get the house in order, a group of younger Amex members tried to oust the McCormick administration. Their revolt was beaten back, but it spurred the exchange to appoint an investigating committee of Wall Street leaders to do what it could to clean things up before the SEC moved in with public disclosure. Turning its attention to McCormick, the investigating committee soon picked up what its tightlipped members described only as "a couple of things...
Like McCormick's dealings with the Res, this was presumably legal-and occurred before Guterma's illicit stock operations became known. But once again McCormick could be faulted for ethical misjudgment. Given McCormick's undeniable services to Amex, his colleagues might, in different circumstances, have taken a less stern view of his peccadilloes. But when the SEC investigations get into full swing early next year, the governors of the American Stock Exchange will have all they can do to defend their exchange as an institution, without having to make the case for Little Mac as well...