Word: amex
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Dates: during 1960-1969
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...they trooped glumly into the wood-paneled splendor of their boardroom one morning last week, 26 governors of the American Stock Exchange steeled themselves for an unpleasant task. An hour later the deed was done. Out of his $75,000-a-year job as president of Amex went genial, silver-haired Edward Theodore McCormick, 50. Out along with McCormick went his right-hand man and chief adviser, Exchange General Counsel Michael E. Mooney...
During his early years in New York, Little Mac, who always pointed out that he was a Democrat in Wall Street, did big things for Amex. When he took over it was still the lowly Curb Exchange. McCormick changed its name to the more resounding American Stock Exchange and set out with notable success to sell more companies on listing their stock. In his decade as president, daily share volume grew from an average 450,000 to 1,900.000, and the value of a seat on the Little Board skipped from...
...Grumblers. But while McCormick was writing the Amex success story, a chorus of grumbles was beginning to rise from members who complained that things were run too loosely. Little Mac. they said, liked the Stork Club and the excitement of bringing new companies to the board much better than the tedium of tending to the growing administrative problems of the big exchange he was creating...
...position as specialists on the American Exchange, made an estimated profit of $3,000,000 in five years of market rigging and price fixing (they have since been expelled from the exchange). Behind the commission's terse promise to check on the "rules, policies, practices and procedures" governing Amex's specialists and other members lay an evident determination to find out how the Res had got away with their shenanigans under the supposedly vigilant eyes of both Amex and SEC officials...
York Stock Exchange. Amex has no explicit minimum requirements for listing companies (though it usually insists on at least 100,000 shares outstanding), feels free to accept a promising company even if it has no earnings. More of a professional's market than the Big Board, Amex operates in a climate of headier speculation and less disclosure-all of which set the scene...