Word: amex
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...problem," says SEC, "goes beyond isolated violations, and amounts to a general deficiency of standards and a fundamental failure of controls." Recognizing that some Amex members have been trying to clean their own house, SEC indicated that the real problem is enforcement of existing regulations ("In certain respects the rules of the Exchange are stronger than those of other exchanges..."). "But," warned the investigators, "the [SEC] must be prepared to exercise its supervisory powers if the necessary reform is not forthcoming...
...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...
...meeting during which McCormick resigned, "Reilly was in the chair, Dyer moved that the resignation be accepted, and Mann seconded the motion. Reilly then relinquished the chair to Bocklet, Dyer moved that Reilly be appointed president pro tempore, and Mann seconded the motion." Dyer, Bocklet and Mann are all Amex stock specialists, that is, men assigned to trade in certain stocks to keep their price from leaping or sliding abnormally (New York Stock Exchange specialists laid out $100 million in one day to cushion a panic price break after Eisenhower's heart attack). In the case of the American...
...Manipulators. Most Amex specialists tend to their business, but the fact that a few were using their positions to manipulate stock prices for their own profit came to the SEC's attention last spring, when evidence piled up that Amex Specialists Gerard A. Re and Son Gerard F. had been rigging the market for more than five years, netted themselves a profit estimated...
Last week's SEC report argued that the Res were not an isolated example. Also cited were Gilligan, Will & Co., who are either the specialists, or finance the specialists, in 13% of the 1,000 stocks the Amex trades. It was characteristic, said SEC, that before a stock in which the firm of Gilligan, Will was to specialize was listed on the exchange, Gilligan, Will would acquire a block at below-market price, then profit after trading started...