Word: broker
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Dates: during 1960-1969
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When Joe Kennedy moved from accumulation to preservation of capital, the safest bet seemed to be Manhattan real estate. To his delight, his shrewd broker, John J. Reynolds, the real estate counselor of the archdiocese of New York, made him vastly richer at minimum risk. Gradually, over the past seven or eight years, Ken Industries and the Park Agency, Inc., have disposed of the family's holdings in Manhattan. The golden touch that Kennedy enjoyed in his dealings is illustrated by the largest single transaction in this slow, quiet process of liquidation. In 1943 Kennedy bought the property...
...veteran of 40 years' prospecting for gold in the Outback. Last year he went to work for Poseidon. He found several promising outcroppings and staked out the drilling site. The big payoff has gone not to Shirley but to his burly friend Norman Shierlaw, an Adelaide broker, who hired him for Poseidon. A mining engineer before turning to finance last year, Shierlaw controls 8% of the company's 2.5 million shares, an amount worth $6.5 million. Sitting behind a desk littered with empty beer cans, lumps of ore, contract notes and mining magazines, Shierlaw said: "Early...
...strength can also be a weakness. It is more a club than a company-a clearinghouse for individual members, usually old acquaintances who get together in groups to cover risks. Informal transactions involving millions take only minutes and are closed by an underwriter hastily scribbling his initials on a broker's risk slip. This organization has effectively tapped private capital while avoiding the overhead of a ponderous corporation. Yet individual members, who accept unlimited liability for insurance they underwrite, can lose heavily. In the past two underwriting years, Lloyd's 6,000 members were each, on average...
YOUR DOLLAR'S WORTH (NET, 9-10 p.m.). "Wall Street: Place Your Bets" looks into just what your broker is up to down on the Street...
...bought stock now valued at $18,000 between the time of the argument and the release of the decision in favor of the company. His friends see nothing wrong with his purchase and point out that he was only one of 48 who bought Brunswick shares from the same broker at the time. They also note that no substantial price fluctuations occurred between the decision and its disclosure, and that the $130,000 involved in the case was hardly significant to Brunswick, which at that time had annual revenues of nearly $400 million...