Word: broker
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...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...
...born in a little red brick two-story house in Brooklyn on November 25, 1890, the eldest son of a moderately successful real estate broker. It was thought that he might become a diplomat, or a doctor or lawyer. But the boy had the ravenous ambition of a restless Renaissance man: he decided to become all three...
Paper Snarl. Brokers' profits have also been reduced by the high cost of battling Wall Street's paperwork foulup, which for nearly two years has snarled delivery of shares from broker to broker and from broker to customer. The number of employees involved in securities processing for Big Board firms rose 36% last year, and average clerical salaries climbed 12%. In a belated rush, brokerage houses are investing more than $100 million a year in automated equipment...