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...racket. Fast-buck operators would talk a homeowner into making improvements such as installing a new heating system or aluminum siding. The owner signed a credit agreement. The work, usually cheap and shoddy, got done and the fast-buck men sold the credit agreement at a discount to a broker, commercial finance firm or a bank. If too many angry and defrauded homeowners threatened, the company simply folded. It was a business particularly vulnerable to bad publicity, and Karafin and Scolnick said so to one of its practitioners, Joe Py. Public Relations Man Karafin, they said, could help...
Such critics reflect a tendency to categorize Martin as a diehard, unswerving conservative-but Martin's record belies the notion. He is, rather, a monetary pragmatist who makes, and changes, policy according to what he sees as current requirements. A lifelong Democrat, Martin was a successful Wall Street broker and a familiar figure in Manhattan nightspots in the '30s. When he was named chairman of the New York Stock Exchange in 1938, President Roosevelt told him: "Your job is the worst in the world-next to mine." After leaving the exchange, Martin served as president of the Export...
Though neither bulls nor bears seem in control, the market's hefty volume has turned it into a broker's bonanza. Ten-million-share days were once a rarity (before 1966 there had been only eleven in Wall Street history). This year, the market has not only reached that volume on 28 of its 48 trading days, but has averaged 10,039,572 shares a day-a 33% jump from last year's record daily volume of 7,500,000 shares...
...good turn." Indeed, aside from a relatively small chunk of Golden Arrow stock that her husband sold at the bloated price, there was no testimony indicating that the MacMillans enriched themselves from the 1964 transactions. But York County Court Judge Garth Moore pointed out that Viola had called her broker to check on the market price of Golden Arrow after placing her orders-a move that helped convince the judge she had intended to stimulate her company's market price artificially. At the time, noted Moore, the Toronto stock market was "in an explosive condition." Viola, he added, "supplied...
Grimly Defiant. Her conviction, which she plans to appeal, was just a start. For one thing, her broker, Robert J. Breckenridge, a former president of the Toronto Exchange and onetime chairman of the city's Better Business Bureau, has also been charged with wash trading in the Golden Arrow case. And Viola herself, together with her husband, will stand trial on more serious fraud charges because of their Windfall dealings. For all her troubles, the Queen Bee remains grimly defiant. "They can't take my love of mining away from me," she said last week...