Word: brokered
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Dates: during 1980-1989
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Merrill Lynch, which has more IRA and similar Keogh accounts than any other firm (700,000), found the rush breathtaking. A fortnight ago the broker signed up 39,000 customers in a single five-day period. Then last week it nearly tripled that by entering 100,000 accounts. Merrill Lynch helped stimulate business by holding last-minute seminars in New York, Chicago and 70 other cities to explain the various kinds of IRAs. In the offices of the E.F. Mutton brokerage firm last week, $20 million per day went into new accounts. Said Gary Strum, head of pension services...
...million become cocaine scofflaws. A computer programmer snorts with his pal the lawyer, who buys grams from her neighbor the contractor. The builder also sells ounces to the local junior college teacher and the restaurateur, and buys his pounds out of town from a full-time coke broker in Florida. "Getting coke is just a telephone call away," says Chuck, 34, a San Francisco insurance executive...
...Watson, a Kansas City insurance broker and expert golfer, a man with a certain temper, started Tommy out with a sawed-off three wood at age six and had him defending the family honor with it by seven. The Watsons were vacationing in Colorado, and father and son were about to tee off when the starter objected that the child was too little. Pointing to a ditch in the distance, Ray Watson struck a bargain. If Tommy was able to carry the hazard, could he play? It was agreed. Seven is young to feel that kind of pressure, but Tommy...
Aside from shelters, tax sleuths uncover a remarkable variety of ingenious deceptions. Joseph Siegel, for example, worked as a commodities broker in Chicago and devised a scheme to record phony trades as paper losses, and then sold these records to other investors to use as write-offs. Frank Wittig, a former computer programmer in Minneapolis, allegedly tried the old trick of claiming deductions for which he did not qualify and then filing for an undeserved state-tax refund. After his first return netted him a refund check for $200 in 1978, he got much more active...
...always so enamored of their subjects. "I thought I was going to love Lyndon Johnson," says Journalist Robert Caro. "I knew he was going to be shrewd and tough and ruthless, but that was all right." Caro, 47, a former investigative reporter, should have known better. The Power Broker, his 1,200-page study of New York's urban-development and highway czar Robert Moses, so unsettled its subject that he issued a rebuttal to Caro's many allegations. Despite objections, the book won a Pulitzer Prize. In The Path to Power, the 882-page first of three...