Word: brokering
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...business has been a risk. There are two approaches. Either you play it very shrewd and sit back safely, or you do what amuses you." Born in Bucharest of a French father and a British mother, Houseman was educated in France and England, and worked as a London grain broker before moving to New York and his first area of amusement: Broadway...
...fallen and sharp young men in Brown Tweed Suits thrive on perpetual opportunity. Compared with the C.O.D. wooing of baseball players, or even with the corporate kidnaping of business executives, the art of hiring professors is so subtle, so roundabout, that it requires the delicacy of a Chinese marriage broker...
...last week by the National Association of Securities Dealers, which is composed of 4,760 brokerage firms and acts as a semiofficial adjunct of the SEC. After studying the underwriting of 300 new stock issues put out by "unseasoned" companies, the N.A.S.D. concluded that in many cases the underwriting brokers had been far too greedy. In one "hot" issue underwriting, reported the N.A.S.D.. the broker had received a 10% commission, an equal amount in underwriting expenses, and options to buy, at $5 a share, 50,000 shares of stock that promptly jumped to $10. Noting that the return...
...York Stock Exchange added a warning of its own. In all cases, said a Big Board circular last week, a broker should think long and hard before becoming a director of a company whose stock he had underwritten, or before accepting options to buy the company's stock at a price likely to run below subsequent market prices. Such activities, noted the New York Stock Exchange statement dryly, were apt to place a firm "in the position of being unable to defend its actions from charges of manipulation...
...Street houses already follow the principle that if one partner is an insider, all other partners in the firm must be prepared to behave like insiders, hardly anyone, including Gintel, doubted that the SEC had correctly used the episode to lay down a needed ground rule. Said one young broker: "If I know what the law is, I can live with...