Word: dreyfusism
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...made the stock of the publicly owned corporation one of the highest-flying issues on the Paris Bourse. Over the past five months, its price has risen from $88 to $120 per share. Investors include Edmond de Rothschild, who owns a 35% interest, and France's Louis Dreyfus Bank, which holds 8%. Last August, American Express Co. paid $2.7 million for a 15% interest in the club and took over as its North American booking agent. An American Express spokesman says that the company expects to increase its stake in Mediterranee in order to get more of "the swingers...
...twelve department heads get the same pay: $35,000 a year* plus such perquisites as the use of a limousine. Yet to become Secretary of State, William Rogers is giving up an income in the $300,000 range, derived from his law practice and his limited partnership in the Dreyfus Fund. David Kennedy (Treasury) has been earning more than $230,000 a year, plus stock options, as chairman of the Continental Illinois National Bank and Trust Co. Maurice Stans (Commerce) has been grossing about $250,000 as president of the investment-banking firm of Glore Forgan, William R. Staats...
More to Come. The stain on the image of the firm that likes to boast that it brought Wall Street to Main Street will be difficult to erase. The 15 institutional investors accused of acting on the Merrill Lynch tip-including Dreyfus Corp., the Madison Fund and Investors Management Co.-are still to appear before an SEC examiner for hearings on the Douglas case. And individual Merrill Lynch customers who feel that they were wronged by the Douglas incident may claim compensation for their losses...
...happy about Eldridge," a history professor said last night. "When you stage a Dreyfus case, you have to be sure your Dreyfus is innocent...
...Merrill Lynch could face penalties ranging from a wrist-tap censure to permanent revocation of its license to do business. The institutions would be subject to milder punishment. They could, for example, be barred from operating as broker-dealers, or lose their registration as investment advisers. But, except for Dreyfus Corp., which operates the well-known Dreyfus & Co. brokerage firm, almost none of them engage in such activities. In any case, the SEC's verdict can be appealed all the way to the U.S. Supreme Court. Considering the magnitude of the issues at stake, such an outcome seems likely...