Word: fenner
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Dates: during 1960-1969
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Losing flexibility doesn't mean immediately jumping from HR-SDS to Merrill, Lynch, Pierce, Fenner, and Smith--it is much more subtle than that. A pliant flexibility is what enables the young spirit to view the world in a critical and hopeful way--he projects his flexibility onto the world. Nothing is sacred, everything can be changed. That's why the younger generation continually talks in the revolutionary idiom--qualitative change is as unlikely as the apocalypse only for those over thirty. There just isn't any reason why things are the way they are. Of course when...
...pick up those tips ahead of their customers. And they usually pass the information along to large institutions whose trading pays big commissions. Last week, for just such misuse of inside information, the Securities and Exchange Commission severely penalized the world's biggest brokerage house, Merrill Lynch, Pierce, Fenner & Smith...
WALL Street for years has escaped what it dreads most: a serious attack on its integrity. Last week, when just such a blow fell, it landed where it really hurt. The staff of the Securities and Exchange Commission accused Merrill Lynch, Pierce, Fenner & Smith, Inc., the world's largest and best-known brokerage house, of practicing fraud and deceit by misusing inside information. Even though Merrill Lynch immediately protested its innocence, the charges by their very nature can only tarnish Wall Street's zealously nurtured image. That image is of a market where 24 million investors can trade...
...that money would then remain in the coffers of big institutional investors, indirectly enriching thousands of mutual-fund shareholders and pension-fund contributors. Brokers should be able to bear the loss: soaring trading volume has deluged Wall Street with profits. Last year the net earnings of Merrill Lynch, Pierce, Fenner & Smith, the largest U.S. brokerage house, jumped 25% to $54.6 million, as its operating revenue, mostly from commissions, climbed to $369 million. Profits at Goodbody & Co. rose 78%. The volume surge means that crack securities salesmen today often earn $100,000 a year. In one medium-sized firm, five...
...breather to dig into its massive paperwork pileup. Despite Wednesday trading recesses, which will continue at least for the rest of the month, the problem of undelivered securities and accounting confusion remains so severe that two organizations last week took drastic steps to overcome it. Merrill Lynch, Pierce, Fenner & Smith, the largest U.S. securities firm, imposed a "house rule" forbidding its salesmen to sell over-the-counter stocks for customers unless they first have physical possession of the certificates involved. The National Association of Securities Dealers, a trade group which polices the over-the-counter market, drafted a similar rule...