Word: forgan
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Dates: during 1970-1979
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...Ross Perot, the crew-cut Texas computer centimillionaire, was full of self-confidence in 1971 when he took control of Wall Street's ailing duPont Glore Forgan Inc., then the nation's third largest brokerage house. By pumping millions of his own into the firm and applying to its operations the data processing techniques that had made him rich, Perot vowed that "I am going to make it as solid as the Prudential...
Last year he took another step toward shoring up the still unprofitable duPont Glore Forgan by partially consolidating it with another big but money-losing Wall Street firm, Walston & Co. Then duPont Glore Forgan took over both firms' back-office operations, stock clearing, data processing and customer accounts, while Walston (formally renamed duPont Walston Inc.) ran the 143-office domestic sales arm. Both firms are now controlled by holding companies in which Perot is the dominant force...
...Perot has been sued by Nella A. Walston, widow of the founder and a major holder of Walston stock. She charged that Perot and his partners seized control of the firm in order to use its capital to cut their multimillion-dollar losses in duPont Glore Forgan. into which they had poured at least $65 million. She asked the court to declare the semimerger null and void and to put both Walston and duPont Glore Forgan into receivership...
...That left little danger; so Perot, who might be described as a mixture of Billy Graham and Don Quixote, has sallied forth to rescue Wall Street from the dragons plaguing it. In 1970 he heeded pleas from John Connally and John Mitchell and pumped capital into duPont Glore Forgan, the country's third largest brokerage house, to save it from going under. Since then, he has infused almost $80 million and his evangelizing zeal into duPont, in which he owns almost 100% of the stock, and another big brokerage house, Walston & Co., in which he will soon control...
...stock market, they fear, he might unintentionally create a speculative mentality like that of the 1920s. But as the head of two of the biggest brokerages, Perot can hardly be ignored, and his evangelizing has converted at least some veteran financial men. As one old-line duPont Glore Forgan executive has confessed, "I haven't been so excited since I went on my first date...