Word: funds
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Dates: during 1960-1969
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...filed fraud charges against Merrill Lynch and 14 of its officers and salesmen, including Executive Vice President Winthrop C. Lenz. For the first time, the agency also brought fraud charges against the recipients of the information. All are large institutional investors, including the Dreyfus Corp., the Madison Fund and Investors Management Co. All were accused of violating SEC regulations, issued under the 1933 Securities Act and the 1934 Securities Exchange Act, that prohibit insiders from acting on information before it becomes public knowledge...
...Wall Street. For example, no employee is allowed to obtain a bank loan by using securities as collateral. Unless he is about to retire, no officer is permitted to become a director of another company. Alone among big brokers, Merrill Lynch has refused to promote the sale of mutual-fund shares, reasoning that such dealings could lead to a conflict of interest in serving its big and little customers...
...securities industry. Indeed, such investment guidance is so prized that an army of more than 11,000 securities analysts strive constantly to uncover it. Investment-company managers, in particular, feel obliged to use whatever they learn to improve their handling of other people's money. Thus, some mutual funds were indignant at the SEC's charges. President Edward Merkle of the Mad ison Fund called them "ridiculous...
Under Sterling, Stanford successfully conducted a $113 million fund drive and solidified its position as one of the best-financed schools in the nation...
...approved by the SEC, the fee cuts could cost brokers some $150 million of their $2.5-billion-a-year commission income. Much of 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...