Word: funston
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...practice of the New York Stock Exchange, its responsibilities have always ended-unlike the practice of the London Stock Exchange, which has a fund to protect customers of its members against loss because of fraud. But this time the exchange issued a precedent-setting statement. Said Exchange President Keith Funston: "The New York Stock Exchange feels that its moral responsibilities to these investors are not ended with the act of expulsion." He hinted that the exchange itself might make up financial losses suffered by Homsey customers, "particularly those of modest means...
...Federal Reserve Board set off a lively round of debate about the nature and function of one of the Street's most complicated safety valves. To many Wall Streeters, the cut from 90% to 70% seemed too little, too late. New York Stock Exchange President Keith Funston called it a "step in the right direction," but urged a bigger cut to "a more normal rate." Though most welcomed it, some brokers feared that the cut, coming when the market has been sliding, would only create doubts about the market's future...
...Stock Exchange we come into firsthand contact with the range of knowledge-the economic literacy-of a broad cross-section of the American people. That knowledge, not to mince words, is often shockingly inadequate." So said George Keith Funston, president of the New York Stock Exchange, addressing last week the National Association of Secondary School Principals in Portland, Ore. His explanation: "We do not teach economics...
...Funston pointed out that a decade ago, only 4% of the nation's 10 million high-school students were ever expected to take economics, and that only one state, Oregon, required economics for a high-school diploma. Since then, "the number of students taking economics shows no discernible upward trend," although in the same decade the number of Americans who own stock has nearly doubled from 6,500,000 to 12,500,000-owing, in no small part, to Funston's own efforts to bring new investors into the stock market...
...Funston believes this economic know-nothingness is not an insoluble problem. Nor is economics "too tough" for high-school minds, providing it is made "real and exciting." What is needed, says Funston, is more required courses and more and better teachers. As an example of what can be done, Funston cited the twelfth-grade teacher in New York's Nyack High School who collected 50? from each pupil to form an investment pool. Together the class conducted an enthusiastic search for the right company in which to invest their $18, finally bought one share of American Zinc (price last...