Word: glore
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Computer Millionaire H. Ross Perot's decision in 1971 to take over the teetering brokerage firm of duPont, Glore Forgan & Co. was widely credited with averting a round of genuine investor panic on Wall Street. Among other things, it seemed that the firm's customers claimed that they owned about $15 million more in securities than could be found in duPont, Glore Forgan's vaults. Other brokers were hardly anxious for back-office carelessness on Wall Street to become any more of an issue than it already was-which was certain to happen if the company folded...
...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...
...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...