Word: haack
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Dates: during 1967-1967
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...between big brokerage houses, which want lower fees, and smaller outfits, which want to raise them. Another problem is that, with 10 million-share days common, the tickers are obsolete and transactions take unnecessarily long. The biggest problem of all for the board of governors, and for Robert W. Haack, who this fall succeeds Keith Funston as president, is whether floor trading can be handled more efficiently by machine than by men; the exchange is considering moving to nearby New Jersey with automated equipment to escape New York City's stock-transfer tax. By its 200th birthday celebration...
...Haack's elevation, which is expected to be formally approved by the exchange's 33-man board of governors in May, will come none too soon. Because of Funston's lame-duck status, the Big Board has been more or less marking time in its imminent showdown with the Securities and Exchange Commission, which wants some basic reforms in brokerage commission practices-notably, the elimination of "give-ups," by which brokers doing business on behalf of mutual funds split their commissions. In fact, one reason for the difficulty in selecting a new president was the resistance...
Although he is no windmill-tilting crusader, Bob Haack will bring to the Big Board presidency a deep knowledge of the securities business and a proven knack for prudent reform. An amiable, soft-spoken man with a ready smile, Haack was born in Milwaukee, graduated from Michigan's Hope College and Harvard Business School, in 1940 joined the Wisconsin Co., a Milwaukeebased investment banking firm, as a $125-a-month securities analyst. After a Navy hitch in the South Pacific during World War II, Haack returned to the firm-subsequently renamed Robert W. Baird & Co.-and worked in underwriting...
Created by act of Congress, the quasi-official association had, until then, been less than effective in regulating the rapidly expanding but hopelessly decentralized over-the-counter market. Haack quickly stamped himself as a man who could work closely with the SEC, yet keep the best interest of the N.A.S.D.'s member firms in mind. He strengthened the association's staff, made available more realistic stock quotations, stiffened requirements for dealing in securities. At the same time, arguing that more thorough study was required, he held out against SEC insistence on tighter supervision of mutual-fund sales practices...
Aside from an occasional round of golf, Haack is pretty much of a homebody, insists that his family (he and his wife, Catherine, have four children, aged 14 to 22) is his only real hobby. At the time he joined the N.A.S.D., he characteristically expressed regret at abandoning the "relatively uncomplicated" life he had been living in Milwaukee. What with the SEC and member firms looking over his shoulder, Haack might find that his life as capitalism's No. 1 salesman is quite complicated...