Word: haacke
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Dates: during 1970-1979
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Chicanery Problem. Haack in the past has voiced that sentiment himself, but last week he argued that the fixed-commission system loses business for the exchange and its members. Unable to get discounts on the Big Board, mutual funds, pension funds and other institutional investors are channeling a growing share of their business to regional exchanges and the so-called third market, where brokers arrange private trades of listed stocks. Some 20% of all trading in N.Y.S.E.-listed stocks, and 35% to 45% of the large-block trades (10,000 shares or more), now take place away from the exchange...
...obvious solution would be tighter Securities and Exchange Commission regulation of the other markets, and Haack called for that. But he also proposed that the Big Board do something on its own to win back business. Hence the idea of letting member brokers negotiate commissions individually with clients on large trades-and an "ultimate objective" of switching to negotiated commissions on all trades. Commissions then would be set entirely through bargaining; rates to institutional investors, who have massive negotiating power, probably would go down, while rates to small individual investors might well rise. To offset that effect partially, Haack also...
...presidency of the New York Stock Exchange "the second toughest job in the world." The present big man at the Big Board takes a similarly large view: "My job is to move these people into the 21st century." Yet neither the personas nor the performance of Robert William Haack seemed grandiose-until last week. Quiet spoken, looking younger than his 53 years, sometimes awed by the satraps of the Street, Haack had come across as more the manager and conciliator than the innovative leader. Unlike his predecessor, G. Keith Funston, who served the exchange as a supersalesman, Haack seemed like...
There have been plenty of ills to care for since Haack took over in 1967. He had to contend first with a runaway bull market and then a severe slowdown in the securities industry. There were times, he says, when "I slept very well between 2:15 a.m. and 2:30 a.m." In many of the mergers on Wall Street over the past twelve months, Haack has been the man holding the shotgun...
...Haack has the considerable advantage of knowing the business thoroughly, having spent all his working life in the securities field. Born in Milwaukee, Wis., the son of an insurance agent, he graduated from Hope College in Holland, Mich., in 1940. He went on to Harvard Business School on a scholarship, earning an M.B.A., and joined Milwaukee's Wisconsin Co., which later became Robert W. Baird & Co. As a securities analyst there, he earned $125 a month (his present salary: $125,000 a year). After a wartime stint in the Navy, he returned to the same company and was made...