Word: haacke
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Dates: during 1970-1979
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THAT Wall Street must undergo fundamental reforms if it is to survive as the securities-trading capital is almost universally accepted. Woe to him, however, who tries to translate broad truism into specific truth. Robert Haack, president of the New York Stock Exchange, discovered the danger last week when he proposed some basic revisions in exchange rules. Though some members supported him, many reacted as if he were ordering tumbrels to convey them to the guillotine. Among the insults flung at him were "panderer," "out of his mind" and "he makes me sick." Bernard Lasker, chairman of the N.Y.S.E. board...
...Haack had suggested the eventual scrapping of one of the Big Board's most cherished principles: that all member brokers must charge the same commissions on stock trades. The rule originated in 1792, when 24 brokers met under a buttonwood tree in downtown Manhattan to found the organization that later became the exchange. They agreed, among other things, not to try to undercut one another's commission rates. Ever since, the fixed-commission system has been generally viewed as essential to the Big Board's existence...
...help customers of ten brokerages that earlier tumbled into insolvency. On Tuesday, the exchange's governors and representatives of 20 of the richest investment houses were summoned, on an hour's notice, to an emergency meeting in the exchange's dark-paneled board room. President Robert Haack told them they had to come up with some salvage plan or face a major crisis. By process of elimination, Merrill Lynch, Pierce, Fenner & Smith, by far the biggest U.S. brokerage, was selected as savior. Clifford Michel, managing partner of Loeb, Rhoades, explains: "One strong, viable firm had to take...
While corporations are slashing away at executive flab, Robert W. Haack, president of the New York Stock Exchange, has come up with a few words of caution about economy drives. Said he in what could rank as the quote of the week: "Moderation, even in cost-cutting, can be a virtue...
...exchange's quarterly report, Haack noted the upturn in stock trading volume and said that those brokerage firms that have pared personnel and operations selectively "will enjoy a distinct advantage over their competitors when it comes to handling a resurgence of business." His message: companies that have zealously hacked off not only fat but also bone and muscle will feel the pain as business gets better...