Word: haacke
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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...
...members who hold a seat entitling them to transact business on the exchange floor, have varied and often conflicting interests. When confronted by almost any proposal for change, the 33 governors divide into several factions, and the splits slow the pace of change that Exchange President Robert Haack is trying to bring about. Says Haack: "My job is to move these people into the 21st century...
...insult has been added to financial injury: the specialists are under widespread attack. The Securities and Exchange Commission is again examining them, as part of its broader study of the market, and even New York Stock Exchange President Robert Haack concedes: "The specialist system has its shortcomings." As if that were not enough, Richard Ney, a onetime movie actor turned investment adviser, has condemned the specialists in his sensationalist bestseller, The Wall Street Jungle. He charges that the specialists manipulate the market and more than make up their short-term losses by turning enormous profits when prices rise, as they...
...Haack, president of the aristocratic New York Stock Exchange, and Ralph Saul, president of the younger and more innovative American Stock Exchange, announced a program to end much costly duplication. Under the new plan, the two exchanges will share many of the same computer facilities, and Amex stocks will be included in the Big Board's central certificate service, an automated system for handling stock transactions. The cooperation will extend down to the clerical levels and may eventually result in a merger of the two exchanges. Economic necessity forced the moves -the exchanges have also been hurt...
...open the "exchange community" to the new ideas that new brokerage owners would bring, and to let the public share in Wall Street's profits. Donaldson, Lufkin is threatening to leave the exchange if the constitution is not changed to let it go public (TIME, May 30). Haack seems sympathetic, but he predicts that a forthcoming vote on public ownership among the exchange's seat holders will be "close...