Word: haupt
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...indiscreet diplomat. Last week, in a case that has still undetermined links in Britain, the FBI arrested a characteristically obscure technician on charges of conspiring with the Russians. Held on $50,000 bail was a crew-cut Air Force communications operator and repairman, Staff Sergeant Herbert Boecken-haupt, 23, who had worked for some 17 months in the Air Force's Pentagon communications center, and was distinguished only by his unhappy childhood in Nazi Germany...
...exchange's activities into the profit column after years of losses. He invested heavily in automation to increase the speed and accuracy of transactions, helped persuade listed companies to release more informative reports to shareholders, and forced companies to make every common stock a voting stock. When Ira Haupt & Co. went bankrupt in a 1963 salad-oil scandal, Funston prevented a crisis of confidence by inducing other member firms to supply $9.5 million to pay off Haupt's customers...
...Haupt was on the hook to the exchanges. The firm desperately undertook to cover Tino's contracts, for which it was responsible. In all, it borrowed some $30 million from U.S. and British banks. But when the soybean market failed to rise, Haupt went under...
Hundreds of Haupt's customers crowded into its 15 offices, demanding the return of the stocks that were held on account in the brokerage firm. In many cases, their stocks were held in Haupt's name, and the bankers were legally entitled to take them in payment for loans made to Haupt. The New York Stock Exchange, fearful that the scandal would shake the public's trust in the market, put up $9.5 million to pay off Haupt's anxious customers. The New York Produce Exchange halted all trading in cottonseed oil. Tino's major...
...brokers: D. R. Comenzo Co., a firm that handled some of De Angelis' futures' trading, has been reorganized under the Bankruptcy Act, owes about $8,000,000 to various banks, is struggling to pay off. Hapless Ira Haupt faces claims of $38 million, has itself sued American Express for $52 million...