Word: hauptli
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...hapless investors the mistake of one of the members of its club. After four feverish days of consultation, Exchange officials and a group of top brokers agreed to set up a $12 million fund to pay back almost immediately the losses suffered by the customers of Ira Haupt & Co., which was suspended from trading after its biggest commodity customer went bankrupt, leaving the firm with debts that by week's end had mounted to more than $24 million (TIME, Nov. 29). In so doing, Wall Street set a precedent of considerable importance: while it takes no more responsibility than...
Missing Oil. The number of people and companies caught up in the commodity scandal seemed to grow almost daily. Four major New York banks Chase Manhattan, First National City, Manufacturers Hanover Trust, Morgan Guaranty-and 14 other banks are stuck with more than $24 million in bad loans to Haupt, have agreed not to try to collect until customers who lost their stock because Haupt used it to get loans are paid off. Haupt's bankrupt commodity customer, Allied Crude Vegetable Oil Refining Corp., wove such a web of tangled credit deals (offering as collateral for loans stocks...
...margin calls-demands that he pony up enough cash to make up the drop in price of the commodities. Unable to pay, DeAngelis last week took refuge in bankruptcy, leaving his hapless brokers stuck with his immense debt. His action shattered the well-established brokerage firms of Ira Haupt & Co. and J. R. Williston & Beane, triggered a Securities and Exchange Commission investigation and raised once more some serious questions about how Wall Street's professionals conduct their business...
DeAngelis was into Ira Haupt for at least $18 million, and Williston & Beane for $1,610,000. When the oil prices fell sharply and DeAngelis could not meet his margin calls, neither firm had the ready cash to pay off his debts. The New York Stock Exchange-and later the American Exchange-ruled that since neither firm could meet the capital requirement to do business on the exchange, both would be barred from all trading. After two days of scurrying about, Williston & Beane raised the money it needed and won reinstatement. At Ira Haupt, the situation was much more desperate...
Died. Ira Haupt, 74, one of Wall Street's better-known stockbrokers, who began as a runner at 13, was a member of the Stock Exchange at 24, built a thriving brokerage house with ten offices across the U.S., and used his wealth to grow orchids and, with his wife, Seventeen Editor and Publisher Enid Haupt, collect French impressionist art; of cancer; in Manhattan...