Word: investor
(lookup in dictionary)
(lookup stats)
Dates: during 1960-1969
Sort By: most recent first
(reverse)
Last week a group of investigators for the SEC reported that these men often overcharge and insufficiently protect the small investor, and called many of the rules by which they work outmoded, ineffective, and in need of reform. This was the essence of 2,100 pages of findings in the second report of a three-part series on the financial markets, it followed a thorough, 1½-year study by a team of 65 lawyers, economists and SEC staffers under Milton H. Cohen, 51, a sad-eyed and careful Chicago attorney...
...make up the very heart of the market, promised the most sweeping overhaul of Wall Street since the Pecora investigation set up the SEC 30 years ago. The SEC recommended that trading in stock issues that are "unlisted" on any exchange be automated and perhaps made cheaper for the investor, and that the cost of trading in "odd lots" of fewer than 100 shares be lowered. It asked for closer regulation for the stock exchange specialists and bearish "short sellers," and suggested that the exchanges' anachronistic floor traders be abolished altogether...
...Floor Trader Edwin H. Stern: "The other floor traders think what I think. They don't know what to think." But after the first shock, many close observers of the market acknowledged that the proposed reforms are long overdue, would bring the market up to date and raise investor confidence...
...vague and controls loose, brokers' commission markups vary greatly: on one selected day in January 1962, this variance alone caused Bank of America common stock to range in price from $61 to $64.25 and Pacific Power & Light to range from $56.25 to $60, depending on where the investor tried to buy the stock. The SEC group wants to put the National Quotation Bureau under SEC control, open its reports to the general public and let investors know the wholesale prices that dealers are paying...
...Immunity. Turning to the haven of the small investor, the SEC group charged that the odd-lot market is controlled by a "duopoly" of two Wall Street wholesalers, Carlisle & Jacquelin and DeCoppett & Doremus. In 1951, said the SEC, the two got together and fixed the extra charges that small investors have to pay above and beyond the regular commission for buying odd lots-1210 per share on stock priced up to $40 and 250 per share on costlier stock...