Word: investors
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Dates: during 1970-1979
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...most aggressive offer came from Merrill Lynch, Pierce, Fenner & Smith, the industry giant. It reduced its rates by 16% to 25% below fixed levels on some orders of less than $2,000. A $100 buy or sell order, which would cost an investor $7.04 under the old system, now costs $4.31; a $2,000 transaction that formerly entailed a $39.60 commission can be effected for $32.51. But for those who avail themselves of these cheaper rates. Merrill Lynch imposes stiff requirements designed to cut its own costs. Stock certificates must be held by the firm to avoid the paper work...
...million the year before. Competitive rates eventually are all but certain to wipe out many marginal firms, but that process, however painful, should strengthen the industry as a whole. Still, most experts agree that real prosperity is unlikely to return to the brokerage business until the average investor is convinced that the lagging stockmarket is generating returns equal to those on other types of investments, such as bonds and savings...
...nation's money markets traditionally have reserved their highest interest returns for the best-heeled investors. The individual who can buy a $100,000 bank certificate of deposit, for example, currently gets an average return of 8.3%; the one with only $1,000 can buy a piece of paper from a savings bank yielding 7.08%-but unlike the big investor, he must tie up his money for at least 2½ years. Now, however, at least four mutual funds have been organized to give the small investor a crack at the high yields-a move that seems likely...
...other high-yielding paper. Typically, they prefer maturities on these instruments of less than 45 days. The funds generally charge a fee of .75% to 1% of the investment, but no other commission or sales charge; interest earned is calculated daily and credited to each investor's individual account. An investor can cash in some or all of his shares at any time for principal plus interest accrued up to the day of sale. In effect, he has the convenience of a day-of-deposit to day-of-withdrawal account at a savings bank...
...array of officers holding top government positions in Greece--Ioannides, Androutsopoulos, Gizikis--were all trained in the U.S. Tom Pappas of Boston, a Greek-American businessman, was instrumental in assuring Androutsopoulos his position as the new premier. Pappas is the largest single investor in Greek enterprise, and controls a bloc of industry with a clout like ITT's in the States. During an interview with the Greek newspaper Apogevmatini in 1968, he was asked whether it was true that he belonged to the CIA. His blunt reply reads, "Of course it is. And I am very proud...