Word: investors
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Dates: during 1970-1979
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...some of the secrecy covering its investments. Journalist Paul Home, a Rome-based U.S. financial correspondent, was allowed over a period of 18 months to interview Cardinal Vagnozzi and other men who administer the church's temporal wealth. Home's report, in this month's Institutional Investor, a magazine that is highly regarded among professional money managers, tells much about how the Vatican handles-and is diversifying-its investments...
Wall Street turned to Washington for salvation after the wholesale collapse of brokerage firms exposed the mismanagement and undercapitalization of much of the securities trading business. The outcome was emergency legislation, signed into law two weeks ago by President Nixon. The new law set up the Securities Investor Protection Corp., a Government-controlled corporation that will insure investors against losses of up to $50,000 (including a maximum $20,000 in cash) in brokerage-house failures. A $150 million insurance fund will be raised by assessing brokers up to 1% of their annual revenues...
Rather than tie up their own money in livestock, the partners simply fatten and market cattle for high-income city investors in search of a tax shelter. Western takes a 10% sales commission and a quarter of each investor's profit. Since May, the four partners have grossed $1.25 million, and avow that they have had much more fun with cows and steers than with bulls and bears. "Brokers are all being replaced by computers," says Partner Paul Ronan. "They'll end up being just clerks. Here we are pioneers...
...with collapse -but FORTUNE this week discloses how far the N.Y.S.E. had to go in one case that its officials tried hard to keep secret. Newspaper stories had disclosed that the exchange earlier this year lent Hayden, Stone $5,000,000 out of a special trust fund earmarked for investor indemnification. The attempt to keep the firm afloat failed, and Hayden, Stone was later taken over by two other firms, Walston & Co. and Cogan, Berlind, Weill & Levitt...
...would happen if another major firm staggers to the brink. The Goodbody bail-out was the sort of thing that can be done only once; not even Merrill Lynch has the resources to rescue a succession of failing houses. If Congress passes the bill to set up a Securities Investor Protection Corp., with authority to tap the Treasury for as much as $1 billion to restore stock to customers of failing brokers, all may be well for investors, though not necessarily for their brokers. The Goodbody furore has improved the bill's chances, but it still could...