Word: levitts
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Whatever social obstacles the Cornell-educated Weill faced when he hit Wall Street in 1955, he had built a respectable brokerage in Cogan, Berlind, Weill & Levitt by 1969. He then swallowed Shearson, Hayden Stone and other houses before selling the whole shebang in 1981 to American Express. By 1985, when Weill lost a power struggle with white-bread Amex CEO James D. Robinson III and was ousted as president, it wasn't because Weill was Jewish. He was just outmaneuvered. And he left as a multimillionaire. It's difficult for Langley to set a good sob story at Weill...
...Take On the Street, his new book of advice for investors, Arthur Levitt, former chairman of the Securities and Exchange Commission, reprints letters he received in 2000 protesting a proposed SEC rule to limit the consulting an accounting firm could do for companies whose books it audited. Some excerpts...
Pitt came to the job with a goal of regulating through consensus and self-policing, a stark change from his predecessor, Arthur Levitt, who was an outspoken ally of the small investor. In the wake of Enron, Pitt hasn't had a chance to test his style, and the hard-charging Spitzer is now making many wonder if Pitt isn't plain soft. "The SEC under Harvey Pitt has been something of a reluctant regulator," says John Coffee, professor of securities law at Columbia University. Damon Silvers, associate general counsel at the AFL-CIO, which has been carping about analyst...
...TAKE IT OR LEVITT...
...Lots of buzz at BEA about "Take on the Street: What Wall Street and Corporate America Don't Want You to Know and How You Can Fight Back" by former SEC Chairman Arthur Levitt Jr. (Pantheon; October). The word is that 60 Minutes is interested...