Word: levitts
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DIED. Arthur Levitt, 79, New York State comptroller from 1955 to 1978, whose nonpartisan dedication, thrift with public funds and relentless criticism of fiscal chicanery endeared him to voters, who returned him to office five times with huge majorities; in New York City. A Brooklyn lawyer and nominal Democrat, Levitt served under four Governors, tightening the state's auditing procedures, including "performance audits" of state agencies, and eventually giving his office prestige and power virtually beyond politics...
...came last week. The average is now lower than it was 16 years ago. Would-be investors fear that accelerating inflation is making corporate profits illusory because they are earned in cheapening currency. More generally, they fear that the uncertainties of inflation undermine every rational investment strategy. Says Arthur Levitt Jr., chairman of the American Stock Exchange: "There is no confidence whatsoever that any price has any meaning or validity...
...George of small business, Levitt, 48, son of a New York Democratic politician who was the state's unbeatable comptroller for 24 years, may be making a virtue of necessity. The American Stock Exchange, after all, has long been a home for smaller companies. When he became its chairman in January 1978, he inherited a roster of restless firms whose ambition was to grow large enough to be listed on the Big Board, the New York Stock Exchange. Levitt, who now earns more than $200,000 a year, says he discovered that these companies had "little representation in government...
...Levitt has lobbied for the Small Business Investment Incentive Act, which would give a 10% tax credit to individuals for investments in new issues of firms with a net worth of $25 million or less...
...Often Levitt visits Amex-listed companies and attends their annual meetings...