Word: loaned
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Dates: during 1960-1969
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Beyond Conventions. Merrill Lynch is fond of noting that it imposes on its employees a set of ethics that goes well beyond the requirements of law or the conventions of Wall Street. For example, no employee is allowed to obtain a bank loan by using securities as collateral. Unless he is about to retire, no officer is permitted to become a director of another company. Alone among big brokers, Merrill Lynch has refused to promote the sale of mutual-fund shares, reasoning that such dealings could lead to a conflict of interest in serving its big and little customers...
Despite his 5-ft. 7-in., 132-lb. size, he be came at 23 the youngest battalion commander in the Corps. Reluctantly mustered out at war's end, he began running his family's Kansas City interests (an auto agency, small loan and real-estate operations). Not until 1953, when his stepfather, Jules Stein, founder of MCA, asked Oppenheimer to buy him land and cattle as a tax shelter, did the ex-Marine find a new field to conquer...
...Mississippi hamlet to Howard. It led him back almost to where he had started. One of twelve children, Smith graduated from all-Negro Tougaloo College in 1953. The state then subsidized Smith at Howard by paying the school $1,500 a year for his tuition and making him a loan of $5,000, "forgivable" at the rate of $1,000 for each year he spends practicing in the state. Says Smith: "Mississippi would rather underwrite the education of Negroes out of state than let them into its own schools...
...loan presented Smith with a crisis of conscience. By taking it, he was yielding to the system that he detests. "But," he says, "if I hadn't taken it, I wouldn't be a doctor today and wouldn't be serving the Negroes of Mississippi." Serving them he is, in the heart of Jackson's Negro community of about 60,000, at an average rate of 40 patients a day. Most practitioners consider 20 patients a day a heavy load. "When you see 40," says Smith, "you obviously can't dispense the kind of medical...
...faltered. How he sank ever more deeply into the debt of assorted acquisitive interests makes grim reading indeed. In return for favors in the Senate, say the authors, Dodd eventually took outright cash from his benefactors. After an officer of a Connecticut-based rifle-trigger company co-signed a loan made to him, Dodd put him on his congressional payroll. But then, say the authors, it is not an uncommon practice for Congressmen to put creditors on their staffs as a way of repaying them. Of course, they do not actually work or even have to be in Washington. "Much...