Word: lynch
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...increased 13.7%, to 13 1/2. Investors have scored even bigger gains with stocks in companies that produce machine tools, which climbed 21% in January, and shares in hospital-management firms, up 17%. Not surprisingly, brokerage houses stand to profit handsomely from the running of the bulls. Stock in Merrill Lynch has jumped 25.5% in 1985, to 33 7/8, while Paine Webber has surged...
Regan's appointment to the sensitive West Wing position, at age 66, climaxes a stint in Washington marked by ups and downs as jagged as any appearing on the stock charts he analyzed at Merrill Lynch for 34 years, the last ten of them as chief executive. Though never out of favor with the President, Regan saw his credibility on Capitol Hill and in the business community plunge after the recession of 1981-82, when he stubbornly insisted that the economy would come "roaring back" in the near future and stage "one of the greatest recoveries in history." Critics charge...
...Boston railway employee, he attended the city's prestigious Cambridge Latin School and Harvard College. After dropping out of Harvard Law School to join the Marine Corps, he saw action in four South Pacific campaigns in World War II, rising to the rank of lieutenant colonel. He joined Merrill Lynch, then as now the nation's largest brokerage house, as a 27-year-old trainee in 1946; by 35 he had become the youngest partner in the firm's history. The fact that Regan's uncle by marriage happened to be a senior partner was hardly a hindrance...
...were his ambitions. Called back to New York in 1960 after managing the Philadelphia branch office for five years, he sought and won authority to open a long-range planning section that laid the groundwork for transforming Merrill Lynch from a chain of brokerage offices into an enormous financial supermarket, complete with insurance, real estate and savings services. As a result, Merrill Lynch was able to breeze past the collapse of the '60s go-go market and, as the deregulation era dawned, to become a serious contender for retail-banking customers. Asked in 1979 to describe the financial institution...
Regan is already one year past the age at which he would have been retired at Merrill Lynch, and virtually anywhere but in Reagan's White House he would be considered conspicuously old for such a demanding job. He and Wife Ann, who have four grown children, built a home near Mount Vernon on property once owned by George Washington; ironically, they had purchased the land for their retirement. With a net worth estimated at close to $30 million, Regan hardly needs gainful employment. Yet friends say that he has thrived in his second career, and Administration insiders would...