Word: lynch
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...stockbrokers often pick up those tips ahead of their customers. And they usually pass the information along to large institutions whose trading pays big commissions. Last week, for just such misuse of inside information, the Securities and Exchange Commission severely penalized the world's biggest brokerage house, Merrill Lynch, Pierce, Fenner & Smith...
Consent and Denial. In its confidential role as underwriter for the Douglas Aircraft Corp. during 1966, Merrill Lynch learned that the company's first-half earnings would be down sharply...
...brought to a boil by the still continuing Texas Gulf Sulphur case, involving stock purchases by company officers who had confidential information of a Canadian mineral strike, and by last month's charge by the Securities and Exchange Commission that 14 executives and salesmen of Merrill Lynch had illegally fed "inside" information to mutual funds and other institutional investors. The two cases have inspired a run of stockholder suits and general jitters among corporate insiders. One measure of the concern is the rising cost of directors' liability insurance. Since July, rates have increased by as much...
Furthermore, one of our tenants, Robert Lynch, reports: "These buildings have sustained two very severe hurricanes -one was the worst we have had in years, yet Harbour House never gave a quiver...
Unless granted more time, Merrill Lynch and the other respondents have 15 days to file formal answers to the SEC charges. Then an SEC examiner will conduct the public hearings, probably in Manhattan. If he and the commission uphold the accusations, Merrill Lynch could face penalties ranging from a wrist-tap censure to permanent revocation of its license to do business. The institutions would be subject to milder punishment. They could, for example, be barred from operating as broker-dealers, or lose their registration as investment advisers. But, except for Dreyfus Corp., which operates the well-known Dreyfus & Co. brokerage...