Word: lynching
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...eventually benefits almost all consumers, but I question the extent to which the positions Sen describes (consultants, entry-level managers, etc.) aid in this purpose. In a country where more than 80 percent of corporate stock is owned by 5 percent of the population, I wonder if balancing Merrill Lynch's checkbook has any direct affect on a poor family...
Financiers, including A.P. Giannini (Bank of America) and Charles Merrill (Merrill Lynch), make our list, but some might argue that finance is underrepresented, since it was the availability of capital, as much or more than individual genius or initiative, that so often created the conditions for business success. By that measure, Drexel Burnham's Michael Milken, who raised billions for the likes of Ted Turner, Rupert Murdoch and MCI Corp., should be included, notwithstanding his conviction for violating securities laws and his time spent in jail. Other financial innovators who changed the way we spend and save might also have...
...year Charles Edward Merrill founded the firm we now know as Merrill Lynch & Co., he was 54 years old and had already lived an extraordinarily productive and visible life. A poor boy from the backwaters of Florida, Merrill was forced to leave college by lack of funds. But he schemed his way to Wall Street and made himself wealthy by the time...
Merrill can't be dismissed as a moneybags who made a lucky guess on the Crash. He truly deserves to be remembered for what he did during that second career of his, the one that began when he was deep into middle age. In founding Merrill Lynch--his partner and sidekick, Edmund C. ("Eddie") Lynch, was a soda-fountain-equipment salesman--Merrill created an important and enduring institution. But more than that, he started the country down an important and enduring path...
Merrill, you see, was the first person to openly advocate that the stock market should not just be a plaything for Wall Street insiders but should also be an avenue for the broad mass of Americans. Decades before founding Merrill Lynch, he coined the phrase "Bringing Wall Street to Main Street." For the last 17 years of his life, that's what he tried to achieve with his new firm, which became a laboratory for his grand experiment. Today when we conjure up the names of the great American financiers, we tend to think of people like J.P. Morgan...