Word: lynching
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...never backed away from a fight," says Donald Regan, 62, World War II Marine and former chairman of Merrill Lynch & Co., largest brokerage firm in the country. In the past several months, the Treasury Secretary has remained true to his word. As point man in the Administration's drive for a threeyear, 25% cut in personal income taxes, Regan has emerged from the obscurity of his first days in office-and from the shadow of highly visible Budget Director David Stockman-as a tough and unyielding negotiator. The package he presented last week to the Senate and House...
...what Regan called "demeaning" press speculation about a rivalry between the two. In fact, the pair clashed openly only once-in May, when Stockman made a statement that seemed to contradict Regan's no-compromise stance on the President's tax cuts. Notorious at Merrill Lynch for his explosive Irish temper, Regan retaliated. With White House approval, he called in several reporters and told them: "This is where you'll hear about Administration tax thinking. If you hear something different from someone else, then it's wrong...
During Regan's decade as chairman, Merrill Lynch's revenues surged nearly 350%. Last January he resigned to become Ronald Reagan's Secretary of the Treasury, Powering Merrill Lynch's growth is a disciplined army of account executives that now number 8,600. To their competitors along Wall Street, the firm's brokers are mere cogs in a mammoth money machine. In fact, when Merrill Lynch merged with the old-line investment-banking firm of White Weld, dozens of executives quit to avoid being consumed by the world's largest brokerage house. But there...
Regan's replacement as chairman, Roger Birk, 50, is a former account executive who joined Merrill Lynch's Minneapolis office in 1954-as a clerk. Like his predecessors all the way back to Merrill, Birk is a planner who sees his company becoming even bigger. Says he: "There's not any single firm that's put all the financial services together, including Merrill Lynch. But I think we're going to be the only one that will be able to pull it off." Merrill Lynch's bold bulls seem destined to range ever more...
...Edmund Lynch was the first of Merrill's many partners, who over the years included Edward Pierce, Anthony Cassatt, Charles Fenner, Alpheus Beane and Winthrop Smith. Cassatt's name was dropped from the firm's name in 1941, and Smith replaced Beane...