Word: marrons
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Dates: during 1970-1979
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...retirement age to 70 (which could cut the program's projected deficit by two thirds) and allow workers to invest a sixth of their payroll taxes, as well as additional voluntary contributions (possibly matched by government dollars), in low-risk stock or bond funds. Such a plan, says Donald Marron, CEO of Paine Webber and chairman of the bipartisan National Commission on Retirement Policy, "doesn't break the budget, lifts more elderly out of poverty and makes everyone an owner of the American economy...
Speaking in London, Donald Marron, president of Paine Webber-which itself has merged with Mitchell, Hutchins Inc. -delivered an apocalyptic forecast. Said he: "The institutional equity business [e.g., handling of purchases by pension funds, insurance companies and bank trusts], standing by itself with full trading and research services, is no longer profitable for anyone. We may one day see a situation like that in accounting, where the business is dominated by a small group of very large firms." That time may not be too far off. Even today well over half of all revenues of Big Board members is earned...
Eckstein sold his idea to Wall Street's Donald Marron, chief executive of Mitchell, Hutchins, the investment advisory firm.* In 1969 it raised $1.1 million in seed money and became a founding partner in the company. DRI was not the first firm to market econometric forecasts; Lawrence Klein, who developed an econometric model of the U.S. economy shortly after World War II, has been selling forecasts from his famous Wharton School model for five years longer. But Eckstein's marketing flair and his computer time-sharing innovation have made DRI by far the biggest in the field...
...however enthusiastically they may denounce the SEC, securities men know where the real trouble lies. Says Donald Marron, president of Paine, Webber, Jackson & Curtis, Inc.: "The principal problem is the fact that the product we sell has not done very well. We are selling stock at precisely where it was 13 years ago." Some investment professionals are even knocking their own principal product. Says Walter Burns, of the institutional investment advisory firm of Lynch, Jones and Ryan: "There is no longer any haven for institutional investors in common stocks. We are telling our clients to invest all their funds...
...Wall Streeters might have preferred Peter Solomon, a managing partner of New York's Lehman Bros., mainly because he was one of their own; Solomon was in the final running for the job. But in Williams, they find few faults. Says Donald Marron, president of Mitchell Hutchins and a longtime friend of Williams' who calls him Hal: "He is a broad-gauged person. That's good for the SEC." Donald Weeden, chairman of Weeden & Co., feels Carter made a good choice in picking someone from outside the securities field. "The job is to regulate," says Weeden...