Word: marrons
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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...
...chairmanship while Needham was in Europe. When Needham returned early last week, he was presented with a fait accompli. He resigned. His successor Batten may well be only a caretaker chairman. Among candidates to succeed him eventually: Paul Kolton, current chairman of the American Stock Exchange and Donald Marron, the brilliant (IQ: 190) chief of Mitchell, Hutchins, a Wall Street brokerage house. Needham plans to stay on as a consultant to Batten. But he rejected the Big Board's No. 2 post of president. That, in the view of one exchange officer would have been like descending from hotel...
Donald B. Marron, 39. The president and chief executive of Mitchell, Hutchins Inc., a major Wall Street institutional brokerage firm, started his own investment banking firm in 1958. Seven years later he merged with Mitchell, Hutchins, then a small Chicago firm and by 1969 was its president. Shifting emphasis from small-investor business to the institutional trade just in time to catch the new wave in the market, he has seen revenues grow by more than 40% a year since 1966 (last year's total: $20 million). One of his innovations has been to hire noted experts in other...