Word: mutuals
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Dates: during 1960-1969
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...approved by the SEC, the fee cuts could cost brokers some $150 million of their $2.5-billion-a-year commission income. Much of that money would then remain in the coffers of big institutional investors, indirectly enriching thousands of mutual-fund shareholders and pension-fund contributors. Brokers should be able to bear the loss: soaring trading volume has deluged Wall Street with profits. Last year the net earnings of Merrill Lynch, Pierce, Fenner & Smith, the largest U.S. brokerage house, jumped 25% to $54.6 million, as its operating revenue, mostly from commissions, climbed to $369 million. Profits at Goodbody & Co. rose...
...country's angry young university graduates pressured older politicians to step aside, and typically inflated assorted tribal claims to clothe their ambitions. Seizing the tribal issues, President Kenneth Kaunda created a unifying nationalist ideology?a supratribal humanism based on what he called the old tribal concept of "a mutual aid society." With that New Dealish theme, Kaunda remains firmly in power...
...Much to Wall Street's embarrassment, the SEC has shown in a month of Washington hearings that brokers generally give up most of their commissions on big block trades. The money goes instead to other brokers, who perform unrelated services for the customer, such as research or selling mutual-fund shares. As part of its rate-cutting plan, the Big Board last week endorsed a ban on all such customer-directed fee splitting-just as the SEC has long urged...
...Prime Minister Harold Wilson approached Soviet Premier Aleksei Kosygin in London with L.B.J.'s approval. The P.M. handed the Russian a note, prepared with the help of a White House liaison man, proposing a bombing halt (phase A) to be followed, after a face-saving interval, by mutual de-escalation (phase B). Kosygin had boarded a train to Scotland when Johnson abruptly decided that the proposed interval was too long. The embarrassed Wilson was forced to chase Kosygin down with a new proposal...
During the 30's, newly-independent Czechoslovakia turned her face westward as well; to meet the Fascist threat she signed mutual defense pacts with England and France. Then Munich happened, in 1938, and once again Russia became the only recourse. Russian troops liberated Papousek's nation in 1945, and three years later the Czechs democratically elected a communist president...