Word: mutuals
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Dates: during 1960-1969
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...Driver training today is as outmoded as the dinosaur; we've got to teach youngsters to live with their cars, to 'cool it.' " The high accident rate and death toll of young male drivers also bothers insurance companies. Richard G. Chilcott, vice president of Nationwide Mutual Insurance, recently suggested that "mark of Cain" license plates be issued to drivers with bad records, restricting them to essential trips. And New York State now issues new drivers of all ages a six-month "probationary license," rescinding it for a serious traffic violation, restoring it only after obligatory driver clinic...
...Kennedy Round of tariff-cutting negotiations, which was a momentous advance for the U.S. and many other nations, required much bargaining and arm-twisting. In the end, the U.S. received tariff-reduction commitments at least equal in value to those it made. The final result is a balance of mutual opportunities that should greatly stimulate and increase international trade. The advantages to all countries involved are undeniable...
...problem, Fairbank writes, is the American reliance on negotiations and legal procedures. "We feel," Fairbank writes, "that negotiation is a legal process in which the rights of both sides may be respected and a mutual agreement arrived...
...then you don't understand it when you do look at it." Up to 40% of all front-end customers quit within three years and take a loss, since much of their investment has gone into the salesmen's pockets. A spokesman for the Association of Mutual Fund Plan Sponsors Inc., which represents the front-end funds, told the subcommittee that his membership stands ready to make automatic refunds to customers who withdraw within a year...
...find a middle way between the SEC charges and the industry defenses. Yet the first week's round, by general consensus, went to the SEC. This sense was perhaps best expressed by a subcommittee staffer overheard talking on the telephone to SEC Chairman Cohen. "The more these mutual-funds guys talk," he said, "the better off you are. So let the industry hang itself...