Word: mutuals
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Dates: during 1960-1969
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...face of such intransigence, the Southeast Asia Treaty Organization's Council of Ministers ended a three-day meeting in Washington last week with a demand for "reciprocity" from the North in exchange for any Allied reduction in the fighting. But the prospects that Hanoi will accept a mutual step-down are as remote as ever. "We can't get the other side even to whisper to us behind the hand," complained Rusk...
...Funston's lame-duck status, the Big Board has been more or less marking time in its imminent showdown with the Securities and Exchange Commission, which wants some basic reforms in brokerage commission practices-notably, the elimination of "give-ups," by which brokers doing business on behalf of mutual funds split their commissions. In fact, one reason for the difficulty in selecting a new president was the resistance of conservative members of the exchange to any candidate who might rock the boat too much...
...N.A.S.D.'s member firms in mind. He strengthened the association's staff, made available more realistic stock quotations, stiffened requirements for dealing in securities. At the same time, arguing that more thorough study was required, he held out against SEC insistence on tighter supervision of mutual-fund sales practices...
...maintains that SNCC "didn't have all the facts straight" three years ago--has maintained this policy since he took over as Treasurer from Cabot '21 in 1965. A director of Middle South Utilities, he runs the Harvard endowment in much the same fashion as he runs the several mutual funds and other investment organizations which his office handles--for profit, not for social gain. Bennett doesn't sharply define a moral or legal standard he uses for investing Harvard's billion. "We wouldn't want to make money on a company involved in unethical practices," he says...
Bennett is an investor; he doesn't see the Harvard fund as different from the John Hancock Mutual Fund in terms of how it should be handled. His job is "to invest and reinvest the billion to provide the largest possible income." If his investments go the least bit sour, the pinch may be felt from Wigglesworth to Mallinckrodt. There's a hot line on George Bennett's desk--it goes directly to Cambridge. But some critics, with memories of the Middle South controversy, think a wall of dollars has sprung up somewhere in between