Word: paye
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Dates: during 1960-1969
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Many brokers contend that it is right because the small investor does not pay his way. James W. Davant, managing partner of Paine, Webber, argues that the cost of handling stock transactions is rising so rapidly that brokerage houses lose money not only on the odd-lot business but also on the average "round-lot" trade of 100 shares or more. "It is unprofitable to serve the investment needs of the small investor," he says bluntly. Brokers make money on the really big trades-and those profits too have been...
...cutting back a bit. At Merrill Lynch, biggest of all, employees with more than 20 years' service, who collected an ex tra 23 weeks' salary last Christmas, will get only 22 weeks extra this year. Five-to ten-year men will get 17 weeks' extra pay, down from 18 weeks last year. But Merrill Lynch, which has led the industry in automation, continues to handle its 1,004,000 customers profitably, and opposes higher commissions. Says President Donald Regan: "The small guy shouldn't bear the burden...
...IMPORT-EXPORT: Some U.S. importers minimize the taxes they pay on profits. Every time they buy foreign goods, they use special arrangements to pay excessively high prices. They thus deflate their recorded profits and tax obligations. Meanwhile, the foreign sellers kick back part of the bloated purchase price into the Americans' Swiss bank accounts...
...REAL ESTATE: To avoid paying income taxes, some American real estate owners hold large sums of cash in numbered Swiss accounts. How can they ever use the money? They have the Swiss bank arrange to "buy" some of their properties with money from their own anonymous accounts. In that way, the money is repatriated to the U.S. One real estate man, for example, "sold" a piece of property for nearly $1,000,000 but did not have to pay taxes on the deal since the property had cost no more than that when he purchased it. There was a further...
...even though France announced a $200 million November trade deficit, triple that of October. The money was stronger because, for the moment, most Frenchmen seemed to be accepting De Gaulle's stringent curbs. But the real test will begin early next year, when unions are expected to demand pay increases...