Word: piercee
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Sir: Your description of Merrill Lynch, Pierce, Fenner & Smith as "part of American folklore" is more apt than you probably intended. Apparently even TIME has fallen for the myth that Merrill Lynch pays salesmen salaries rather than commissions (not true-compensation is directly related to production) and that it doesn...
The firm never really recovered. While some of the old partners spent 20 years or more honorably paying off their debts from the Kreuger fiasco, the reorganized firm could never rustle up enough cash for the computers and research staffs to compete with such giants as Merrill Lynch, Pierce, Fenner...
In as president and operating head stepped James Edward Thomson, 61, a taciturn type who has never sold a share of stock. It made sense that Thomson is an administrator instead of a salesman. Beamed Edward A. Pierce, 92, last survivor of the firm's founding fathers: "I don't...
The Name's the Same. After Merrill's death in 1956, the firm name changed again. Since, because of death or departure, no more Beanes had an interest in the company, the title of Merrill Lynch, Pierce, Fenner & Beane became Merrill Lynch, Pierce, Fenner & Smith. This honored Winthrop H. Smith...
Thomson soon moved into the "backstage" offices. He clerked by day, by night took accounting courses at New York University. In 1930, after E. A. Pierce & Co. took over Merrill Lynch's business, Thomson moved west to work in Cleveland and Detroit; in the depth of the Depression, he and...