Word: sec
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Dates: during 1960-1969
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...season for reruns. Last fall in Chicago, it took Charles ("Sonny") Liston 2 min. 6 sec. to pluck the heavyweight crown from Floyd Patterson. Last week in Las Vegas, Liston spent 2 min. 10 sec. pounding Patterson into boxing oblivion. Like a man killing a rabbit with a stick, he clubbed the hapless challenger to the canvas-gracelessly and methodically, his sulphur-and-obsidian eyes betraying neither pleasure nor anger. "It was just something I had to do," grunted Sonny, whose mind was obviously on something else...
...Even the Minimum. In the 100-meter dash, Florida A. & M.'s Bob Hayes, the world record holder at 100 yds., won easily in 10.2 sec.-but second place went to a Russian, for the first time anybody could remember. And in event after event, the Russians chipped away at the U.S.'s strongest points-making gains with a second place in the 400-meter dash, another in the 800-meter run, and a startling victory in the 400-meter relay, when the sloppy U.S. team finished first but was disqualified for passing the baton illegally. Some...
There are still 19 agonizing steps involved in every odd-lot trade, and the report charged that the two firms have resisted automation because it would "reduce their profits and make it easier for competition to develop." Added the SEC dryly: "Securities markets are not inherently more immune from featherbedding than any other business." The SEC wants the exchanges to regulate and moderate the price markups in odd-lots and push for automation...
Frightened Like People. Even tougher was the SEC group's criticism of professional floor traders, exchange members who pay no commissions and have no responsibility to the public. The SEC has been trying to run them off the floor for a generation; it says that they enjoy special inside advantages and only accelerate the markets' swings by buying on rises and selling on falls. Floor traders claim that they perform a function by pumping cash into the market at strategic moments, but the SEC group contends that they only follow the trends-and thus accelerate the markets...
...SEC's second look at the nation's 14 stock exchanges concentrates on the role of a largely anonymous but highly influential army of "inside" professionals. The 65 reforms proposed in the SEC report center on five types of these market insiders, whose functions affect all investors but are rarely understood by the public. The five...