Word: sec
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Dates: during 1960-1969
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...loose and I'm ready," said Villanova's Frank Budd, 22. "Tonight will be a good one." It was: dead last at the start, Budd won the 60-yd. dash easily in 6.1 sec.-just .1 sec. off the world record...
...problem," says SEC, "goes beyond isolated violations, and amounts to a general deficiency of standards and a fundamental failure of controls." Recognizing that some Amex members have been trying to clean their own house, SEC indicated that the real problem is enforcement of existing regulations ("In certain respects the rules of the Exchange are stronger than those of other exchanges..."). "But," warned the investigators, "the [SEC] must be prepared to exercise its supervisory powers if the necessary reform is not forthcoming...
...Manipulators. Most Amex specialists tend to their business, but the fact that a few were using their positions to manipulate stock prices for their own profit came to the SEC's attention last spring, when evidence piled up that Amex Specialists Gerard A. Re and Son Gerard F. had been rigging the market for more than five years, netted themselves a profit estimated...
Last week's SEC report argued that the Res were not an isolated example. Also cited were Gilligan, Will & Co., who are either the specialists, or finance the specialists, in 13% of the 1,000 stocks the Amex trades. It was characteristic, said SEC, that before a stock in which the firm of Gilligan, Will was to specialize was listed on the exchange, Gilligan, Will would acquire a block at below-market price, then profit after trading started...
Brokers are forbidden to deal in stocks unregistered with SEC. But in one instance, Partner James Gilligan (who retired last April) deposited 4,700 unregistered shares of Guild Films Co. stock out of the block of 63,000 he had purchased into the account of Reilly, then head of the Floor Transactions Committee. "Upon learning of the purchase," SEC said, "Reilly immediately sold the stock at a profit of approximately $2,300." Six months later, Reilly's committee refused to punish Gilligan for dealing in the stock...