Word: sec
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Dates: during 1960-1969
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...months ago. when the SEC announced its intention of investigating all the nation's stock markets, some Wall Streeters wondered where Washington would find enough securities experts to handle the job. Last week the signs were that Wall Street itself might take a good deal of the load off the SEC's shoulders...
Anxious to forestall any lurid SEC revelations, the financial community is in the midst of a frantic bout of self-policing. Three weeks ago, the governors of New York's American Exchange secured the resignation of longtime Amex President Edward McCormick (TIME, Dec. 22). Last week, in a follow-up move, a special Amex investigating committee urged a sweeping reorganization of the exchange, which would bring its practices closer into line with those of the well-policed New York Stock Exchange. Chief changes proposed: to increase the policing power of Amex's administration, decrease the number of "self...
...even more drastic reformation of the securities business was called for last week by the National Association of Securities Dealers, which is composed of 4,760 brokerage firms and acts as a semiofficial adjunct of the SEC. After studying the underwriting of 300 new stock issues put out by "unseasoned" companies, the N.A.S.D. concluded that in many cases the underwriting brokers had been far too greedy. In one "hot" issue underwriting, reported the N.A.S.D.. the broker had received a 10% commission, an equal amount in underwriting expenses, and options to buy, at $5 a share, 50,000 shares...
...differently from U.S. funds. Peddling stock door to door, as is done in the U.S., is punishable by prison in many European countries. Instead of being operated by professional fund managers, the European funds are generally run by banks. One reason: with no government agencies as prying as the SEC to bother them, European companies keep their affairs so secret that only bankers can get enough information to know which companies are sound investments. Bank distribution-which means lower overhead-also has the advantage of keeping the loading charges on European funds down...
Apparently anxious not to run afoul of the SEC, Kirby denied that he was planning a proxy war, said that he would be content simply to fight the Murchisons' I.D.S. scheme in the courts. But many Wall Streeters believed it was only a matter of time till the bell rang for Round 2 of the great Alleghany fight...