Word: sec
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Dates: during 1960-1969
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...most popular men in Wall Street. His personal history was the kind that warms the American heart: a onetime newsboy, he made Phi Beta Kappa while putting himself through the University of Arizona, then worked his way up from a $1,900-a-year job with the SEC to appointment by Harry Truman as an SEC commissioner...
...grumbles broke into the open when two of Amex's trusted stock specialists, Gerard A. Re and his son Gerard F., were accused by the SEC of five years of market rigging and price fixing that netted them an estimated $3,000,000. McCormick, it turned out, had had personal dealings with the Res in over-the-counter stocks. It was all perfectly legal, but its propriety was dubious. And almost immediately, more sloppy administration at the Amex came to light: the policing of its members was slipshod and records of transactions were incomplete. Then, to the everlasting annoyance...
...Anxious to get the house in order, a group of younger Amex members tried to oust the McCormick administration. Their revolt was beaten back, but it spurred the exchange to appoint an investigating committee of Wall Street leaders to do what it could to clean things up before the SEC moved in with public disclosure. Turning its attention to McCormick, the investigating committee soon picked up what its tightlipped members described only as "a couple of things...
...presumably legal-and occurred before Guterma's illicit stock operations became known. But once again McCormick could be faulted for ethical misjudgment. Given McCormick's undeniable services to Amex, his colleagues might, in different circumstances, have taken a less stern view of his peccadilloes. But when the SEC investigations get into full swing early next year, the governors of the American Stock Exchange will have all they can do to defend their exchange as an institution, without having to make the case for Little Mac as well...
...Wall Street Millionaire Allan Kirby from control of Alleghany Corp., Kirby growled ominously: "The Murchison boys are way out on a limb." Last week Kirby. who still holds the biggest single block (33⅓%) of Alleghany'sl common stock, reached for his saw. In a letter to the SEC, Kirby protested the Murchisons' proposal to split and reclassify the stock of Minneapolis' Investors Diversified Services, a $4 billion mutual fund complex currently controlled by Alleghany. Kirby clearly feared that if the Murchisons were allowed to convert all I.D.S. shares into voting stock as they proposed, their voting...