Word: sec
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Dates: during 1970-1979
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...however enthusiastically they may denounce the SEC, securities men know where the real trouble lies. Says Donald Marron, president of Paine, Webber, Jackson & Curtis, Inc.: "The principal problem is the fact that the product we sell has not done very well. We are selling stock at precisely where it was 13 years ago." Some investment professionals are even knocking their own principal product. Says Walter Burns, of the institutional investment advisory firm of Lynch, Jones and Ryan: "There is no longer any haven for institutional investors in common stocks. We are telling our clients to invest all their funds...
Brokers' commissions on each stock trade have fallen drastically since May 1975, when the SEC outlawed fixed commissions and ordered brokers to negotiate with traders. The month before, commissions paid by institutional investors averaged 26? a share; now they average 14? and a big buyer or seller can bargain the rate down to as little as 5?. Commissions paid by individual investors have fallen much less-from 30? a share on the average to 28.5?-but that is small consolation to brokers. The vast bulk of their business comes these days from institutions, pension funds and trusts...
When describing the various feats Superman [Aug. 1] is to perform in the movie, your article casually made mention of his flying round the world in 90 sec. with Lois Lane in his arms. It all sounds romantic I grant you, but anyone else would realize that this stunt is impossible-if not for Superman, then certainly for Miss Lane...
Given an arbitrary height of 300 ft. at which to fly, the distance traveled in 90 sec. would be a mere 25,000 miles. To make it in the alloted time, Superman would have to travel at a cool 1 million m.p.h. This may be within his capacity, but Miss Lane could never survive. The air friction at that speed would reduce her to a pile of red-hot carbon ash and cruelly terminate her affair with our red-caped hero. Finally, it is unlikely that Superman and his lady love would even stay in earth orbit at the speed...
...special Federal Energy Administration task force, headed by the SEC's director of enforcement, Stanley Sporkin, declared that the FEA had failed in its duty to police the pricing practices of the major oil companies. As a result, the task force asserts, the companies had possibly overcharged the consuming public "several billions of dollars." The FEA has begun new hearings aimed at tightening auditing procedures. This week the agency will open an investigation of alleged price gouging on fuel oil used in home heating; one consumer group is claiming the FEA permitted oil companies to overcharge by $2 billion...