Word: sec
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Dates: during 1970-1979
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Treff began to attract suspicion after he tried to buy 300 shares of Natomas; the stock exchange had been rather routinely investigating reports of other phony orders in the mercurial stock, and stumbled on to Treff's trading. After an SEC investigator called Treff two weeks ago, he went to Manhattan and gave the exchange a report of his shenanigans. "I was trying to show that the brokerage firms weren't going according to the rules," he explained...
...starters, the SEC has asked that it be given power to oversee the entire process of transferring stock ownership from one buyer to another. The unwieldy process now involves bankers and other transfer agents who are not directly subject to regulation. Failure to coordinate their efforts helped to cause the backlog of paperwork that did much to bring on the 1970 crisis. The SEC also wants the right to disapprove any new rules made by the self-regulatory bodies, to enforce the exchange's rules and, if warranted, to stiffen the penalties meted out by the exchange to erring...
...moment, Wall Street is quietly going along. There is some question whether exchange members will exhibit the same equanimity about the next set of SEC recommendations, due next month. These will deal with the far more abrasive issues of how much trading should be subject to negotiated rather than exchange-fixed commission rates, and whether institutional investors, such as mutual funds and insurance companies, should be admitted to membership in the exchange...
...Warfield, the Dolphins came from behind to tie the game 24-24 and send it into a sudden-death overtime. Sudden it was not, however, as the two teams battled on and on and on in the longest game in U.S. pro football history. Finally, after 82 min. 40 sec., Miami won the marathon 27-24 with a sixth-period field goal...
...leap second grows out of science's pressing need for extremely accurate clocks. In 1967, an international agreement redefined the basic unit of time -the second-in terms of the precise tuning-fork-like vibrations of the cesium atom (9,192,631,770 cycles per sec.). But while cesium, or atomic, clocks are the most accurate timepieces ever built by man (they lose no more than one ten-millionth of a second in a day), other measures of time-hours, days, months -are still geared to the earth's rotation. Unfortunately, as clocks go, the earth is less...