Word: tomaso
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...room office of Donald J. Tomaso Associates, in an aging building on the fringe of Chicago's La Salle Street financial district, has three battered desks, one typewriter and a jumble of card files. From that dingy setting, Donald Tomaso, 36, handles some of the biggest stock deals in the U.S. Often talking simultaneously over two telephones-one connected to a buyer, the other to a seller-Tomaso arranges direct trades between large institutional investors. He is one of the handful of entrepreneurs who run the "fourth market," so named because it bypasses the three more conventional methods...
...fourth market offers two allures. First, all trades are secret; that enables would-be sellers to avoid a quick price drop that sometimes develops when word of a large offering percolates through the financial community. Second, institutions avoid the large brokerage commissions that the exchanges require. Most of Tomaso's 78 customers-mutual funds, insurance companies, banks, university endowment funds-pay him only 25? per share traded, up to a maximum of $10,000 a year. Thus, after a client has traded 40,000 shares, he gets a free ride. By comparison, one sale of 40,000 shares...
...Tomaso, a former brokerage-house executive, started his business four years ago with only $15,000 capital, half of which he spent on traveling around the U.S. to sell his idea. "People laughed at me," he recalls. But after seven weeks of visiting and calling around to institutions, he arranged his first trade: 48,000 shares of Zenith Radio for $3,264,000. Now Tomaso or his 24-year-old assistant phone all of the firm's clients each morning, asking what stocks they want to buy or sell. When he hits a set of matching intentions, Tomaso calls...
Naturally, such easy profit has attracted competitors. Among them are two former executives of the floundering brokerage house of Kleiner, Bell. The pair, Robert Brandt, 43, and Barry Zwick, 35, formed a fourth-market firm in Los Angeles in August. Operating in much the same way as Tomaso, they made four deals in their first month, enough to bring a small profit. "Everyone thinks he is the only one trading in the fourth market," says Brandt. "Soon people will find out everybody is doing...
...should be able to identify strongly with Luisa as a woman whose horror at the senselessness of her son's death has driven her near the brink of insanity--Miss Goren seemed to have tottered over long ago, however, and was therefore merely grotesque. John Kennedy's Tomaso needs to come alive, Carroll Britch's Nicola to die down...