Unseen Wall Street of 1969-1975

Autorentext
ALEC BENN, now retired, was president of Benn & McDonough, Inc., an advertising and public relations agency in New York City serving the financial and investment communities./e Previously a vice president at Doremus & Co., at that time the largest financial services ad agency in the United States, and before that a writer of industry studies at Merrill Lynch, Benn holds an engineering degree from Brown University and has studied writing and economics at New York University and Columbia University. He is author of Advertising Financial Products and Services (Quorum, 1986), The 27 Most Common Mistakes in Advertising, and The 23 Most Common Mistakes in Public Relations. Mr. Benn has also written articles and columns for publications in his fields, a TV drama, and an award-winning play.

Klappentext
From long, first-hand experience as president of his own financial advertising agency, Alec Benn offers a unique, inside look at America's investment community, at a time of changes so profound that their impact and implications are still with us. Based not on public relations handouts (although he himself has written them) but on frank, revealing talks with people who actually participated in the events of those tumultuous seven years, on official oral histories (hitherto concealed), and on his own keen observations, Benn shows how those events and changes really occurred. He reveals that The New York Stock Exchange (NYSE) was in far greater peril of collapse in 1970 than anyone, except a few insiders, has ever known. He exposes how many of the most significant changes ever to affect investors really came about. And he provides new insights into the people who caused, influenced, or sometimes opposed the reforms we now take for granted, as well as into the impact of historical figures such as Richard Nixon and Ross Perot. Informative, entertaining, and impeccably researched and documented, Benn's book gives us new information to help evaluate the investment world of today, and to appreciate how dangerous it was at another time, a time that some say appears uncomfortably familiar.

Among the many topics Benn examines in depth is the creation of the Securities Investors Protection Corporation, the agency that insures against loss of the cash and securities left by investors in their brokers' hands. He shows how stock brokers' commissions came to be competitive and low, instead of fixed and high (a special benefit for today's day traders), and how members of The New York Stock Exchange became able to sell shares in their firms to the general public, opening a bountiful source of permanent capital. He goes on to cover the creation of the Central Certificate System, which led to a dramatic increase in trading volume later, and how the NYSE was reorganized, benefiting not only members but investors as well. Benn also explores how NYSE member firms became authorized to sell annuities and other insurance products, in itself a billion-dollar business. Finally, in an especially telling chapter, he discusses how and why discrimination on Wall Street based on class, religion, race, and gender declined (and by inference, why in some places it still lingers.)

Zusammenfassung
An inside look at America's investment community between 1969 and 1975. Based on revealing talks with people who actually participated in the events of those tumultuous seven years, on official oral histories and on his own observations, Alec Benn shows how those events and changes occurred.

Inhalt
Preface How Members of the New York Stock Exchange Gained the Right to Sell Shares in Their Firms to the General Public Despite the Opposition of a Majority of the Members How The Central Certificate System Was Introduced And Other Early Bumbling With Computers The Hair-Raising Way Brokerage Accounts Came To Be Insured The Desirability of Permanent Capital Negotiating a Merger Obstacles To The Merger How and Why Ross Perot Saved The New York Stock Exchange From Possible Collapse How The New York Stock Exchange Came Much Closer--Much, Much More Closer--to Collapse The Second Time How A Giant Investment Firm Very Nearly Went Bankrupt in 1971 Potentially Causing Investors To Lose Millions of Dollars Despite the Existence of the Securities Investors Protection Corporation The Importance of Management Style The Reality of US Government Employment How the US Government Has Tried to Prevent Insider Trading--And Why It Has Failed The Twists and Turns Toward the Reorganization of the New York Stock Exchange How NYSE Commissions, Traditionally Fixed and High, Became Competitive and Low, Despite the Opposition of Members of the New York Stock Exchange An Unintended Consequence of the Imposition of Competitive Commission Rates: A Boom in Soft Dollars How a Defiant Stockbroker Virtually Single-Handedly Enabled All Members of the New York Stock Exchange To Sell Annuities The Biggest Stock Fraud in the District Attorney's Memory A Cliff-Hanging Merger Meeting Deja Vu How and Why Discrimination Based on Class and Religion Declined on Wall Street The Different Reasons for the Decline in Racial and Gender Discrimination on Wall Street Significance Aftermath: The Perils of Partnerships Appendix Stock, Prices, Volumes and Fails 1968-1973 Some Statistics Affecting Stock Prices and Volumes 1965-1975 Bibliography Index

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