By Jerry W. Markham
This accomplished monetary heritage of the U.S. makes a speciality of the expansion and growth of banking, securities and coverage because the colonial interval. The publication breaks down into classes of frenzied hypothesis, quiet development, panics and livid growth.
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Additional resources for A Financial History of the United States (3-volume set) (1970-2001) From the Age of Derivatives to the New Millenium
Its officials held “Project Z” meetings to cover up the fraud from company auditors. The company was put into bankruptcy when this fraud was revealed. Twenty-two individuals were indicted. Stanley Goldblum, the president of Equity Funding, was among those jailed. The Equity Funding scandal also gave rise to claims of insider trading. , was tipped on the fraud and advised his institutional clients to dump their Equity Funding stock before the fraud at the company was made public. Dirks was charged with insider trading by the SEC.
The Dow was down to 621 in May of 1970. 21 22 FINANCIAL TURMOIL David Rockefeller, the head of Chase Manhattan Bank, and John Kenneth Galbraith, a Harvard economist, then issued warnings of a possible financial collapse. Nixon called forty-five top business and financial leaders to the White House to assure them that the Fed would be supporting the market. Another sharp drop occurred on May 25, 1970. The market rallied a few days later, on May 27, when the Dow increased by over thirty-two points, setting a new record for a one-day increase.
Soft” dollars were being used to avoid fixed commission charges. These arrangements involved “free” services given by a broker in the form of research or other work in exchange for order flow. Those services had value and effectively acted as a discount on fixed commissions. The brokerage firms used “give up” arrangements as another means to, in effect, negotiate commissions. In these arrangements, commissions on trades were split between the broker accepting an order and other broker-dealers who provided services to the institutions.
A Financial History of the United States (3-volume set) (1970-2001) From the Age of Derivatives to the New Millenium by Jerry W. Markham