From long, firsthand 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.)
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