By Jerry W. Markham
This complete monetary background of the U.S. makes a speciality of the expansion and enlargement of banking, securities and assurance because the colonial interval. The e-book breaks down into classes of frenzied hypothesis, quiet development, panics and livid growth.
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Extra resources for A Financial History of the United States (3-volume set) (1970-2001) From the Age of Derivatives to the New Millenium
Insurance Problems Investment company assets rose to almost $60 billion in 1972 but then declined to $50 billion by 1979, exclusive of money market funds. Broker-dealers engaged in equity funding programs in the 1970s. These were sales of mutual 32 FINANCIAL TURMOIL funds that were combined with insurance programs. In April of 1973, a massive fraud was uncovered at the Equity Funding Corporation of America, which was headquartered in California. That company had over 4,500 salespersons employed in 135 offices in 35 states.
The reserves for the index funds were held in a general account of an insurance company, but variable life reserves were required to be held in a separate account. The insurance industry experienced a severe down cycle in 1974 and 1975. The Government Employees Insurance Corporation (GEICO), a casualty insurer, was among those facing financial difficulties. The company had a loss of $126 million in 1975. GEICO’s stock dropped from $42 to under $5. The company had to be rescued by the District of Columbia insurance commissioner.
The courts provided another forum in which to attack fixed commission rates. A federal court of appeals ruled in 1970 that the NYSE was required to justify its prohibition on commission rebates. In April of 1970, in order to relieve profit pressures on broker-dealers during the paperwork crisis, the SEC approved a $15 commission surcharge for stock transactions of 1,000 shares or less. The SEC, thereafter, gradually began pushing the industry toward eliminating fixed commission rates. In November of 1970, Robert Haack, the president of the NYSE, made a speech before the Economic Club of New York in which he advocated the dropping of fixed commissions.
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