The Unseen Wall Street of 1969-1975: And Its Significance for Today

By Alec Benn | Go to book overview

4
The Desirability of Permanent Capital1

Jim Lynch feared late in 1970 that he would be without a job and at the same time owe Chemical Bank $130,000. Jim's fears were accentuated by his having no assets other than his mortgaged home and no rich relatives who could give or lend him money. Furthermore, a wife and two young children depended upon him for support.

He would have been even more terrified if he had known that the senior partner of his firm had put him more than a hundred thousand dollars deeper into debt.

How could he have allowed himself to get into such a desperate situation? He was neither a gambler nor a womanizer, but, in fact, frugal, as well as a devoted husband and father, and a boring confessor to his priest.

The answer lay in how the partners of Glore Forgan Staats, Inc. behaved in 1968, 1969, and 1970.

In 1968 they acted as if the firm's record profits of that year would go on forever.

They raised virtually everyone's salary -- handsomely.

The firm opened a sumptuous sales office on Park Avenue in New York City, opposite the Waldorf-Astoria.

New, palatial headquarters for the Western region were built in Los Angeles.

Stockbrokers in San Francisco, Chicago, La Jolla, and elsewhere were moved into larger, more splendid quarters. The new Cleveland office was furnished with such rare and expensive antiques that its opening was featured, not in the Cleveland Plain Dealer's financial section, but in its style section.

-42-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
The Unseen Wall Street of 1969-1975: And Its Significance for Today
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 216

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.