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

By Alec Benn | Go to book overview

19
Déjà Vu

Ross Perot, Bob Bishop, John Fitzgerald, and others had anticipated big savings from the merger. They turned out to be right. Thirty days after the merger, duPont Walston trumpeted its financial strength in full page advertisements in the Wall Street Journal and the Times:1

"We've organized and financed ourselves to reduce risk. The New York Stock Exchange requires that a firm's indebtedness not exceed 15 times its capital. Our current indebtness is about a tenth of that requirement. The exact ratio of our service affiliate, duPont Glore Forgan Incorporated, was higher: 8.77 to 1 as of July 1, but duPont Glore Forgan is a clearing firm -- is not subject to many of the risks common in the investment industry such as underwriting securities and making markets in securities."

Just as he had at F. I. duPont, Glore Forgan, as soon as he got control, Ross Perot became personally involved in managing duPont Walston. And despite what Dan>Cullen, Bill Fleming, George Thomson, Walter Auch, and other executives had expected, Mort Meyerson became his all-powerful viceroy.2

Unfortunately, Ross Perot and Mort Meyerson had not learned that the management style that had made a success of Electronic Data Systems, Inc. could not be successfully applied to the investment business. An investment firm is no better than the people who work for it.

Carl and Jack Walston were summarily fired, which was, perhaps inevitable. But in Carl they lost an able marketing executive who was admired by many other executives in the firm.

Tom Hofstetter, another widely admired executive who increased the firm's revenues by getting The New York Stock Exchange to allow stock

-158-

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 ...
Default project is now your active project.
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 Reset View mode
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.