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

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

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

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

Synopsis

Long-time financial ad agency president Alec Benn offers a unique, first hand look at America's investment community, at a time of changes so profound that their impact, implications, and significance are still with us. Based on frank, revealing talks with people who participated in those events, on official oral histories (some now unavailable), and on his own well-informed observations, Benn reveals how The New York Stock Exchange nearly collapsed, and how changes that most affect investors today really came about. He provides rare insights into historical figures, such as Ross Perot and Richard Nixon, and their impact on events, and into others who caused, influenced, and sometimes opposed reforms we are still benefitting from. Informative, entertaining, and impeccably researched, Benn's book provides new information to evaluate the investment world today and to appreciate how dangerous it was at another time, a time that some say appears uncomfortably familiar.

Excerpt

Men of vision and daring radically changed Wall Street in the seven years 1969-1975 into the Wall Street often taken for granted today. During some of those years, other men, led by one who was unusually wily and stubborn, prevented The New York Stock Exchange from collapsing, with the possible loss of many millions of dollars by millions of investors and immeasurable damage to the economy. Furthermore, these were years during which economic conditions forced Wall Streeters to lead the nation in reducing discrimination based on class, religion, and race.

Yet the names of some of these men are little known. Furthermore, much of how they actually achieved what they did -- as well as how very, very close The New York Stock Exchange came to collapsing -- has been hidden until now.

What really occurred during those years is sometimes more fascinating than business-tale fiction, besides providing insights into human character and ways of the world.

The concealments have contributed to misunderstandings of how changes beneficial to society actually are accomplished. Contrary to most previous descriptions of the many reforms of 1969-1975, the opposition to nearly every reform that would benefit investors was formidable. Even proposed measures that would benefit members of The New York Stock Exchange were also sometimes vigorously opposed by many members of the Exchange as well -- sometimes by a majority. (This is true even today.)

This book may be of practical value. Men and women who wish to reform -- or to resist the reform -- of any kind of organization or institution may benefit by knowing how reforms of The New York Stock . . .

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