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The Go-Go Years: The Drama and Crashing Finale of Wall Street's Bullish 60s by Michael Lewis, John Brooks

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CHAPTER VII

The Conglomerateurs

1

The year 1966 found Wall Street slowly and reluctantly beginning to recognize itself as a marketplace for the millions rather than an élite gambling club with a limited membership list. Manuel Cohen, Cary’s activist successor as head of the S.E.C.—a Brooklyn-born lawyer, as flamboyant in manner as Cary had been reticent, whose wife engagingly characterized her husband’s job by saying, “If I were doing it, it would be called nagging”—was nagging Wall Street as vigorously as he could. That summer, his S.E.C. forced a recalcitrant New York Stock Exchange to relax slightly the ironclad monopoly implied in its cherished Rule 394, which forbade members, except in rare instances, to transact business in listed stocks ...

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