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in reference to your oct. N page-one article barbara bush earns even higher ratings than the president it is <unk> that you must continually define blacks by our <unk> among liberals N N have positive views of her while N N approve of the president 's job performance |
in part this may reflect the fact that she speaks a more <unk> language than her husband as columbia 's <unk> <unk> klein puts it |
among professionals N N have a favorable opinion of her compared to N N who approve of her husband 's performance |
while a quarter of black voters <unk> of mr. bush 's handling of his job only N N have a negative view of his spouse |
the statistics <unk> that <unk> of blacks approve of mr. bush 's job performance and N N of blacks approve of mrs. bush |
if the assumption is that it is surprising that so few blacks find mr. and mrs. bush <unk> the positive view is even more <unk> |
such an editorial point of view <unk> an <unk> <unk> perspective |
why are we blacks continually defined by our minority and the lowest common <unk> |
<unk> g. foster birmingham <unk> |
the national association of securities dealers the <unk> organization for the over-the-counter securities markets disciplined a number of firms and individuals for alleged violations of industry rules |
two firms were expelled from the nasd three were suspended or barred and nine were fined |
first securities group of california and a principal of the firm louis fernando <unk> of marina del rey calif. were jointly fined $ N and expelled for alleged violations of reporting requirements on securities sales |
also mr. <unk> was barred from association with any nasd member |
neither first securities of beverly hills nor mr. <unk> could be reached for comment |
a <unk> operator had no listing for either party |
<unk> henry & co. miami and a principal of the firm henry i. <unk> of miami were jointly fined $ N and expelled for alleged improper use of a customer 's funds among other things |
also mr. <unk> was barred from association with any nasd member |
<unk> henry has n't any miami telephone listing an operator said |
mr. <unk> who apparently has an unpublished number also could n't be reached |
<unk> securities corp. of <unk> fla. and a principal of the firm alvin <unk> of <unk> fla. were jointly fined $ N and given <unk> <unk> for allegedly selling securities at unfair prices |
<unk> has n't any telephone listing an operator said |
mr. <unk> who apparently has an unpublished phone number also could n't be reached |
<unk> securities of <unk> calif. and a principal of the firm <unk> george chase also of <unk> were jointly fined $ N and given 30-day <unk> as part of a settlement |
while neither admitting nor denying wrongdoing <unk> and mr. chase consented to findings of violations in connection with <unk> sales |
officials of <unk> could n't be reached for comment |
mr. chase did n't return a telephone call to his office |
crane & co. securities inc. of mount <unk> mich. and its president glenn r. crane of sterling heights mich. consented to a joint fine of $ N |
without admitting or denying wrongdoing they consented to findings of violations of escrow and <unk> rules |
mr. crane did n't return a call seeking comment |
first commonwealth securities corp. of new orleans and its president kenneth j. <unk> also of new orleans consented to a $ N fine |
also mr. <unk> received a <unk> suspension in a principal capacity |
without admitting or denying wrongdoing they consented to findings that they had <unk> represented the firm 's net capital maintained inaccurate books and records and made other violations |
mr. <unk> confirmed he had consented to the sanctions but declined to comment further |
<unk> securities corp. new york and three of its principals dell eugene <unk> and william <unk> <unk> jr. both of <unk> island wash. and thomas albert <unk> of red bank n.j consented to a fine of $ N |
without admitting or denying wrongdoing they consented to findings that they failed to return funds owed to customers in connection with a <unk> offering |
reached at his office mr. <unk> currently chairman said an implication that we failed to return investor funds is inappropriate and inaccurate |
he described the situation as an escrow problem a timing issue which he said was rapidly <unk> with no losses to customers |
<unk> <unk> & co. of <unk> del. and its president william n. <unk> jr. also of <unk> were barred from <unk> principal trades for N days and were jointly fined $ N |
the firm and mr. <unk> allegedly sold securities to the public at unfair prices among other alleged violations |
mr. <unk> denied the firm had sold securities at unfair prices and suggested that the examination practices of the nasd need improvement |
the firm and the nasd differ over the meaning of <unk> and <unk> he added |
shearson lehman hutton inc. new york which is <unk> by american express co. consented to a $ N fine |
without admitting or denying wrongdoing the firm consented to findings that it failed to respond in a timely manner to the nasd 's requests for information in connection with a customer complaint |
a shearson spokesman had no comment |
the following individuals were fined as indicated and barred from association with nasd members or where noted suspended |
except where noted none of these people could be reached for comment or had any comment |
john william davis <unk> <unk> fined $ N jeffrey gerard <unk> <unk> fla. $ N and <unk> suspension eugene michael <unk> la canada calif. fined $ N ordered to <unk> $ N and suspended one year <unk> stewart <unk> la canada fined $ N ordered to <unk> $ N and suspended six months |
mr. <unk> said we got what amounted to a parking ticket and by complaining about it we ended up with a sizable fine and suspension |
the matter did n't involve anybody 's securities transactions he added |
the following were neither barred nor suspended <unk> <unk> <unk> rolling hills calif. fined $ N and ordered to <unk> $ N stuart lane <unk> <unk> calif. fined $ N and ordered to <unk> $ N <unk> <unk> <unk> <unk> valley calif. fined $ N |
mr. <unk> a registered representative in the insurance business said he <unk> up because he did n't realize he was breaking securities laws |
insurance agents have been forced by their companies into becoming registered <unk> he said but they are not providing compliance and <unk> training so that we can avoid stupid mistakes |
i was n't ever actively engaged in any securities activities said mr. <unk> |
i never had any clients at all |
it was just a stupid mistake to get the license he said adding i 'd just as soon not get into details of the settlement |
program traders are <unk> of predicting that if they are blocked in the u.s. they will simply <unk> to foreign stock markets |
but in london and tokyo where computer-driven trading now plays a small but growing role traders say a number of hurdles <unk> |
government officials especially in japan probably would resist any <unk> of program trading by players trying to <unk> off the u.s. furor over their activities and <unk> abroad with their business |
japan is very concerned about the possible effects of program trading a senior japanese official said after the oct. N stock plunge in new york |
u.s. stock-index futures are n't even traded in japan now |
and because of the time difference the japanese and the u.s. markets ' trading hours do n't <unk> |
it all adds up to a barrier to <unk> index arbitrage the most popular form of u.s. program trading that seeks to exploit brief differences between prices of stocks in new york and the price of a futures contract in chicago based on those stocks |
about N N of all program trading by new york stock exchange firms in september took place in foreign markets according to big board data |
yet it is difficult to imagine japan racing to introduce <unk> stock-index futures |
japan 's finance ministry already is <unk> institutional investors ' activity to see whether policy changes are needed to cope with the current level of program trading said <unk> utsumi vice minister for international finance |
program trading has taken off in japan since last year 's introduction of <unk> stock-index futures trading on the tokyo and osaka stock exchanges |
but regulators are wary |
they have n't forgotten the leap in share prices last dec. N when the first <unk> of <unk> index arbitrage drove stocks <unk> in the last half-hour of trading startling regulators who thought they had written enough rules to prevent such a swing |
japan 's finance ministry had set up <unk> to limit how far futures prices could fall in a single session and to give market operators the authority to suspend trading in futures at any time |
maybe it was n't enough a finance ministry official noted after the dec. N surge |
japan 's regulators have since tightened controls on <unk> stock purchases |
tokyo 's leading program traders are the big u.s. securities houses though the japanese are playing <unk> |
some u.s. firms notably salomon inc. and morgan stanley group inc. have <unk> a hefty chunk of their japanese earnings from index arbitrage both for customers and for their own accounts |
morgan stanley last week joined a growing list of u.s. securities firms that have stopped doing index arbitrage for their own accounts |
both <unk> c. <unk> who heads salomon in tokyo and john s. <unk> who heads morgan stanley there <unk> a good part of their firms ' success in tokyo to their ability to offer sophisticated futures-related investment strategies to big institutional clients |
they do n't have plans to cut back |
it has not been <unk> in the markets here mr. <unk> said |
the real difference seems to be that the cash market here is big enough and liquid enough that the futures market is n't having the same impact it does in america |
the british also are <unk> program trades |
index-arbitrage trading is something we want to watch closely an official at london 's stock exchange said |
we do n't think there is cause for concern at the moment |
london serves increasingly as a <unk> for program trading of u.s. stocks |
market professionals said london has several <unk> |
first the trading is done over the counter and is n't reported on either the u.s. or london stock trading tapes |
second it can be used to <unk> positions before u.s. trading begins but at prices pegged to the previous session 's big board close |
in addition to the extra privacy of these trades the transactions can often be less expensive to execute because the parties do n't have to pay a floor brokerage fee or a specialist 's fee |
still much less index-arbitrage activity is done over here than in the u.s. said richard <unk> chief investment manager at standard life assurance co. which manages about # N billion $ N billion in united kingdom institutional funds |
britain has two main index-arbitrage instruments |
a financial times-stock exchange 100-share index option contract is traded on the london stock exchange 's traded options market |
and an ft-se futures contract is traded on the london international financial futures exchange |
both contracts have gained a following since the N global market crash |
the average number of ft-se option contracts traded on the london exchange has surged nearly tenfold since the contract 's launch in N |
this year the average of daily contracts traded totaled N up from N a year earlier and from N in N |
but a survey early this summer indicated that the volume of <unk> trading was only N N of the size of the underlying equity market exchange officials said |
this compares with estimates that the u.s. <unk> market is perhaps four times as large as the underlying domestic market |
the house voted to boost the federal minimum wage for the first time since early N casting a solid N vote for a compromise measure backed by president bush |
the vote came after a debate <unk> with complaints from both proponents and critics of a substantial increase in the wage floor |
advocates said the <unk> rise to $ N an hour by april N is too small for the working poor while opponents argued that the increase will still hurt small business and cost many thousands of jobs |
but the legislation reflected a compromise agreed to on tuesday by president bush and democratic leaders in congress after congressional republicans urged the white house to <unk> a bit from its previous resistance to compromise |
so both sides accepted the compromise which would lead to the first lifting of the minimum wage since a four-year law was enacted in N raising the wage to $ N an hour from $ N |
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