1966–1970 One
C H A P T E R
These four years comprised one of the most difficult periods in the history of the securities industry. It was characterized by a crushing burden of paperwork, followed by a severe cost-income squeeze that brought financial disaster to many brokerage firms.
Lee D. Arning SENIOR VICE PRESIDENT NEW YORK STOCK EXCHANGE IN TESTIMONY TO CONGRESS, AUGUST 2, 1971
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