Charles Schwab

"May 1, 1975 - Despite predictions of calamity and chaos from the high-priced, well-entrenched brokerage industry, the SEC formally abolishes fixed brokerage commission rates. In San Francisco, thousands of miles from Wall Street both literally and figuratively, a one-office firm triumphantly offers no sales commission brokers providing conflict-free discount brokerage services to all investors." "The rest is history. Over the past quarter-century, Charles Schwab & Co. has grown to become one of the world's largest and most influential financial institutions, holding over $850 billion in client assets in nearly eight million active accounts. Charles Schwab himself has become synonymous with the brokerage industry." "But who is Charles Schwab? And how did his unique combination of deeply felt values, disgust over the mistreatment of investors by traditional brokerage firms, and never-say-die moxie make him one of the most beloved - and accomplished - figures in the history of American finance?"--Jacket.

First sentence: May Day-the day when fixed brokerage commissions were abolished-marked a crossroads for the U.S. securities industry and created the conditions for the birth of Charles Schwab & Co. Most brokerage firms responded to deregulation by cutting their commissions rates for institutional investors and raising them for the average investor.

Year

2002

Language

English

Publisher

Wiley

Editions

5

Pages

288

ISBN

9780471224075

Data source: Wikidata