Catching Lightning in a Bottle by Winthrop H. Smith Jr

Author:Winthrop H. Smith, Jr
Language: eng
Format: epub
ISBN: 9781118967614
Publisher: Wiley
Published: 2014-09-09T00:00:00+00:00

Tom Chrystie, a brilliant and creative visionary, was one of Regan’s most important promotions. He grew investment banking, professionalized Merrill’s finances, and expanded international. Perhaps most important, he led the development of CMA.

Paul Stein came up with a simple but brilliant way to explain the new Cash Management Account to Merrill’s financial consultants. This is my version of Paul’s original sketch (I drew it many times). It shows how a brokerage account, Visa card, and checking account would all be tied together into CMA, and the client would only receive one statement each month. After opening my own CMA account, I never set foot in a bank again. CMA is the reason Citicorp Chairman Walter Wriston referred to Merrill Lynch as the “bank of the future.”

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