Update On Black Monday's Key Figures

October 18, 1992

JOHN J. PHELAN JR.

As chairman of the New York Stock Exchange, Mr. Phelan is best remembered for keeping his cool during the crisis. While others panicked, he moved calmly to keep the nation's biggest stock market open. A lifelong stock trader, he began his stewardship of the NYSE at the height of the bull market in 1984.

Mr. Phelan is considered responsible for automating and computerizing much of the Big Board's operation. He stepped down at the end of 1990. At 61, Mr. Phelan now sits on several corporate boards. President of the Federal Reserve Bank of New York, Mr. Corrigan is now seen as a hero of the crash. Post-mortem accounts reveal he had correctly worried that the crisis culd lead to a national financial gridlock because bankers were refusing to grant credit to waves of desperate customers who needed cash for margin calls on their withering stock investments. Mr. Corrigan oversaw an emergency effort by the Fed to arm-twist these bankers into lending money. Mr. Corrigan, 51, has headed the New York Fed since 1985. A soft-spoken securities law professor, Mr. Ruder had less than three months on the job as chairman of the Securities and Exchange Commission when the stock market crashed - the agency's worst crisis. He is best remembered for suggesting, at the height of the hysteria, that he would support closing of the markets, even briefly. Mr. Ruder's remark was seen by some as rreckless because it may have persuaded even more investors to sell. Mr. Ruder, 63, left the SEC after tw years to practice law in Chicago and teach at Northwestern's School of Law. A prominient longtime Republican and investment banker on Wall Street, Mr. Brady was tapped by President Reagan to head a task force that investigated the causes of the market crash and proposed solutions. The report by the Brady Commission which suggested closer links and more unified supervision of the financial markets, received a cold response by the White House and the securities industry. Now 62, Mr. Brady was appointed Treasury secretary in 1988 by President Bush, a close friend.

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