Wall Street: Little Mac's Exit

As they trooped glumly into the wood-paneled splendor of their boardroom one morning last week, 26 governors of the American Stock Exchange steeled themselves for an unpleasant task. An hour later the deed was done. Out of his $75,000-a-year job as president of Amex went genial, silver-haired Edward Theodore McCormick, 50. Out along with McCormick went his right-hand man and chief adviser, Exchange General Counsel Michael E. Mooney, 46.

McCormick's resignatio -by -request was an ignominious end to what had started as a tale of triumph. When he took over as president...

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