Business Services Industry
MERC vote shakes up exchange. (Chicago Mercantile Exchange)
Crain's Chicago Business, January, 1997 by Fritz, Michael
Independent traders smack Sandner, broker group pals In a potent repudiation of Chicago Mercantile Exchange Chairman John F. "Jack" Sandner's leadership and of powerful floor broker associations, Merc members voted out five of 11 sitting directors who sought re-election in last week's leadership contest.
All of the losing incumbents were either considered allies of Mr. Sandner (who retains his post) or were members of controversial broker associations - organized groups of traders that are commanding a growing share of Merc volume at the expense of independent traders, known as "locals." One of the broker group members who fell in last week's Merc contest was Second Vice-chairman Patrick Mulchrone, one of Mr. Sandner's chief lieutenants. Other election casualties...
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