CBS Highlights Wall Street Icon's Achievements
Over the past year and a half, CBS business correspondent Anthony Mason has filed downbeat report after downbeat report for âCBS Evening Newsâ â so negative that at in January 2008 anchor Katie Couric labeled him the âgrim reaper.â
But on the Oct. 28 broadcast, Mason had an upbeat report: a profile of 94-year-old businessman Seth Glickenhaus, the chief investment officer and senior partner of Glickenhaus & Co., a Wall Street investment firm.
According to the report, Glickenhaus is veteran of several cataclysmic financial events in
âThe pessimism was very thick at that point,â Glickenhaus said about the Great Depression. âPeople were nervous as hell.â
However, he stuck with it, according to Mason: âGlickenhaus has made a fortune by choosing well. As BusinessWeek reported in 1959, after making an $8 million killing, he quit the street to go to medical school.â
âIn the decade after the 1987 crash, his company was the top-ranked money manager in the country with gains of more than 500 percent,â Mason said. âNow he sees opportunity again.â
Glickenhaus has applied lessons from previous crises in his approach to current conditions. While he said he wasnât comfortable with the volatile wild swings in the financial markets, he isnât shying away.
âBut do I feel that there's going to be great monies made in the years? And how!â Glickenhaus said.