Basics: Protected Persons Generally copyright vests in the author of the work. Certain national laws provide for exceptions and, for example, regard the employer as the original owner of a copyright if the author was, when the work was created, an employee and employed for the purpose of creating that work. In the case of some types of creations, particularly audiovisual works, several national laws provide for different solutions to the question that should be the first holder of copyright in such works. Many countries allow copyright to be assigned, which means that the owner of the copyright transfers it to another person or entity, which then becomes its holder. When the national law does not permit assignment it usually provides the possibility to license the work to someone else. Then the owner of the copyright remains the holder, but authorizes another person or entity to exercise all or some of his rights subject to possible limitations. Yet in any case the " | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
History: European Tradition Only in Roman times the first rights referring to artistic works appeared. Regulations resembling a lasting exclusive right to copy did not occur until the 17th century. Before copyright was a private arrangement between guilds able to reproduce copies in commercial quantities. In France and Western European countries "droits d'auteur" or author's rights is the core of what in the Anglo-American tradition is called copyright. Such rights are rooted in the republican revolution of the late 18th century, and the Rights of Man movement. Today in the European system the creator is front and center; later exploiters are only secondary players. France During the 18th century France gradually lost the ability to restrict In 1777 the King threatened the monopoly by reducing the duration of publisher's privileges to the lifetime of the authors. Accordingly a writer's work would go into the public domain after his death and could be printed by anyone. The booksellers fought back by argumenting that, no authority could take their property from them and give it to someone else. Seven months later, in August 1789, the revolutionary government ended the privilege system and from that time on anyone could print anything. Early in 1790 Marie-Jean-Antoine-Nicolas de Caritat, Marquis de Condorcet proposed giving authors power over their own work lasting until ten years after their deaths. The proposal - the basis for France's first modern copyright law - passed in 1793. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Biometrics applications: privacy issues All biometric technologies capture biometric data from individuals. Once these date have been captured by a system, they can, in principle, be forwarded to other locations and put to many different uses which are capable of compromising on an individuals privacy. Technically it is easy to match biometric data with other personal data stored in government or corporate files, and to come a step closer to the counter-utopia of the transparent citizen and customer whose data body is under outside control. While biometric technologies are often portrayed as protectors of personal data and safeguards against identity theft, they can thus contribute to an advance in "Big Brother" technology. The combination of personalised data files with biometric data would amount to an enormous control potential. While nobody in government and industry would admit to such intentions, leading data systems companies such as EDS (Electronic Data Systems; Biometric technologies have the function of identification. Historically, identification has been a prerequisite for the exercise of power and serves as a protection only to those who are in no conflict with this power. If the digitalisation of the body by biometric technologies becomes as widespread as its proponents hope, a new electronic feudal system could be emerging, in which people are reduced to subjects dispossessed of their to their bodies, even if these, unlike in the previous one, are data bodies. Unlike the gatekeepers of medieval towns, wear no uniforms by they might be identified; biometric technologies are pure masks. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Challenges for Copyright by ICT: Internet Service Providers ISPs (Internet Service Providers) (and to a certain extent also telecom operators) are involved in the copyright debate primarily because of their role in the transmission and storage of digital information. Problems arise particularly concerning Caching Caching it is argued could cause damage because the copies in the cache are not necessarily the most current ones and the delivery of outdated information to users could deprive website operators of accurate "hit" information (information about the number of requests for a particular material on a website) from which advertising revenue is frequently calculated. Similarly harms such as defamation or infringement that existed on the original page may propagate for years until flushed from each cache where they have been replicated. Although different concepts, similar issues to caching arise with mirroring (establishing an identical copy of a website on a different server), archiving (providing a historical repository for information, such as with newsgroups and mailing lists), and full-text indexing (the copying of a document for loading into a full-text or nearly full-text database which is searchable for keywords or concepts). Under a literal reading of some copyright laws caching constitutes an infringement of copyright. Yet recent legislation like the Information Residing on Systems or Networks at the Direction of Users ISPs may be confronted with problems if infringing material on websites (of users) is hosted on their systems. Although some copyright laws like the DMCA provide for limitations on the liability of ISPs if certain conditions are met, it is yet unclear if ISPs should generally be accountable for the storage of infringing material (even if they do not have actual knowledge) or exceptions be established under specific circumstances. Transitory Communication In the course of transmitting digital information from one point on a network to another ISPs act as a data conduit. If a user requests information ISPs engage in the transmission, providing of a connection, or routing thereof. In the case of a person sending infringing material over a network, and the ISP merely providing facilities for the transmission it is widely held that they should not be liable for infringement. Yet some copyright laws like the DMCA provide for a limitation (which also covers the intermediate and transient copies that are made automatically in the operation of a network) of liability only if the ISPs activities meet certain conditions. For more information on copyright ( Harrington, Mark E.: On-line Copyright Infringement Liability for Internet Service Providers: Context, Cases & Recently Enacted Legislation. In: Teran, G.: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Positions Towards the Future of Copyright in the "Digital Age" With the development of new transmission, distribution and publishing technologies and the increasing digitalization of information copyright has become the subject of vigorous debate. Among the variety of attitudes towards the future of traditional copyright protection two main tendencies can be identified: Eliminate Copyright Anti-copyrightists believe that any Enlarge Copyright Realizing the growing economic importance of intellectual property, especially the holders of copyright (in particular the big publishing, distribution and other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Virtual body and data body The result of this informatisation is the creation of a virtual body which is the exterior of a man or woman's social existence. It plays the same role that the physical body, except located in virtual space (it has no real location). The virtual body holds a certain emancipatory potential. It allows us to go to places and to do things which in the physical world would be impossible. It does not have the weight of the physical body, and is less conditioned by physical laws. It therefore allows one to create an identity of one's own, with much less restrictions than would apply in the physical world. But this new freedom has a price. In the shadow of virtualisation, the data body has emerged. The data body is a virtual body which is composed of the files connected to an individual. As the The virtual character of the data body means that social regulation that applies to the real body is absent. While there are limits to the manipulation and exploitation of the real body (even if these limits are not respected everywhere), there is little regulation concerning the manipulation and exploitation of the data body, although the manipulation of the data body is much easier to perform than that of the real body. The seizure of the data body from outside the concerned individual is often undetected as it has become part of the basic structure of an informatised society. But data bodies serve as raw material for the "New Economy". Both business and governments claim access to data bodies. Power can be exercised, and democratic decision-taking procedures bypassed by seizing data bodies. This totalitarian potential of the data body makes the data body a deeply problematic phenomenon that calls for an understanding of data as social construction rather than as something representative of an objective reality. How data bodies are generated, what happens to them and who has control over them is therefore a highly relevant political question. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Copyright Industry Copyright is not only about protecting the rights of creators, but has also become a major branch of industry with significant contributions to the global economy. According to the In an age where knowledge and information become more and more important and with the advancement of new technologies, transmission systems and distribution channels a further increase in the production of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basics: Acquisition of Copyright The laws of almost all countries provide that protection is independent of any formalities. Copyright protection then starts as soon as the work is created. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Databody economy and the surveillance state
The glamour of the data body economy clouds economic practices which are much less than glamorous. Through the seizure of the data body, practices that in the real political arena were common in the feudal age and in the early industrial age are being reconstructed. The data body economy digitally reconstructs exploitative practices such as slavery and wage labour. However, culturally the data body is still a very new phenomenon: mostly, people think if it does not hurt, it cannot be my body. Exploitation of data bodies is painless and fast. Nevertheless, this can be expected to change once the awareness of the political nature of the data body becomes more widespread. As more and more people routinely move in digitised environments, it is to be expected that more critical questions will be asked and claims to autonomy, at present restricted to some artistic and civil society groups trying to get heard amidst the deafening noise of the commercial ICT propaganda, will be articulated on a more general level. The more problematic aspect of this development may be something else: the practices of the data body economy, themselves a reconstruction of old techniques of seizure, have begun to re-colonise real political space. Simon Davis, Director of the London-based privacy campaigners The constant adaptation process required from the modern individual has anonymised and structuralized punishment, which now appears in the guise of error messages and the privatisation of risk. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Copyright Management and Control Systems: Post-Infringement Steganography Applied to electronic files, steganography refers to the process of hiding information in files that can not be easily detected by users. Steganography can be used by intellectual property owners in a variety of ways. One is to insert into the file a "digital watermark" which can be used to prove that an infringing file was the creation of the copyright holder and not the pirate. Other possibilities are to encode a unique serial number into each authorized copy or file, enabling the owner to trace infringing copies to a particular source, or to store Agents Agents are programs that can implement specified commands automatically. Copyright owners can use agents to search the public spaces of the Internet to find infringing copies. Although the technology is not yet very well developed full-text search engines allow similar uses. Copyright Litigation While not every infringement will be the subject of litigation, the threat of litigation helps keep large pirate operations in check. It helps copyright owners obtain relief for specific acts of infringement and publicly warns others of the dangers of infringement. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bureaucratic data bunkers Among the foremost of the data bunkers government bureaucracies. Bureaucracies are the oldest forms of bunkers and are today deeply engrained in modern societies. Bureaucracies have always had the function of collecting and administering the data of subjects. What make this process more problematic in the age of ICT is that a lot more data can be collected, they can be collected in clandestine ways (e.g. in surveillance situations), and the can be combined and merged using advanced data mining technologies. In addition, there is a greater rationale for official data collecting, as a lot more data is required for the functioning of public administration as in previous periods, as societies rush to adopt increasingly complex technologies, above all ICTs. The increasing complexity of modern societies means that an increasing number of bureaucratic decision is taken, all of which require a calculation process. Complexity, viewed through government spectacles, generates insecurity - a great deal of the bureaucratic activity therefore revolves around the topic of security. In spite of the anti-bureaucratic rhetoric of most governments, these factors provides the bureaucracies with an increased hold on society. Foremost bureaucratic data bunkers include the following:
Fiscal agencies Intelligence agencies Social welfare agencies Social insurance institutions Public health agencies Educational institutions These are agencies that enjoy the privileged protection of the state. Those among them that operate in the field of security are further protected against public scrutiny, as they operate in an area to which democratic reason has no access. What makes the data repositories of these institutions different from private data bunkers is their "official", i.e. their politically binding and definitive character. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Piracy "Industry" Until recent years, the problem of piracy (the unauthorized reproduction or distribution of copyrighted works (for commercial purposes)) was largely confined to the copying and physical distribution of tapes, disks and CDs. Yet the emergence and increased use of global data networks and the WWW has added a new dimension to the piracy of This new development, often referred to as Internet piracy, broadly relates to the use of global data networks to 1) transmit and download digitized copies of pirated works, 2) advertise and market pirated intellectual property that is delivered on physical media through the mails or other traditional means, and 3) offer and transmit codes or other technologies which can be used to circumvent Lately the Table: IIPA 1998 - 1999 Estimated Trade Loss due to Copyright Piracy (in millions of US$)
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Problems of Copyright Management and Control Technologies Profiling and Data Mining At their most basic Fair Use Through the widespread use of copyright management and control systems the balance of control could excessively be shifted in favor of the owners of Provisions concerning technological protection measures and fair use are stated in the | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acessing the Internet The Net connections can be based on wire-line and wireless access technolgies.
Usually several kinds of network connections are employed at once. Generally speaking, when an E-mail message is sent it travels from the user's computer via copper wires or coaxial cables Satellite communication Although facing competition from fiber-optic cables as cost-effective solutions for broadband data transmission services, the space industry is gaining increasing importance in global communications. As computing, telephony, and audiovisual technologies converge, new wireless technologies are rapidly deployed occupying an increasing market share and accelerating the construction of high-speed networks. Privatization of satellite communication Until recently transnational satellite communication was provided exclusively by intergovernmental organizations as Scheduled privatization of intergovernmental satellite consortia:
When Intelsat began to accumulate losses because of management failures and the increasing market share of fiber-optic cables, this organizational scheme came under attack. Lead by the USA, the Western industrialized countries successfully pressed for the privatization of all satellite consortia they are members of and for competition by private carriers. As of February 2000, there are 2680 satellites in service. Within the next four years a few hundred will be added by the new private satellite systems. Most of these systems will be so-called Low Earth Orbit satellite systems, which are capable of providing global mobile data services on a high-speed level at low cost. Because of such technological improvements and increasing competition, experts expect satellite-based broadband communication to be as common, cheap, and ubiquitous as satellite TV today within the next five or ten years. Major satellite communication projects
Source: Analysys Satellite Communications Database | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating the net: overview The Net consists of thousands of thousands of governmental and private networks linked together. No legal authority determines how and where networks can be connected together, this is something the managers of networks have to agree about. So there is no way of ever gaining ultimate control of the Internet. Although each of these networks is operated and controlled by an organization, no single organization operates and controls the Net. Instead of a central authority governing the Net, several bodies assure the operability of the Net by developing and setting technical specifications for the Net and by the control of the technical key functions of the Net as the coordination of the domain name system and the allocation of IP numbers. Originally, the Net was a research project funded and maintained by the US Government and developed in collaboration by scientists and engineers. As the standards developed for ensuring operability ensued from technical functionality, technical coordination gradually grew out of necessity and was restricted to a minimum and performed by volunteers. Later, in the 1980s, those occupied with the development of technical specifications organized themselves under the umbrella of the Internet Society in virtual organizations as the Internet Engineering Task Force, which were neither officially established nor being based on other structures than mailing lists and commitment, but nonetheless still serve as task forces for the development of standards ensuring the interoperability on the Net. Since the late 80s and the early 90s, with the enormous growth of the Net - which was promoted by the invention of Since the year 2000, a new model for technical coordination has been emerging: Formerly performed by several bodies, technical coordination is transferred to a single non-governmental organization: the Internet Coordination of Assigned Numbers and Names. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Internet services The Internet can be used in in different ways: for distributing and retrieving information, for one-to-one, one-to-many and many-to-many communication, and for the access services. Accordingly, there are different services on offer. The most important of these are listed below. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Copyright Management and Control Systems: Pre-Infringement Pre-infringement Contracts Contracts are a pre-infringement control method, which very often is underestimated. Properly formed contracts enable copyright holders to restrict the use of their works in excess of the rights granted under copyright laws. Copy Protection This approach was standard in the 1980s, but rejected by consumers and relatively easy to break. Still copy protection, whereby the vendor limits the number of times a file can be copied, is used in certain situations. Limited Functionality This method allows copyright owners to provide a copy of the work, which is functionally limited. Software creators, for example, can distribute software that cannot print or save. A fully functional version has to be bought from the vendor. Date Bombs Here the intellectual property holder distributes a fully functional copy but locks off access at a pre-specified date or after a certain number of uses. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rupert Murdoch Australian-born newspaper publisher and media entrepreneur, founder and head of the global media holding company The News Corporation Ltd., which governs News Limited (Australia), News International (U.K.), and News America Holdings Inc. (U.S.). Murdoch's corporate interests center on newspapers, magazines, books, and electronic publishing; television broadcasting; and film and video production, principally in the United States, the United Kingdom, and Australia. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chase Manhattan American holding company incorporated Jan. 22, 1969, to acquire, as its main subsidiary, The Chase Manhattan Bank, NA, and to develop other related financial services and operations. The Chase Manhattan Bank itself had resulted from the merger in 1955 of the Bank of the Manhattan Company (founded 1799) and The Chase National Bank (founded 1877). Its headquarters are in New York City. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
News Corporation The News Corporation Ltd., a global media holding company, which governed News Limited (Australia), News International (U.K.), and News America Holdings Inc. (U.S.) was founded by the Australian-born newspaper publisher and media entrepreneur, Rupert Murdoch. Murdoch's corporate interests center on newspaper, magazine, book, and electronic publishing; television broadcasting; and film and video production, principally in the United States, the United Kingdom, and Australia. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Casey, William J. b. March 13, 1913, Elmhurst, Queens, N.Y., U.S. d. May 6, 1987, Glen Cove, N.Y. Powerful and controversial director of the U.S. Central Intelligence Agency (CIA) from 1981 to 1987 during the Ronald Reagan administration. While affiliated with the law firm Rogers & Wells (1976-81), Casey became Reagan's presidential campaign manager and was subsequently awarded the directorship of the CIA in 1981. Under his leadership, covert action increased in such places as Afghanistan, Central America, and Angola, and the agency stepped up its support for various anticommunist insurgent organizations. He was viewed as a pivotal figure in the CIA's secret involvement in the Iran-Contra Affair, in which U.S. weapons were sold to Iran and in which money from the sale was funneled to Nicaraguan rebels, in possible violation of U.S. law. Just before he was to testify in Congress on the matter in December 1986, he suffered seizures and then underwent brain surgery; he died from nervous-system lymphoma without ever testifying. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Express U.S. company founded on March 18, 1850, as an express-transportation company, but today operating as a worldwide organization providing primarily travel-related and insurance services and international finance operations and banking. Headquarters are in New York City. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Seneca Lucius Annaeus Seneca (~4 BC - 65 AD), originally coming from Spain, was a Roman philosopher, statesman, orator and playwright with a lot of influence on the Roman cultural life of his days. Involved into politics, his pupil | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
American Petroleum Institute Major national trade association representing petroleum industry efforts in exploration and production, transportation, refining, and marketing. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chevron Chevron is a U.S. petroleum corporation formed in 1926 with the merger of Standard Oil Company of California and Pacific Oil Company. Headquartered in San Francisco, it operates today in more than 90 countries, either directly or through affiliates. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CIGNA CIGNA was formed in 1982 through the combination of INA Corporation and Connecticut General Corporation. CIGNA's formation in 1982 combined a leading property-casualty insurer with a leading supplier of life insurance and employee benefits. CIGNA has tightened its focus on employee benefits, divesting its individual life insurance business in 1998, and its domestic and international property and casualty operations in 1999. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exxon Formerly (until 1972) Standard Oil Company, Exxon is one of the world's largest corporations in terms of sales, with investments and operations in petroleum and natural gas, coal, nuclear fuels, chemicals, and such ores as copper, lead, and zinc. It also operates pipelines and one of the world's largest fleets of tankers and other ships. Exxon engages in every phase of the petroleum industry from oil fields to service stations. It is headquartered in Irving, Texas, a suburb of Dallas. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Viacom One of the largest and foremost communications and media conglomerates in the world. Founded in 1971, the present form of the corporation dates from 1994 when Viacom Inc., which owned radio and television stations and cable television programming services and systems, acquired the entertainment and publishing giant Paramount Communications Inc. and then merged with the video and music retailer Blockbuster Entertainment Corp. Headquarters are in New York City. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Procter and Gamble Major American manufacturer with headquarters in Cincinnati, Ohio. The modern Procter & Gamble markets products in several major areas: Laundry and cleaning products; personal-care products; food products; and such miscellaneous products as cellulose pulp, chemicals, and animal feed ingredients. The company has long been one of the leading American national advertisers. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pfizer Pfizer Inc is a research-based, global pharmaceutical company. The company has three business segments: health care, animal health and consumer health care. Its products are available in more than 150 countries. Headquarters are in New York. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State Farm Insurance Comprehensive insurance provider. Covers health, automobile, life, homeowners, and farmers services. State Farm Insurance Companies' corporate headquarters are in Bloomington, Ill. Today there are 27 regional offices and more than 1,000 claim service centers. State Farm has grown to include 76,500 employees and more than 16,000 agents servicing 66.2 million policies in the United States and Canada. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Citicorp/Citibank American holding company (formerly (1967-74) First National City Corporation), incorporated in 1967, with the City Bank of New York, National Association (a bank tracing to 1812), as its principal subsidiary. The latter's name changed successively to First National City Bank in 1968 and to Citibank, N.A. (i.e., National Association), in 1976. Citicorp was the holding company's popular and trade name from its inception but became the legal name only in 1974. Headquarters are in New York City. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Merrill Lynch & Co., Inc. American financial-services holding company whose principal subsidiary, Merrill Lynch, Pierce, Fenner & Smith Inc., is the largest retail brokerage house in the United States. Headquarters are in New York City. In the 1970s, under Chairman Donald T. Regan (later treasury secretary under President Ronald Reagan), the firm moved aggressively into such other financial services as insurance and established the nation's largest money-market mutual fund. The holding company was created in 1973. Under Merrill Lynch International, it has several international operations, including Smith New Court PLC, a British securities firm acquired in 1995. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||