For the most part, Hutton employees didn't
have much class -- which isn't to say they weren't great to work with
and fun to party with, because they were, and the people were part of
what I really loved about working there -- but Phipps used an Imari cup
for his tea, even when he was alone in his office, you know what I mean?
Once when we went to Hutton headquarters in New York to meet with some
customers about bringing a big trust in, he took me on a walking tour
around Wall Street, including Trinity Church and the Stock Exchange, and
told me their history.
3: Paragraph 44 HPM, the program he ran, supervised AEs who had
qualified to act as investment managers, instead of brokers, for their
customers' Hutton accounts. So if an account was signed up for HPM, the
AE made the buy-sell decisions and executed the trades but received a
fee that was a percentage of the account's value instead of commissions
on each transaction. Phipps handpicked the AEs who got into the program
and supervised their training and their performance, and it was a class
act all the way.
3: Paragraph 45 One of the times he had me speak to a group of
HPMers about using trusts and the Trust Company was in Washington DC on
20 September 1984. It was one of those several-day affairs including
training sessions and field trips, and one of the trips the day I was
there was to the Capitol to meet one of Delaware's Senators and ride the
little train under the building.
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