Frank E. Baxter (with Katherine F.)
March 5, 2001 His tough-minded business deals combined with a personable nature have earned Frank Baxter a reputation among brokers as "the smiling assassin." The 63-year-old chairman of the Jefferies Group, an independent national brokerage, is a marathon runner and practices meditation daily. He became CEO of Jefferies in 1987, when founder Boyd L. Jefferies pleaded guilty to charges of stock fraud. Last October, Baxter announced he was stepping down as CEO while retaining his post as chairman. He owns about 8 percent of the company's stock, valued at more than $50 million. Baxter's resume also includes a key role in the restructuring of the National Association of Securities Dealers. Last year, the association's board approved a $1 billion plan to make the NASDAQ a private, for-profit company. If implemented, the plan will make NASDAQ the first U.S. securities market to be owned by shareholders rather than member brokerages. Baxter is among the founders of the Club for Growth, a conservative group of Wall Street executives who pool money into a political action committee to support congressional candidates. The club was created by stockbroker Richard Gilder (No. 145, $288,725), who modeled the group after Emily's List. Besides giving to individual candidates, the club has raised money for campaign ads on issues like privatizing schools and tax cuts. -- Suzanne Boothby | | |
