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D. Petitioners and Their Introduction to the Partnership
Transactions
Petitioners William and Joan Spears resided in Greenwich,
Connecticut, at the time their petition was filed. Spears earned
a B.A. in politics and graduated with honors from Princeton
University in 1960. He then attended the Harvard School of
Business where he graduated with distinction in 1962. In July
1962 he joined Loeb, Rhoades & Co. (Loeb, Rhoades) as a
securities analyst. At Loeb, Rhoades, Spears concentrated on the
pharmaceutical and retail industries until 1968, when he acquired
responsibilities in investment management. Spears became a
general partner at Loeb, Rhoades before leaving in 1971. In
January 1972, he formed his own investment management firm, W.G.
Spears, Inc., which eventually became Spears, Benzak, Salomon &
Farrell (Spears, Benzak). From its formation until the time of
trial, Spears, Benzak has managed funds principally for wealthy
individuals, endowment funds, foundations, and pension funds.
Petitioners Vincent and Clotilde Farrell resided in Katonah,
New York, when their petition was filed. Farrell earned a B.A.
in history from Princeton University and an M.B.A. from Iona
College Graduate School of Business. Immediately after college,
in 1969, Farrell was employed as a high school teacher and
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