NEW YORK, Dec 2 (Reuters) - Art Cashin, a renowned
market pundit and the UBS director of floor operations
at the New York Stock Exchange, has died at the age of 83, UBS
said.
Cashin, once dubbed "Wall Street's version of Walter
Cronkite" by The Washington Post, was a regular on CNBC,
delivering stock market commentary and analysis to the business
news channel's viewers for more than 25 years. His Wall Street
career spanned more than six decades.
"It is with a heavy heart that I inform you of the passing
of Arthur Cashin, Jr., a true giant in our industry," Bill
Carroll, head of sales and development at UBS Wealth Management
USA, said in a memo sent to employees on Monday.
The memo did not say when he had died or give details about
the circumstances.
In addition to his role at UBS, Cashin was renowned for his
daily newsletter, Cashin's Comments, which was published for
over 25 years with a daily circulation of more than 100,000
readers. He was also a regular on CNBC's "Art Cashin on the
Markets," a segment airing several times a week over more than
two decades.
"It's fair to say that over this time, Art Cashin became a
household name for investors across the country, who benefited
from his savvy insight on the markets, good humor and wit," the
memo said.
Arthur D. Cashin was born in Jersey City, New Jersey, in
1941, according to CNBC. He began his business career at Thomson
McKinnon in 1959 and in 1964, at age 23, he became a member of
the NYSE and a partner of P.R. Herzig & Co.
In 1980, Cashin joined investment bank PaineWebber and
managed their floor operation. PaineWebber was acquired by UBS
in 2000. At that time, the NYSE floor was the hub for the vast
majority of trading activity in the United States.
His newsletter, which combined market analysis with
trivia, historical tidbits and even recipes, often generated a
buzz in Wall Street's trading rooms and on the NYSE floor.
"The day Cashin's Commentary was released was always a
landmark on the Street," said Art Hogan, market strategist at
Baird Wealth Management, who got to know Cashin during the
several decades they worked on Wall Street together.
One recipe regularly featured was for "White Castle
burger stuffing", which he usually sent ahead of Thanksgiving,
Hogan recalled. Its ingredients? The bun and patty from a
hamburger bought from budget restaurant chain White Castle.
Cashin was also a regular at Bobby Van's Steakhouse in
Manhattan, where for decades he and a group of friends would
gather to tell stories and discuss markets. His usual drink was
a Dewar's on ice, and the restaurant would have his first ready
for him within five minutes of the closing bell ringing.
"Every time I'd be in New York, I'd be sure to be at Bobby
Van's right when the markets closed," said Julie Werner, an
individual investor in the Atlanta area, who first met Cashin
back in the mid-1990s when she was taking classes at the NYSE.
"They'd have his drink ready and waiting for him at his own
seat."
Cashin was one of three senior executive floor governors and
also served as a member of the Bond Club of New York.
He also chaired the NYSE Fallen Heroes Fund, which assists
families of first responders killed in the line of duty.
CNBC did not immediately respond to a Reuters request for
comment. Cashin's family could not be reached for comment.