February 17, 2009

Chicago broker Gordon Teach dies at 91

Gordon Teach, former chairman of the National Association of Securities Dealers, died at his home in Illinois this month at the age of 91.

Teach was a prominent Chicago stockbroker for many years, but the Chicago Tribune said he was well known as well for his decision to pass on a proposal from Ray Kroc, a colleague of his at a paper cup company, to get in on the start-up of what became the McDonald's hamburger chain.

Teach got into the brokerage business while attending Northwestern University and never did complete his degree. He parlayed a sharp analytical mind and a knack for salesmanship into a successful career at A.C. Allyn and Shearson Hamill before becoming president of Illinois Co.

Teach's son, Michael, told the newspaper his father was a firm believer in long-term investing who liked to tell clients: Don't look at your stocks. Trust what you did.

Teach died Feb. 9 of cancer at his home in Inverness, Ill. The funeral is scheduled for March 7.