Word: broker
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Dates: during 1930-1939
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...witness stand for two hours in Washington. He was trying to tell SEC Lawyer Gerhard Gesell (whose 28 years of age precisely equalled the period Mr. Lamont has worked for J. P. Morgan & Co.) why he had told nobody about it when he learned last November that Broker Richard Whitney was not only insolvent but also guilty of using customers' funds illegally. When his partner, George Whitney, came to him to borrow $1,082,000 to help his brother Dick "out of a jam," explained Mr. Lamont. "I moved as my heart dictated." It did not occur...
...years" at Muhlenberg College. He plays poor golf, does not ride to hounds, has no relatives at J. P. Morgan's. At 27 he has been in Wall Street barely long enough to learn the ropes with his Uncle Harold at Hoppin Bros. Last week young Broker Haughey found himself scheduled to get Richard Whitney's seat on the New York Stock Exchange.. He had not asked for it, had merely filed a bid of $59,000. Since this was $7,000 above the previous sale, which had set a 20-year low, the Exchange quickly accepted...
...back up this assertion, Lawyer McCall read a list of such cases all but the first of which have been turned up by SEC since the market crash gave many brokers the choice of crockery or failure-Richard J. Daly, who pleaded guilty to hypothecating $150,000 in customers' securities last June; two partners of Jesse Hyman & Co. convicted of grand larceny together with William F. Enright, who had charge of the security box of Winthrop, Mitchell & Co., after this reputable firm discovered Enright had lent some $2,000,000 of its customers' funds to the Hyman partners...
...Exchange's claim that it requires no added SEC supervision, President Gay grimly mounted the rostrum of the Exchange and suspended Richard Whitney & Co. for insolvency (TIME, March 14). Wall Street's first reaction was outright incredulity that "The Corner" had not bailed out its favorite broker. But it was speedily apparent that The House of Morgan had known nothing of the pending debacle. In fact George Whitney had just gone off for a two-weeks' vacation in Florida. Day after Dick Whitney's failure he rushed back to town, but by then there was nothing...
This time the fallen financier was taken to the Criminal Courts Building. While photographers ran ahead of the poker-faced broker, snapping his long, elegantly dressed frame and the little Porcellian pig glistening at his watch chain, several hundred idlers trailed in his wake. "Who is it?" cried a woman. "It's Whitney!" screamed a group of giggling schoolchildren...