Word: hopson
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...Howard Colwell Hopson could still grin from ear to ear as he boldly taunted a lumbering SEC. Last week the smile and boldness were gone. Ingenious, porcine Howard Hopson, charged with milking his now bankrupt $1,000,000,000 Associated Gas & Electric system of $20,000,000 in the biggest utility peculation of all time, went on trial for mail fraud and conspiracy...
...post-Insull afterglow of U. S. high-financeering, No. 1 utility scandal was tubby Howard C. Hopson's rancid Associated Gas & Electric. Today Hopson is self-allegedly feebleminded; his goons are dead, broke and scattered; his insolvent empire has become the largest reorganization in the history of U. S. business (TIME, March 4). A. G. & E. is simultaneously a ward of the Federal courts, a debtor of the U. S. Treasury (for at least $5,000,000 of unpaid taxes), and a regulatee of SEC, which Hopson's 1935 utility lobby tried to keep out of the utility...
Fortnight ago, they learned better. A loud second-class row developed between SEC and Co. Trustee Pollak. Co. is in reality just a set of books, hadn't had an employe for eight years until the Hopson crowd made Washington Lawyer Roger Whiteford its president during the system's last 100 days of freedom-and even he could not collect his salary from an empty till. Biggest joke about the reorganization has been that the trustees have talked and acted like big businessmen, while for months they too were unable to collect their salaries...
...many fat contracts were going to Robert & Co., and Henry Morgenthau (who succeeded Woodin) relieved Assist ant Robert of all but a few routine duties. Then newshawks caught Chip Robert and his wife-to-be, Evelyn Walker Robinson, at a dinner party given by a lobbyist for Utilityman Howard Hopson. Five months later Chip resigned...
Collapse. All of them-delegates, newsmen, wise guys-understood politics thoroughly. The question was: Did they understand a political movement? They shied off like wise guys, sneering: "Willkie, the Nine-Minute Wonder," "Hopson's Choice." They gave themselves comforting reasons for his upsurge-Eastern seaboard hysteria, Wall Street propaganda, utilities propaganda-explained away the galleryites as paid Wall Street stooges, explained away the telegrams by knowing references to utility tactics in fighting the Wheeler-Rayburn Holding Company...