Word: partnered
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Dates: during 1930-1939
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...Herbert Hoover, Arkansas' Harvey Couch, now on R. F. C., Connecticut's G. O. P. Boss John Henry Roraback. The only "friend" revealed as having turned down a Morgan offer on ethical grounds was Board Chairman Edward Grant Buckland of New York, New Haven & Hartford R. R. Partner Whitney made a spirited defense of his firm's practice on the ground that its beneficiaries were willing and financially able to risk possible losses, did not have to borrow to buy, were not likely to dump their holdings for a quick profit and thus unsettle the market...
...United Corp., the huge Morgan-Bonbright utility holding company, gave the House of Morgan large influence in the power field but by no means control. Partner Whitney: "It has not always been J. P. Morgan & Co.'s policies that have been adopted by a long shot. I don't mean that there was a knock-down and drag-out fight but we often defer to the operating heads in matters of policy...
...partnership papers of the House of Morgan, so arcane that even Lawyer Davis had never seen them, disclosed that Partner Morgan was the firm's supreme arbiter, that one partner could veto any proposal, that half of each partner's profits were plowed back into the company, that the name of Morgan must vanish 15 years after the last Morgan leaves the firm. Though the committee withheld the partners' shares in profits, it was generally understood that Partner Morgan...
...House of Morgan headed a bankers' pool (Partner Whitney, who said he was "gun shy" of the word "pool." preferred to call it a "suspense account") to cushion the crashing stockmarket. It had resources of $250,000,000 of which it spent $137,752,705 in making a market for 37 key stocks. By 1930 the pool had turned a paper loss of $40,000,000 into a cash profit of $1,067,355. Morgan & Co. charged no commission for its services...
...When Counsel Pecora called Junior Partner Thomas Stillwell Lament to the stand and began to quiz him on personal year-end stock sales, presumably for tax deduction purposes, Lawyer Davis came to his feet in protest, forced the question of personal stock transactions into executive session...