Word: pecora
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Ferdinand Pecora made many a millionaire sweat and squirm as he ferreted out Wall Street's secrets for the Senate Banking & Currency Committee (TIME, Feb. 27, 1933 et seq.). For his services the swart, Sicilian-born inquisitor received $300 per month and the thanks of his President in the form of a one-year appointment to the Securities & Exchange Commission (TIME, July 9). Last week Lawyer Pecora received from New York's Governor Lehman the reward which he really wanted. To serve the unexpired eight years of a resigned justice's term. Governor Lehman appointed Mr. Pecora...
...frontier to be excited and stimulated by tales of danger and thrilling adventure. But it is certainly all wrong for such a spirit to be fanned up artificially by the engines of a sensational Press, by the enterprising photographers who record all the horrid details of crime. . . ." Ferdinand Pecora, like most militant prosecutors, wanted to cut constitutional corners, put crooks expeditiously in jail by denying them immunity from selfincrimination, by convicting them on majority jury verdicts...
...When Ferdinand Pecora got through with Wall Street there were only two secrets left-the partnership agreement of the House of Morgan and the wealth of the New York Stock Exchange. Last week, with the reluctant consent of the governors, the Securities & Exchange Commission released the Big Board's figures. A consolidated balance sheet of the Exchange and its five subsidiaries revealed total assets...
...weeks we have listened to the voice of John the Baptist Pecora crying in the wilderness of Wall Street, "repent ye, for manipulation is no more". It will be interesting in view of the marked evidence of pool manipulation during the past ten days in certain stocks so happily designated by the noted British economist Angas as "rubbish" shares, to note what action, if any, the Securities Commission will take. Or, maybe only "manipulation" for a decline is to be censured. An interesting stock to watch is McLellan Stores, which, in the midst of, or emerging from reorganization activities...
Despite soft shushing, the first of the R's, so characteristic of the Roosevelt Regime: Recrimination, Resignation and Reorganization, are registering in the Securities Commission. The scavenger instincts of Protector of the Public Pecora scenting a tainted situation in the matter of B.M.T. bonds, have caused that noted headline hound to break forth into full cry, to the consternation of the youthful counsel for the Commission, who, it is said, Burns Pecora up. Any inquisition at this stage will prove a killing frost to the budding confidence of security holders...