Word: pecora
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...addition to signing the Stock Exchange Regulation bill and handing one of the pens to Ferdinand Pecora, signing a new Corporate Bankruptcy bill, asking Congress for $525,000,000 for drought relief, signing two Federal crime bills, asking Congress to give Haiti left-over equipment of the U. S. Marines there and planning the wind-up of the session with House & Senate leaders, President Roosevelt went cruising down the Potomac last week on the Sequoia. With him went two baskets crammed full of official papers-each paper a problem. The President was tired, mentally and physically. But there could...
Fresh from the hands of Ferdinand Pecora and his young legalites, the original bill was a dogmatic double decalog for brokers, bankers and businessmen. The bill finally enacted still bristled with penalties, liabilities and thou-shalt-nots, but many of its cutting edges had been removed. No longer is a banker both a broker and dealer by definition. No longer is a bank forbidden to loan on sound but unlisted local securities. The odd-lot business and arbitrage are not annihilated by loose language. Even the much disputed margin requirements (45% for a starter) may be altered by the Federal...
...general's brother officers on the General Staff begged him to drop his complaints. But he and his lawyers were adamant. Equally aware of the same ludicrous possibilities, Merry-go-Rounders Pearson & Allen engaged the most spectacular, publicity-wise lawyer to be found in Washington, dark, bombastic Ferdinand Pecora, investigator for the Senate Banking & Currency Committee. Hearst is represented by his resident counsel in Washington, distinguished Wilton John Lambert. United Features, a keenly interested spectator, called in the Scripps-Howard counsel, the law firm of Newton Diehl Baker, who, as Secretary of War, was General MacArthur's onetime...
...brokerage firms but the total volume of business in the five years and eight months was approximately $292,000,000,000-a figure not far from the total national wealth. On this great turnover brokers' profits amounted to approximately three-tenths of 1%. Mr. Pecora also failed to mention the fact that State and Federal transfer taxes during the period yielded more than $360,000,000, an amount equal to about 40% of brokers' total profits. Boiling mad at Mr. Pecora's tactics, President Richard Whitney of the New York Stock Exchange roundly damned the report...
...history. Last week the Committee's catch-all investigation threw new light not only on the profits of brokers (see p. 66) but also on closed Cleveland banks. For the failure of $250,000,000 Union Trust Co. and $148,000,000 Guardian Trust Co. Ferdinand Pecora's staff blamed: 1) mismanagement; 2) a lax-Ohio Banking Department; 3) evasions of the spirit of the law. The investigators declared that Guardian Trust was "hopelessly insolvent" a year before it was closed by the banking moratorium, never to reopen, that it "has never published a statement of condition which...