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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...

Author: /time Magazine | Title: THE PRESIDENCY: The Roosevelt Week: Jun. 18, 1934 | 6/18/1934 | See Source »

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...

Author: /time Magazine | Title: Business & Finance: Law at Last | 6/11/1934 | See Source »

...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...

Author: /time Magazine | Title: Press: A General on Merry-Go-Round | 5/28/1934 | See Source »

...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...

Author: /time Magazine | Title: Business: Brokers' Profits | 5/14/1934 | See Source »

...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...

Author: /time Magazine | Title: Business: Cleveland Closings | 5/14/1934 | See Source »

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