Word: pecora
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...group found few outright abuses of the stock market's rules, but its recommendations struck deeply at five major areas (see box on next page) that make up the very heart of the market, promised the most sweeping overhaul of Wall Street since the Pecora investigation set up the SEC 30 years ago. The SEC recommended that trading in stock issues that are "unlisted" on any exchange be automated and perhaps made cheaper for the investor, and that the cost of trading in "odd lots" of fewer than 100 shares be lowered. It asked for closer regulation...
FRANK PACE WILLIAM PALEY ALICIA PATTERSON FERDINAND PECORA CLAUDE PEPPER FRANCES PERKINS JAMES C. PETRILLO SYLVIA PORTER ROBERT PRESTON GWILYM A. PRICE LEONTYNE PRICE NATHAN PUSEY
...Flynn's influence, he could not make De Sapio's position secure. Beneath De Sapio's shaky perch slavered a whole litter of lesser tigers just waiting for him to make his first slip. He slipped, and soon. With Flynn, he supported Judge Ferdinand Pecora, an honest man cursed with every outward attribute of the typical Tammany stooge, against a Tammany outcast. Vincent Impellitteri, who looked to the voters like a brave little David slinging stones at a Goliath. "Impy," without machine support, won easily. Never had Tammany Hall suffered a more galling defeat. De Sapio...
Then, with the cold introspection that may be his greatest political strength, De Sapio took stock of himself and his situation. "After Pecora," he now says, 'I felt something drastic had to be done to disprove the public impression of me and my organization. As time went on, I could only see that, unless we put our house in order, the Democratic Party in New York would have no value as a party at all. I watched very carefully for the right places to push for or against the right program...
...Currency Committee, Fulbright was asked if he would look into, among other things, the steep rise in the stock market. Why, yes, said Fulbright, "we ought to have a look." The headlines that followed his off-the-cuff answer caused Wall Streeters to brace themselves for something like the Pecora investigation...