Word: richards
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Dates: during 1930-1939
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...over in September, soon let it be known that so far as he was concerned regulation had only begun. After three years on the SEC in lesser jobs, Chairman Douglas was all too familiar with the Exchange's standard method of passing the buck. Under the influence of Richard Whitney, no longer president but still boss of the board of governors' Old Guard majority, the Exchange would agree to any reform that was suggested, then evade it on a technicality. With typical boldness, Douglas decided that his best defense against the Exchange's kick was an offense...
...Casino. By this time, Douglas had established cordial relations with a group in the Exchange which had long been at odds with Richard Whitney's Old Guard...
...Paul Shields, John Hanes and E. A. Pierce. All three represented the big "wire houses" in the Street with large volume of business from all over the U. S., unlike the business of the Old Guard which mostly originated in big cities. All three had lined up against Richard Whitney in his famed 1934 fight to stop the law creating SEC. All three had helped force Dick Whitney out of the presidency to make way for Charles Gay, a middle-of-the-roader with a vague repute for being "New Deal." Soon after Douglas became SEC chairman, Shields and Pierce...
...Richard Whitney's Old Guard looked on him as an amiable tool for their campaign...
...safeguards to insure democratic rule. Few days before the Conway plan came out, Douglas gave the Exchange a taste of what it might expect unless it cleaned its own stables: SEC issued a new rule sharply curtailing short sales. Thus spurred, the Exchange endorsed the Conway recommendations at once. Richard Whitney again mobilized his opposition, but early in March came the event which definitely delivered the battle into reform hands-Whitney, so long the White Knight of Wall Street, was a thief...