Word: saperstein
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Dates: during 1930-1939
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...market (see p. 15), New York Stock Exchange President Charles R. Gay found occasion in Chicago to repeat the old argument for speculative liquidity, observing that "calculating, measured speculation has been a constructive force. . . .'' Right back at Mr. Gay came the Securities & Exchange Commission's David Saperstein with a distinction between market "liquidity" and "activity." Professional traders, said he, more often created the latter than the former because unless the market was already liquid they ordinarily would not play...
Accompaniment to these woodwinds of theory was the resounding brass of a world-wide market break more immediately illustrative of Mr. Saperstein's point than of Mr. Gay's. In London, where commodity prices cracked early last month after Franklin Roosevelt's pronouncement on their high levels (TIME, April 19), stock speculators rushed to sell on news of Britain's higher industrial profits tax. In New York the market slide which began in March became a small avalanche, carrying U. S. Steel common down 10 points to 98, Chrysler down 6, Allied Chemical down...
...David Saperstein, director of SEC's Trading & Exchange Division, is an old-time Pecoraman. Smart, he has hired Wall Streeters steeped in the lore of the tape to watch the ticker day in, day out for signs of manipulation. Whenever his tape readers smell a pool, squads of SEC investigators swarm into action. Technical Adviser Paul Gourrich was trained in Kuhn, Loeb...
...doomed to extinction, the Securities & Exchange Commission continued to round out its organization. John J. Burns, onetime Harvard Law School professor and the youngest judge (30) ever to be elevated to the Massachusetts Superior bench, was made general counsel. Closer to Wall Street was the appointment of David Saperstein as head of the Commission's trading division, which under the gleaming eye of Commissioner Ferdinand Pecora will henceforth police U. S. stock-market trading...
Thirtyfour, Jewish and a lawyer, David Saperstein is one New Dealer who did not receive his inspiration from Felix Frankfurter and the Harvard Law School. From Columbia he returned across the Hudson to his home town of Union City, N. J., where he soon entered the firm of Platoff, Saperstein & Platoff. The Platoffs and the Sapersteins were old neighbors in suburban Weehawken. Mr. Pecora took him to Washington as his chief assistant in the Senate Banking & Currency Committee investigation. David Saperstein used to play semi-pro baseball, now loves poker and the writing of unpublished plays...