Word: sec
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Dates: during 1930-1939
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...police powers cannot go forth within his precinct and command companies to borrow money that they do not need. All he can do, as he has done, is to make it easy for the honest. He has stumped the land proclaiming his credo: "No honest business need fear the SEC." He has been not only a good policeman, but also a polite one, insisting that all SEC subordinates be courteous and cooperative. Doing business is infinitely more difficult than before the New Deal but bankers now know that it can be done...
Making it hard for the shady is as prime an SEC principle as making it easy for the honest. Bucket shops, boiler rooms and the sell-&-switch racket are for the first time up against toothy Federal laws. But the downright crook is not so annoying as the shady dealer operating on the frontiers of legality. Last week Director of Registration Bane cracked down with a stop-order suspending sale of stock in a Tulsa concern called Wee Investors Royalty Co. Wee Investors proposed to sell its stock on a chain-letter basis. In the studied understatement of Mr. Bane...
Over-the-Counter. SEC's chief difficulty in policing the borders of the legitimate securities business is its lack of control of over-the-counter markets, a vast and undefined realm composed of perhaps 8,000 dealers. Congress provided SEC with powers to regulate over-the-counter by "such rules & regulations as the Commission may prescribe as necessary or appropriate in the public interest." Just what would be necessary or appropriate no one knew, and Commissioner Landis and his researchers have been groping diligently ever since. SEC's first step was a census: all dealers must be registered...
...Potomac, Over all these SEC activities Chairman Kennedy keeps a sharp blue eye. In the Commission's Division of Labor, he personally reviews each & every appointment. But he drops into hearings, does the liaison work with other Govern-ment agencies, sees the President frequently, confers with his colleagues twice each day. No Federal official rides the airlines more than SEChairman Kennedy. In the last year he has flown more than 65,000 miles. Lately in one week he flew to San Francisco for the opening of a regional branch office, on to Los Angeles (with a stop-over...
Having set up the SEC machine, and got it running smoothly, Chairman Kennedy wanted to return to private life last spring. But. on the very day that he planned to take his resignation to the White House, the Supreme Court rocked the New Deal with its NRA decision. Loyally pocketing his resignation, Mr. Kennedy went back to work because he was too good a policeman to desert his post when the sky seemed to be falling on the White House...