Word: sec
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Dates: during 1930-1939
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...these are divided into only 49 issues compared to the hundreds of stocks which make up the Stock Exchange's $44,000,000,000 listing; 2) by & large all the issues move up and down together. Another inducement is the fact that the Government market, with no SEC to regulate it, can be played on margins as low as 5% instead of the 40% now required for stocks. Biggest inducement is that the Government, with its powers over the banking structure and its large trading operations in its own securities, can and does rig the market to protect...
These considerations guided Franklin Roosevelt's search for a successor to Louis Dembitz Brandeis, who retired from the Supreme Court in February. Demands that a Westerner be named this time restricted the choice. Suddenly it was remembered that William Orville Douglas, 40, chairman of SEC, was born in Minne sota, raised and schooled in Yakima and Walla Walla, Wash. A trial balloon for the Douglas appointment was released just before the President went war-gaming with the fleet (TIME, Feb. 27). This week, the President named Mr. Douglas to be the youngest Associate Justice since Joseph Story...
Although Bill Douglas will not put his lanky legs on the high court's august desk or chain-smoke cigarets during hearings, he may often wish he could. That is the way he behaved in the chair of SEC. His care less clothes, sandy hair awry, speech plain as a pikestaff, are essentially characteristic of the young man who only 17 years ago herded sheep and bummed on box cars to get East for his legal education...
...years with the high-powered Manhattan firm of Cravath, de Gersdorff, Swaine & Wood he threaded the jungles of corporate law and finance. He went back to teach at Columbia, was called to Yale where he became Sterling Professor, declined an even finer chair at Chicago, went to SEC in 1934 on Joe Kennedy's invitation...
...finance, even when honest, is still "the art of getting something for nothing." Wall Streeters, however, believe that he inherited more than enough righteousness. Last week, for example, just when the stock exchanges thought they had him all lined up to relax the rules about trading by "insiders," as SEC's contribution to "appeasement," he sharply called their report "a phoney...