Word: sec
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Dates: during 1930-1939
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...fight he makes," is the motto that hangs in the San Francisco office of shy, chunky Banker Ashby Oliver Stewart. This is the sort of spirit to endear him to famed Banker Amadeo Peter Giannini, currently facing the biggest fight of his career, result of an SEC crackdown charging Giannini's Transamerica Corp. with a false and misleading securities registration (TIME, Dec. 12). In 1933 Banker Stewart took over from "A. P." the Bankitaly Mortgage Co. Last week he took over a "large block of stock" and the chairmanship of Bancamerica-Blair, investment house which "A. P." unloaded...
Growing mushrooms in a subterranean room on his Cleveland estate is the hobby of pudgy, sleepy-eyed Carmi Alderman Thompson, onetime Treasurer of the U. S. (1912-13) and currently president of Fidelity Investment Association. Old Financier Thompson may soon have more time for his mushrooms, for last week SEC asked a Federal judge in Detroit for injunctions whose effect might put Fidelity out of existence "as a fraud and deceit...
...SEC has already jumped on nine other "thrift plans" this year, but mostly for minor offenses in their business of selling their shares on the installment plan. Charges in Fidelity's case are more grave: That Fidelity obtained money and property by means of untrue statements, had failed to maintain required reserves against its $276,000,000 in outstanding certificates, had resorted to interfund transfers to write up the book value of securities by "well over $1,000,000," had used investors' funds for the benefit of trie officers and directors of the company...
...good deal more wrought up than slow-spoken Carmi Thompson, Chairman Marshall pointed out that a Department of Justice investigation four years ago found nothing wrong. Snapped he: "If the SEC followed the same liquidity rule they are trying to force on us they would ruin a good many insurance companies...
...Valuable Extinct Securities Guide. Last week Otto Peretz Schwarzschild, who bought the business in 1930, brought the guide up to date. Listed were 5,500 such extinct securities as those of Amethyst Mining Co., Kowkash Holdings, Ltd., Unique Operating Co. Announced Mr. Schwarzschild: "While the activities of the SEC have curtailed the output of sour securities, it will be a long time before the obsolete security business faces extinction...