Word: sec
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Dates: during 1930-1939
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...came before the House. A wheelhorse in a pasture of mavericks, he worked on the Public Utility Holding Company Act of 1935, defended the Court Plan, was the most ardent New Dealer among the Monopoly Investigation Committee's Congressmen. Last week Franklin D. Roosevelt appointed him to the SEC in place of Liberal Businessman John W. Hanes, resigned...
Without warning, SEC had threatened to delist Transamerica stock on the charge that its registration statement contained "false and misleading statements." That all was not rosy between Banker Giannini and the New Deal was first indicated last spring when Franklin Roosevelt in his monopoly message called for "gradual separation of banks from holding com pany control." Wise old A. P. had already prepared for such a contingency year and a half ago by rearranging Transamerica's stock so it could be switched quickly to an investment trust. It was on this realignment that SEC last week cracked down with...
...people A. P. was fed up with was apparent last week: Secretary of the Treasury Henry Morgenthau blandly declared that SEC had consulted him before taking action. But Federal Reserve Chairman Marriner Eccles, also charged with bank supervision, was known to have rushed to Warm Springs to complain to Franklin Roosevelt that the Reserve had not been consulted until two days before SEC cut loose. Here was the sort of division in the enemy's ranks which a great fighter like Amadeo Giannini could not fail to spot. Holding his tongue with difficulty as Transamerica stock broke a hefty...
...that fight was apparently over. Having battled unavailingly up to the Supreme Court, all the major utilities submitted plans for slicing themselves up in accord with the death sentence. For the occasion it pleased Mr. Hopson to take the limelight once more. Of all the 64 plans submitted to SEC, his was the only one completely revealed to the public...
Last week A. G. & E. told SEC that it would: 1) eliminate 112 companies; 2) juggle its properties into two "systems"-one consisting of power properties in New York, Connecticut, Pennsylvania, New Jersey, Maryland, Virginia, Delaware and West Virginia; the other in the Carolinas, Georgia, Florida, Kentucky and Tennes see. The first "system" is already, as required by law, almost entirely "integrated" geographically, the second obviously cannot be. For this the Hopson lawyers had an "out" which will doubtless give SEC pause- they maintained that since each subsidiary was wholly located in a single State or adjoining States, the plan...