Word: sec
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Dates: during 1930-1939
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...Landis' successor, terse, left-wing William O. Douglas. Damned as a radical and faced with the continuing slide of the market, Bill Douglas took over in September, soon let it be known that so far as he was concerned regulation had only begun. After three years on the SEC in lesser jobs, Chairman Douglas was all too familiar with the Exchange's standard method of passing the buck. Under the influence of Richard Whitney, no longer president but still boss of the board of governors' Old Guard majority, the Exchange would agree to any reform that...
...form of the reply was typical-the Exchange offered to publish a letter to Douglas promising to reorganize and admitting that SEC was not to blame for the crash. No less than 15 drafts of this letter were composed, each so phrased that Douglas knew it was just one more runaround. Finally, in mid-November, he blew up, snapped: "The negotiations are off." "I suppose you'll go ahead with your own program?" asked the Exchange's representative...
...wire houses" in the Street with large volume of business from all over the U. S., unlike the business of the Old Guard which mostly originated in big cities. All three had lined up against Richard Whitney in his famed 1934 fight to stop the law creating SEC. All three had helped force Dick Whitney out of the presidency to make way for Charles Gay, a middle-of-the-roader with a vague repute for being "New Deal." Soon after Douglas became SEC chairman, Shields and Pierce called on him in Washington, suggested reorganization of the Exchange...
First onslaught came in late November in an SEC kickback at Charles...
...they produced just such a program as Douglas wanted-complete reorganization, with a paid president, increased technical staff, various safeguards to insure democratic rule. Few days before the Conway plan came out, Douglas gave the Exchange a taste of what it might expect unless it cleaned its own stables: SEC issued a new rule sharply curtailing short sales. Thus spurred, the Exchange endorsed the Conway recommendations at once. Richard Whitney again mobilized his opposition, but early in March came the event which definitely delivered the battle into reform hands-Whitney, so long the White Knight of Wall Street...