Word: sec
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Dates: during 1930-1939
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...stock exchange, the Securities & Exchange Commission last week released its annual report to Congress, declaring that national exchanges have not yet demonstrated their capacity "to police their markets effectively against manipulative and deceptive practices." Hardly was this news on the streets when-giving a convenient plausibility to its assertion- SEC brought formal charges of manipulation in the stock of Auburn Automobile Co. against two partners of the important brokerage house of E. F. Hutton & Co. and a floor trader on the New York stock exchange. Most startling of all-one of the cited partners was Gerald M. Loeb. long known...
Last summer SEC jumped on E. L. Cord for certain deals in Checker Cab and other stocks. As a result, while denying the charges, he consented to an injunction forbidding any further manipulation of Checker Cab, Auburn, or stock of any other company in which Cord Corp. had financial interest. Simultaneously, without any explanation, E. L. Cord abdicated from Cord Corp. entirely (TIME, Aug. 16). Since then he has dabbled in Los Angeles real estate while financial circles have dabbled in all sorts of rumors explaining his abdication. Last week, when SEC suddenly pulled the case out of its files...
...fellow brokers. In Wall Street he is noted because he writes E. F. Hutton & Co.'s market letters and because he espouses an unorthodox theory whose kernel is that investment as generally practiced is not as safe as intelligent speculation. This conception is unlikely to endear him to SEC interrogators but thus far has pleased his clients. In hectic September, 1929, just before ''the crash," Broker Loeb's market letter declared: "We see no reason to do anything but stand on the sidelines...
Having in general stood up for SEC, Gerald Loeb was more hurt than angry last week., Said he: "Neither I nor my firm has any knowledge or information of any manipulative operation in Auburn stock and we are absolutely confident that the investigation will result in complete exoneration...
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