Word: sec
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Dates: during 1930-1939
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...SEChairman Joe Kennedy and his aide, SEC General Counsel Judge Johnny Burns (who had been Massachusetts' youngest Superior Court member) became annoyingly literal about applying SEC's Public Utility Holding Company Act of 1935 to United. United and SEC remained at war for three years...
...United was no longer a united family. Its chief counsel (also a director) was none other than former SEC General Counsel Johnny Burns. He and belly-laughing Floyd Carlisle wanted to play ball with SEC immediately. Chief on the opposite side of the table in United's board room was Morgan Partner George Whitney...
Next, United announced that it would write down its $581,285,157 paper assets to $144,528,214. In this $436,756,943 write-off-one of two stupendous deflations of book values in the history of the inflating utility industry*-SEC concurred. Before the year was out United made still another obeisance to Bill Douglas and SEC: it registered as a holding company. In doing so President George Howard announced that United intended to reduce its holdings in its four main holding company investments (eventually to less than 10% of each) that it "has determined to continue...
...bondholders. Then came rumors that Washington might act, that the Philippine Commonwealth would redeem the issue at $65. Bonds shot up to $31 in January and February as speculators bought for the rise, crashed when President Manuel Quezon denied his Government was buying them. Smelling a rigger, SEC investigated, found the flurry had cost speculators about...
...Goodfellow Philip") Buencamino, 53, whip of the Philippine Assembly, longtime confidant of President Quezon. Because he offered to cooperate in the bond redemption plan for an alleged $50,000, he was denounced by the Federal prosecutor as the "Judas of the Philippine Assembly." Leaving last December to face the SEC inquiry, he told loyal followers: "I wish to break a little confidence which the Chief Executive (Quezon) has told me. ... He said he . . . did not believe me guilty of the accusations laid at my door." Last week he was convicted of a part in the conspiracy, may be sentenced...