Word: sec
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Dates: during 1940-1949
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...Seattle, Coach Tom Bolles' crack Harvard, crew rowed the 2,000-meter Olympic distance in a record 5 min. 49 sec. In doing so, Harvard, which always passes up Poughkeepsie, defeated nine of the eleven crews which raced at Poughkeepsie a fortnight ago. Navy, the Poughkeepsie winner, did not show up at Seattle, but the Harvard crew had already beaten Navy this season, was thus apparently the crew of the year...
...SEC was finally satisfied that Preston Tucker was telling the truth about his financing. So last week it withdrew its stop order and allowed Tucker to float $20 million worth of stock to finance the production of his rear-engined automobiles (TIME, June 23). The Commission had no choice; it cannot bar anyone from selling the stock as long as the truth is told about the issue...
...SEC was so perturbed by the truth that it said flatly that Tucker's past publicity in newspapers, magazine articles and paid advertisements was "grossly misleading and false." It also warned prospective investors to read Tucker's amended registration statement carefully before buying, and listed the facts which Tucker had previously failed to disclose...
Among them were Tucker's dealings with one Harold A. Karsten, formerly known as A. H. Karatz, a fellow promoter of the Tucker Car Corp. Tucker had attempted to conceal the Karsten connection, said SEC, because of Karsten's "criminal record."* Karsten introduced Tucker to Floyd D. Cerf Co., Inc., a Chicago underwriting firm, and later helped him negotiate his lease for the $70 million surplus Chicago Dodge plant from the War Assets Administration...
Tucker could still float his stock, if he amended his registration to meet SEC's approval. But he had little time-unless WAA gave him another extension. There was little chance of that because Republican Senator Homer Ferguson, whose Michigan automakers regard Tucker as a wishful dreamer, had turned a probing eye on the whole deal. Ferguson said that he "assumed" the plant would revert to WAA if Tucker did not make good on July...