Word: sec
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Dates: during 1940-1949
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...Wall Street wants SEC to renounce, by okaying repeal of the pertinent clauses, its never-used power to segregate broker and dealer functions. SEC wants to "continue to study" this problem...
...What makes Wall Street most nervous is that SEC wants a new power. It wants to be able to revoke an exchange's license (or punish its members) for failure to enforce (or live up to) the exchange's own rules. It can now do so only for failure to obey SEC rules...
Both sides went to town on this last point. New York Stock Exchange President Emil Schram protested that it would kill self-regulation of the Stock Exchange just when the Exchange had reorganized for that very purpose. SEC in turn not only dragged out Dick Whitney, but also the more recent Cuppia case. Jerome Chester Cuppia, a former partner of E. A. Pierce and ex-governor of the N.Y. Curb Exchange, exiled himself to South America in 1940 after engaging in fee-splitting and kickbacks totaling over $1,000,000 in eight years (an infraction of the Curb...
With only two horror cases in six years to cite, SEC's testimony before Congress made Wall Street scream about manufactured bids for more power. Ganson Purcell calls this charge "the obvious resort of anybody who wants to undermine our efforts to perfect the powers we have...
...even SEC's pet securities body, the National Association of Securities Dealers, was furious last week. Reason: an SEC lawyer, investigating disciplinary action by N.A.S.D. upon some of its members (who had breached a typical underwriting agreement) came up with the startling theory that such agreements might be in violation of Maloney Act provisions similar to the anti-trust laws. N.A.S.D., along with the rest of the Street, regards these underwriting and selling group agreements as the very heart of the investment banking business...