Word: sec
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Dates: during 1940-1949
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Iowa's ex-Congressman Edward Clayton Eicher got a new job last week. Its imposing title: chairman of SEC. Its actual duties: to keep the chair just vacated by Jerome Frank warm for Brain-truster Ben Cohen, who is now in England assisting with Lend-Lease Act administration...
...back from England. Thereupon Cohen will be named a commissioner and Eicher will be nominated for his judgeship. The New Dealers hope that Gillette's isolationism has him in so much trouble already that he will let the appointment go through. If & when Eicher gets up from the SEC chair, Ben Cohen will sit right down. Cohen will be too busy braintrusting and planning the defense program to run the SEC routine, so a plan is afoot to create a new post of vice chairman and give it to Republican Commissioner Sumner T. Pike...
...trust companies more formidable monopolists of the best security issues than ever. The bankers will become mere bone-fed finders of private placements. Since the insurance companies have already been put on the spot before TNEC for absorbing so huge a share of U.S. investment opportunities (TIME, March 10), SEC's new rule will doubtless hasten the day when insurance, too, will pass under Federal control. The Government's attacks on the power of Wall Street always wind up by increasing...
This week Chairman Frank still awaited the Presidential order that would send him to the bench. The President seemed to be in no hurry. Although Frank's utilities job was done, he is still wanted in Washington because SEC, Treasury and Federal Reserve have a great deal of interdepartmental work to do on fiscal policy for defense. Frank may stay on the job until the President can find a replacement for Ben Cohen at the London Embassy. Then Cohen can return and be Chairman of SEC...
...when New Deal schemes for public power were aborning, Bond & Share sent McKee to Oregon to run Portland Gas, Northwestern Electric (SEC later made him drop this) and Pacific Power & Light. His assignment: to recapture lost earnings, fend off public power...