Word: sec
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Dates: during 1940-1949
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...Townsend had had enough of silver. An economical man, it annoyed him to think that the amount spent in five years' silver subsidy would run the executive, judicial & legislative branches of the U. S. Government for 25 years; that the average monthly outlay ($17,700,000) would run SEC or the Government Printing Office for over four and a half years; the Weather Bureau for three and a half years; the Public Health Service one year...
Under the wire a full length ahead of Kayak II and two lengths ahead of Whichcee, the patched-up cripple, in his 89th race, had set a new track record (2 min., 1 1/5 sec.) and had added $86,650 to his earnings-to become the biggest money-maker ($437,730) in the history of horse racing. With ear splitting cheers, Seabiscuit took his place alongside Babe Ruth, Bobby Jones, Bill Tilden as one of Sport's immortals...
...approve trust indentures. Under the Public Utilities Holding Company Act (1935) it has the broadest, toughest job of all: authority over the affairs of about half the U. S. power industry, the half (gross assets: $15,000,000,000 plus) that belongs to the great interstate holding-company systems. SEC, with a $5,300,000 budget and a staff of 1,618, has its hands full. Last week Senator Wagner was readying a bill to give it one more big job: regulation of the $4,500,000,000 investment-trust industry, in whose stinking entrails SEC has been probing...
...SEC owes its existence, many of its powers, to a wave of front-page indignation engineered by Ferdinand Pecora, who took over the Senate Banking & Currency investigation of 1932-33. When he showed how Charlie Mitchell rigged the market in Anaconda; how Rudolph Spreckels made over$14,000,000 in the Kolster Radio pool while suckers lost their shirts; how Dick Whitney, pegging a German bond issue, waited till the Morgans were out before he "pulled the plug"; how the Stock Exchange of 1929 really worked-the New Deal was able to write its own ticket for Federal regulation...
...SEC's later powers came by narrower squeaks. Ben Cohen's Holding Company Act (after a stormy fight over its famed "death sentence," Section 11) passed the Senate by only one vote. A drastic remedy for bugs like Foshay, plagues like Insull, it aimed to reform the power industry, shift its control from Wall Street back to local managements. But the need for an SEC has never been seriously questioned, was recognized in the Republican platform of 1936. Its powers are really derived from the vast fear and suspicion of Wall Street that exists west of the Hudson...