Word: sec
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Dates: during 1940-1949
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...Commonwealth & Southern Corp. told the Securities and Exchange Commission it would like to do some financing with and for its subsidiary, the $275,000,000 Consumers Power Co. (TIME, Dec. 11). Since then businessmen and politicos have played volleyball with rumors about how SEC would handle Presidential-Prospect Willkie's application. Last week, criticizing Commonwealth & Southern for dilatory filing of its intentions and for pressure tactics, SEC handed down a decision which neatly forestalled accusations that it was bent on handcuffing business enterprise...
...Stock purchase by C. & S. from Consumers Power. Lawyer Willkie and the big-time law firm of Davis, Polk, Wardwell, Gardiner and Reed purposely or otherwise overlooked the fact that this kind of transaction doesn't require approval. SEC didn't, ruled that the proposed $3,500,000 stock deal was exempt from its jurisdiction, told C. & S. to go ahead for all it cared. Dissenting were New Deal Commissioners Leon Henderson and Ed Eicher...
...Commission emphasized that it wasn't telling Consumers it had to sell its common to Otis or any one else, in fact left Consumers free to sell $10,000,000 of its common to the public or to C. & S. Ready customers for Consumers common, plus SEC's preference for equity money, contradicted Willkie's well-known plaint: that Government interference has stymied utility risk financing...
...SEC's new money bond veto, only remaining point of contention, C. & S. and the syndicate were given ten days in which to appeal. Meanwhile, Wendell Willkie issued a statement that tried to make two main points: 1) if Consumers Power's $70,000,000 of preferred stock is added to its common, its ratio of stock and surplus to capitalization rises to 49%; 2) that inclusion of a minority interest in Consumers would complicate the problem of integration-a problem irrelevant to the proceeding at hand...
...feel myself," he purred, "by some inadvertent question which I addressed to the committee without first submitting it to the SEC, that I provoked this matter. ... I am perfectly willing and happy to receive the letter." While Leon Henderson glowered, Witness Stanley handed out his attack on compulsory competitive bidding, which he and other investment brokers can see as a likely outgrowth of SEC's investigation. Next day it led the TNEC story in metropolitan newspapers. The Morgan Stanley thesis...