Word: sec
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Dates: during 1970-1979
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Under Casey's guidance, the SEC has moved briskly to enforce negotiated brokerage-commission rates on stock trades of more than $500,000, order stricter capital requirements for securities firms, tighten up corporate bookkeeping and require all companies whose stock is bought by the public to make fuller disclosures of financial information. Last week the SEC proposed new rules that would unequivocally prevent brokerage firms from using customers' cash and securities for their own purposes; the regulations would supersede New York Stock Exchange rules, which were not always obeyed. Next week Casey will conclude a month of hearings...
Casey's fans dismiss the fact that he stepped into his job with little Wall Street experience. He was a heavy contributor to the Republican National Committee and a law partner of its former chairman, Leonard Hall, before the President picked him for the SEC chairmanship last winter. The appointment ran into trouble in the Senate Banking Committee, where Casey was grilled at length about his role in three civil lawsuits between 1962 and 1965, two of which involved securities. He was finally approved by the Senate in March...
Faced by such problems, brokers who once feared SEC supervision are now looking to the agency for leadership. "The feeling around here is that we've been on dead center too long and that Casey will get things moving," says William Salomon. "Even if he makes unpopular decisions, the mere fact that he is taking affirmative action will make most of us support...
...issues. His reforms so far have been needed and overdue, but relatively uncontroversial. His hearings seem designed largely to give him a quick education in Wall Street's problems. Many of the same difficulties are being investigated separately by Senate and House committees; Casey denies that the SEC hearings are intended to beat Congress to the punch, but with characteristic alacrity he has promised to have a full set of conclusions and recommendations ready early next month...
...real physical effect, eventually could help man conquer the vast distances to the stars. Aging more slowly at high speeds, astronauts could make trips that would take longer than their normal terrestrial life spans. If their spacecraft traveled close to the speed of light (186,000 miles per sec.), as a matter of fact, so little time would elapse for the astronauts compared with the experience of people back on earth that they might return home to meet their own great-grandchildren...