Word: sec
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Dates: during 1980-1989
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...about his role in an alleged cover-up by a former client, Southland Corp., convicted of criminal conspiracy. Fedders acknowledged seven "regrettable episodes" of wife abuse and publicly expressed remorse. But that was not enough to satisfy the White House. At midweek, after 3 1/2 eventful years at the SEC, Fedders stepped down. Said he: "The glare of publicity on my private life threatens to undermine the effectiveness of the Division of Enforcement and of the commission...
Money worries also assailed him. Despite taking a pay cut from $161,000 to $59,500 when he joined the SEC, Fedders was determined to maintain the style to which he had become accustomed as a successful securities lawyer. He barely trimmed his expenses and borrowed heavily to pay his state and federal taxes, maintain a 70-acre farm in Virginia and keep his five sons in private schools. After he moved out, Fedders was straining to support his family while living in a spartan one-bedroom apartment with ramshackle furniture he had bought from some departing college students...
...work before family. At home he was a fastidious, obsessive man who did not permit anyone to wear shoes on the carpeting; on the job he was a demon for organization, logging long hours as he supervised a 200-strong enforcement staff and meticulously reviewed proposed cases. According to SEC Chairman John Shad, Fedders demonstrated "unique executive and managerial abilities by increasing the annual volume of enforcement actions by over 50%, with 5% less personnel...
...such precautions, rumors cropped up last month that the Securities and Exchange Commission was investigating whether Pickens gave friends in Amarillo advance word of his campaigns to enable them to buy the stock of target companies before it jumped in value. Pickens strongly denies that and says that the SEC "has never questioned me about insider trading...
...SEC, meanwhile, argues that it has no choice but to enforce the Investment Advisers Act of 1940, which says that the agency should register newsletter publishers and monitor their activities. Said John Fedders, the SEC's enforcement director: "Courts of appeals have held uniformly that requiring the registration of persons who furnish investment advice through newsletters is consistent with the First Amendment guarantee of freedom of ( speech and the press." If the SEC prevails in the case, Fedders said, critics should ask Congress to change...