Word: walls
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Dates: during 1930-1939
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...Government's policeman of Wall Street, SEC has lately mellowed enough to be regarded with complacence, almost respect, even by brokers. But fortnight ago Bill Douglas actually was promoted to SEChairman. Last week, therefore, when he returned from vacation on Cape Cod to take over his new job in Washington, all Wall Street wondered whether the Policeman's Billy would not soon be whacking out stringent new reforms...
...Bill. When the five-man SECommission was created in 1934 for the sole purpose of reforming Wall Street, worried speculators were mollified when one of their number-Joseph Patrick Kennedy-was made Chairman. A practical Irishman who was a close friend of Franklin Roosevelt, Joe Kennedy had no desire to affront Wall Street, but saw clearly that financial excesses must be curbed. Policeman Kennedy generally used the technique of catching his flies with honey. By the end of a year the job was largely organized. Virtually all listed securities had been registered, a simplified registration form for new security issues...
...Felix Frankfurter's "happy hot dogs," was expected to prove a radical zealot. Instead, he mellowed under the mantle of office. Some of his oldtime liberal colleagues became bitter (he was eventually attacked by the New Republic), catalogued him as a conservative, denounced him for having lunched with Wall Street bigwigs. Although he worked prodigiously to keep the SEC's complex mechanism functioning, he did not launch any great crusade...
...antique automobile. When they reached Manhattan they had precisely 35?. This time, however, he knew the ropes and all was clear sailing. Working on the side, he finished Columbia second in his class and editor of its Law Review in 1925, easily landed a job with the crack Wall Street law firm of Cravath, de Gersdorff, Swaine & Wood. Planning to return to Yakima in two years, he set to work learning the fascinating intricacies of Wall Street finance and law, meanwhile teaching at Columbia on the side...
...other side there is, within and without the New Deal, a vociferous and active group of financial reformers. If Mr. Douglas does not make Wall Street dance to his cat-o'-nine-tails, they will soon turn upon him as bitterly as they did on Chairman Landis, making his public life a burden to him. Both sides will attempt to circumvent him by intrigue, to drive him before them by direct assault. He is fortunate in having the temperament of a man who goes his own way, but anyway he treads will be paved with thorns...