Word: whitneys
(lookup in dictionary)
(lookup stats)
Dates: during 1930-1939
Sort By: most recent first
(reverse)
...Immediately responsible for Richard Whitney's downfall was a seemingly innocuous rumor-that his company was engaged in "distress selling" of Greyhound stock. Investigation proved the rumor apocryphal but proved the firm insolvent...
...least three and a half years before March 8, 1938, Richard Whitney & Co. had been insolvent...
...four months' time (November 1937-March 1938) Dick Whitney borrowed $27,361,500 from banks, brokers, friends and relatives; $3,279,500 was unpaid when he failed...
...time Richard Whitney & Co. handled about 30% of J. P. Morgan & Co.'s bond orders...
...Franklin Roosevelt found this review "rather horrifying." Wall Street found rather horrifying what SEC did next. After SEC Chairman William O. Douglas and New York Stock Exchange President William McC. Martin Jr. had conferred, SEC issued a further reform program agreed on by the Exchange to prevent any more Whitney scandals. Main points: 1) more frequent questionnaires and auditings of member firms; 2) prohibition of margin transactions and the maintenance of margin accounts by member firms and partners doing business with the public; 3) establishment of a 15-to-1 ratio instead of the present 20-to-1 between...