Word: sec
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Dates: during 1940-1949
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Working on the theory that "it takes a snoop to catch a jiggle," SEC has 1,100 employees watching all market operations, keeping a constant check on the ticker tape, looking for any unusual buying or selling. (In Manhattan, SEC's tape watcher is an old pool operator of the '20s who knows all the tricks.) If SEC smells something suspicious, it questions the traders, the officials of the company and, if need be, follows up with subpoenas and injunctions. Stock Exchange members, who once bitterly hated the reforming SEC, have learned to live with...
Though he has publicly shown just one handmade model, Preston Tucker has somehow managed to raise over $20,000,000 to finance production of his rear-engined Tucker '48 (TIME, July 7 et seq.). Last week, Promoter Tucker announced an ingenious scheme (which the SEC is carefully watching) to raise millions more. He wanted to sell radios, seat covers and other extra accessories to prospective car buyers for $270 a set. They could take delivery in six weeks or wait until their cars are delivered. In return for paying for the extras now, the purchasers would get a priority...
...client? Hull refused to name him. So did Hull's partner, Marvin C. Harrison, until SEC hauled them up before a federal judge in Detroit. He ordered them to answer or risk jail for contempt of court. Unhappy Lawyer Harrison then named the mysterious client: it was Cyrus Eaton...
Last week SEC proved up another set of facts. It quizzed a Cleveland lawyer named Allan Hull, who had been waiting in the county court building in Detroit for the suit to be filed. Hull admitted that he had known the day before that the suit was going to be filed...
...SEC dug out still other embarrassing facts. Eaton and his lawyers had been very busy on the long-distance telephone in the week before the suit was filed. SEC's check on their calls showed that Eaton's lawyers had been in frequent touch with Stockholder Masterson, a Philadelphia attorney, and the Detroit lawyer who filed the suit for him. SEC found all this hard to square with Eaton's previous testimony. It plans to call him back and see what...