Word: sec
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Dates: during 1940-1949
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...economically as possible, and the efficiency of a rocket motor depends on the speed of the exhaust gases. Lewis calculated that a space ship carrying half its total weight in fuel would have to shoot out its exhaust gases at 9.95 miles a second (52,536 ft. per sec...
When the five Securities & Exchange Commissioners picked a chairman last week, they surprised and cheered Wall Street. Their choice: Harry A. McDonald, 55, the first Republican boss of SEC since it was set up in 1934. SEC's three Democratic commissioners voted for McDonald to succeed Edmond Hanrahan, who resigned as SEC chairman last month (TIME, Oct. 24). Although the White House was mum, President Truman apparently approved also...
...first ice cream, then securities. Later, he started Detroit's H. A. McDonald Creamery Co., built it into one of Michigan's biggest dairies. He branched out into investment banking, became a partner in Detroit's McDonald-Moore & Co. (a connection he severed when he joined SEC). Still a salesman, McDonald's first step as SEC boss last week was to call in his division chiefs and tell them to "make this agency one of the best in town to do business with...
...time to watch his family's financial security and his wife's health. Last week, "with great reluctance," he resigned from the $10,000-a-year job to return to the Manhattan law firm of Sullivan, Donovan & Heenehan as a partner. No politico, Hanrahan considered SEC a regulatory rather than a reform agency, thus got along fine with Wall Streeters. Besides, he understood Wall Street's problems and talked its language. During Hanrahan's reign as chairman, the Hoover Commission praised SEC as "an outstanding example of the independent commission at its best...
...fill Hanrahan's term as commissioner, which runs until 1952, President Truman last week nominated Edward T. McCormick, 38, a member of the SEC staff for 15 years. Husky, able Accountant Ed McCormick has headed up many an SEC stock flotation inquiry, including that of the Tucker Corp., some of whose officers are under indictment in Chicago (TIME, June 20). Also nominated to the commission to succeed Robert K. McConnaughey, who resigned last summer, was Washington Lawyer Donald C. Cook, 40, onetime SEC staffer, longtime Department of Justice aide. Later, the five-man commission will elect as chairman...