Word: sec
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Dates: during 1940-1940
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Like earlier New Deal years, 1940 was good for operating utilities, tough for utility holding companies. SEC forced Howard Hopson's weird Associated Gas & Electric into receivership, and watched sick Howard Hopson tremble and snore the year out in a criminal court. In St. Louis, it surprised North American's Union Electric Co. in the embrace of the State Legislature, and helped send its management to jail...
...Barkley, "what its passage will do to all the agencies of the Government. . . . The more one discusses it, the less he understands it." Brighter Senators than Alben Barkley agreed, wearily passed (27-to-25) a measure which could subject any act, rule, decision of such agencies as NLRB, SEC, FCC, TVA and many others to court review...
...sold $140,000,000 of 2¾% bonds direct to 14 insurance companies. In better times underwriters would have made about $2,800,000 from a 2-point spread on this issue. (Snubbed also were A. T. & T.'s good friends the Metropolitan and Equitable. Reason: SEC's forthcoming insurance study is expected to criticize insurance companies' interlocking directorates with companies selling them securities...
Jesse Livermore undoubtedly would have come back a fourth time and paid his debts if SEC hadn't changed the rules. By 1937 the market became too strictly regulated for operators of his type. Through all his market days he had never been a real market insider. He never learned that sometimes it was better to take stock than cash, better to get stock control of a business to tide a man over his old age. He was a trader, a gambler-one of the sharpest. When, last spring, he put his system down on paper and reopened...
...irony of the situation, Professor Sorokin told his Sec 1 class yesterday morning, was that he had just spent a goodly sum having the whole car checked and a new transmission...