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The Senate Tries Again with the Pecora Commission 103
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being used in highly risky businesses Charles Mitchell, the head of National City, received the blame for floating over $20 billion in new securities issues, many of them in the form of collateralized debt obligation of Latin American debt9 These were problematic because the Company was sprung from the loins of the bank, derived from its initial capital from the surplus of the Bank, was owned by the same people, managed by the same people, and made perpetually indivisible the one from the other 10 The commission also looked at Chase president Albert Wiggin Another easy target, Wiggin sat on 59 boards and shorted shares of Chase stock that earned several million dollars; the speculation was backed by an $8 million loan from Chase He had also set up a Canadian securities company to avoid federal taxes11
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Pecora: Do you think, Mr Wiggin, it is a sound and ethical policy for a national bank to make loans to individuals among its officers or directors to enable those officers or directors, either individually or through the medium of private corporations, to engage in market activities in connection with the stock of the bank itself Wiggin: I think so12
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Pecora was correctly implying that Wiggin and his cronies were manipulating the market with these loans to directors who could take advantage of their special relationship with the company and use privileged information What forced Wiggin s resignation was not his short selling, but the circumstances of his short selling and all the other complaints Pecora collected against him Nevertheless, to the public, short selling was once again associated with a crook The news fell to notably receptive ears Soon afterward, Winthrop Aldrich succeeded Wiggin at
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104 DON T BLAME THE SHORTS
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the helm of Chase and fought for the separation of commercial and investment banking to the mortification of his Wall Street compatriots Several other bigwigs were called down to testify, but even with Wiggin s illegal record, they managed to justify their profits to Pecora by demonstrating the enormous risks undertaken by their respective banks to generate those profits (This technique is still used by Wall Street s top brass in order to defend outlandish executive compensation)
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Regulation Arrives as Uptick, Downtick
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In the early 1930s, the president, the Senate, the House, and even the FBI began poring over Wall Street, looking for proof that speculators had not only brought the market down, but that they were keeping it down Despite the lack of proof, the public and the government were convinced that short sellers were to blame And the one thing that came out of the years of hearings was a new regulatory regime, which from 1930 to 1940 made several moves to hinder the shorts FDR, who came to office in 1933, trumpeted the need for change, stating in his first inaugural address: Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men, 13 FDR knew it was over for Richard Whitney and the Wall Street that acted as if it were the aristocracy of America Roosevelt, however, was the very definition of a landed aristocrat, able to trace his lineage back to the Mayflower His vitriolic contempt for Wall Street s perceived recklessness seemed to signal that Main Street s contempt was not merely a populist, or even bottom-up, movement it had a leader who not only found himself inhabiting the highest seat in the land but also was a New
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The Senate Tries Again with the Pecora Commission 105
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Yorker cut from the social fabric that the speculators themselves wished to emulate Quoting again from FDR: The day of the great promoter or the financial Titan, to whom we granted everything is over 14 Whitney had defended short sellers, the NYSE, and Wall Street practices, but FDR knew that he, a landed aristocrat himself, would have to put Wall Street back in its bottle FDR was the Hamiltonian ideal of a member of the wealthiest class running the country, but with the wonderful irony of embracing Jefferson s disgust of a pseudo-aristocracy built on financial speculation In 1931, while Whitney s defense of shorting was being nationally broadcast, the government was beginning its initial foray into pressuring the New York Stock Exchange which was regulated by the state of New York to limit shorting That year the NYSE introduced the downtick, which deliberately impeded the practice of short selling The rule gave buyers of securities the opportunity to sell their shares ahead of someone who had to borrow shares to sell stock What lawmakers did not express though it is unclear if the public would have even accepted it is that the downtick rule was a direct attack on market liquidity The crucial liquidity that shorts provided the marketplace was now being deterred The NYSE also issued the uptick rule, which states that a short sale cannot be executed at a price lower than the last sale The clear goal was to keep bear raids from driving down stock prices without impeding the functions of market makers 15 The rule was introduced in the wake of Great Britain s abandonment of the gold standard, when the Exchange feared that the markets would not be able to open It temporarily suspended short selling on September 21, 1931, and also required a daily short-interest report; five days later, on
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