Business: Dillon's Pyramid

When the U. S. Senate's Banking & Currency Committee and its Inquisitor Ferdinand Pecora resumed their researches into pre-Crash financial practices of Wall Street last week, the Press and public were apathetic. Nevertheless, the show went on. First to take the stand was Clarence Dillon, smooth, cheery, Texas-born head of the banking house of Dillon, Read & Co., whose father ran a general store in San Angelo and changed his name from Lapowski to Dillon before Clarence was born. Banker Dillon willingly told the Senators how to form investment trusts.

In 1924 Dillon,...

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