Business: Cynic on Grumpsters

Invited last autumn to speak to the students of brokerage at the New "York Stock Exchange "Institute," SECommis-sioner William Orville ("Bill") Douglas stirred up a teapot tempest in Wall Street by unburdening himself on the "unestablished value" of customers' men, a financial tribe marked for early SEC attention. Referring to the "practice of gentlemen teaching gentlemanly ways of redistributing the wealth of their clients," tart-tongued Bill Douglas went on to observe:

"That which will at times appear to you, either by example or by precedent, as the end of the rainbow will be...

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