Business: Substantial and Punitive

"Richard Whitney to the bar!" This week in the New York General Sessions Court of red-haired Judge Owen W. Bohan these simple words finally summoned the onetime president of the New York Stock Exchange to be sentenced for stealing his customers' securities (TIME, March 14, et seq.). His heavy face haggard, his hands twitching, Richard Whitney stood up.

Three days before, the fallen financier had undergone his last inquisition—by the SEC, which sought to learn from his crimes a basis for preventing any more like them in Wall Street This morning he had...

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