Business: Sorely Mistaken

Famed Banker Thomas William Lamont last week fidgeted on the witness stand for two hours in Washington. He was trying to tell SEC Lawyer Gerhard Gesell (whose 28 years of age precisely equalled the period Mr. Lamont has worked for J. P. Morgan & Co.) why he had told nobody about it when he learned last November that Broker Richard Whitney was not only insolvent but also guilty of using customers' funds illegally. When his partner, George Whitney, came to him to borrow $1,082,000 to help his brother Dick "out of a jam," explained...

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