When Wall Street found that the President and Congress were going to impose stock exchange regulation regardless, it began pulling wires. It wanted a place for one of its own among the five commissioners who will boss exchanges and administer the Securities Act—a man who could temper the New Deal's belief that all boomtime deals were deliberate snares for the public, that all speculation was evil, that all stock profits were graft, that all "money changers" belonged rightly in Hell.
Last week when President Roosevelt finally named the Securities & Exchange Commission, Wall...
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