Wall Street last week came to the dregs of the Richard Whitney cup. Having issued a factual summary of the case and a set of drastic rules to prevent its recurrence (TIME, Nov. 7), SEC wrote finis to the tragedy with a stinging lecture and rebuke to the Old Guard which Richard Whitney once ruled. Excerpt:
"The inescapably outstanding fact revealed in this report is the dangerous outmoded philosophy which, until the recent advent of a new management, dominated the affairs of the Exchange. This philosophy was characterized by the unwritten code of...
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