Square-faced Brigadier General Wallace Graham wore his uniform—with four rows of service ribbons and gold-braided aiguillettes—when he appeared before the Senate Appropriations Committee last week. He also wore the sheepish smile of a babe in the woods who had been found by the wrong search party.

The young (37) White House physician was there to assert that he was an utter ignoramus about his speculation in the commodity markets. He almost succeeded in proving it. Although he was a trader on margin, he said he did not know the meaning of the term "margin" (a woman sitting behind him snickered: "That's...

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