Shortly before 3 o'clock one afternoon last week, swart Inquisitor Ferdinand Pecora stepped into the corridor of Washington's squat, ramshackle Federal Trade Commission Building, marched into the office of Commissioner James M. Landis. The first meeting of the new Securities & Exchange Commission was about to be held, a chairman elected. In an office four doors down the corridor waited Commissioners Matthews, Healy and Kennedy. Thirty minutes passed and Mr. Pecora did not join his colleagues to start business. Every few minutes Mr. Landis would step out, glowering darkly, hurry down to the...
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