GOVERNMENT: SEC & the Holding Company

After turning up all sorts of skulduggery in the RFC, Congress last week pointed an accusing finger at SEC as well. Charged a House Judiciary subcommittee: SEC had given special and favored treatment to United Corp., a $38.7 million public-utility holding company, and ex-SEC officials had moved into five top jobs in the company.

"A curious and sudden shift," says the committee staff's report, developed in SEC's attitude toward United the same year (1943) that William M. Hickey, ex-assistant chief of SEC's utilities section (which he left in 1936), became president of United. Instead of dissolving United, as it had...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!