To the University of Chicago last October went SECommissioner William Orville ("Bill") Douglas to deliver one of an annual series of lectures honoring Poet William Vaughn Moody. Unlike other Moody lecturers, such as Philosopher Alfred North Whitehead and Poet Archibald MacLeish, Bill Douglas talked not of the arts & sciences but of the "art of predatory or high finance." Mr. Douglas spoke from two years' experience studying so-called protective and reorganization committees—"a vantage point from which the whole problem [of capital exploitation and dissipation] can be viewed advantageously." Last week the fourth and...
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