Business: Jams

To the burgeoning history of U. S. financial scandal were last week added four chapters:

¶ As SEC relentlessly pushed its investigation of the Richard Whitney failure, the famed name of Thomas W. Lament for the first time entered the case. Testifying in Washington, Morgan-Partner George Whitney revealed that he had borrowed from Morgan-Partner Lamont the $1,082,000 which he loaned his brother Richard last November to enable him to return securities of the Stock Exchange Gratuity Fund. Said he: "I told him [Lamont] that my brother was in a jam. ... I told him...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

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