The Nation: The Case of the Lascivious Banker

Told from the personal perspective of Noah Dietrich, one anecdote in the James Phelan manuscript reads, in part:

HUGHES Tool had a portfolio of securities, but by now the depression was deepening and stocks, bonds, government securities were bringing a fraction of their value. It was the worst possible time to sell any securities, but I cleaned out the portfolio to finance his moviemaking. I particularly remember a line of Australian government bonds, for which we had paid a premium prior to the crash. I sold them off at $38, barely more than a...

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