The Nation: Giving the Wrong Way

In May of 1972, with the crucial California primary fast approaching, the beleaguered presidential campaign of Hubert Humphrey was badly pressed for funds. Humphrey knew that if anyone could help him in a hurry, it would be John L. Loeb Sr., his old friend and staunch backer (though he is a nominal Republican), senior partner of Loeb, Rhoades & Co., one of Wall Street's most prestigious brokerage houses. Within a matter of days, the resourceful investment banker had come through handsomely. At Loeb's request, seven of his firm's employees each wrote two checks...

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