Business & Finance: Gay's Gloom

In Cambridge, Mass., where he is preparing to take over the job of dean of the Harvard Law School, James McCauley Landis fortnight ago delivered his matured opinion of the work of the Securities & Exchange Commission of which he is retiring chairman: "More than a billion dollars of American money has been kept from falling into the hands of swindlers through SEC operations to date. . . . And the amount of other millions of fraudulent, or semi-fraudulent investments deterred by SEC activities from even trying to 'get by' can only be estimated. . . . I do not think...

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