Wall Street: Exchange of Heat

Like steam in a pot, a hot controversy is building up between Wall Street and the Securities and Exchange Commission—and the man in the middle is Lyndon Johnson. Pleased by the market's 100-point rise since he took office, Johnson last week courteously received New York Stock Exchange President Keith Funston at the White House. But while the President tries to keep Wall Street friendly to his Administration, the SEC is relentlessly moving in on what it considers the Street's abuses. The most obvious sign of the dispute at the moment is the SEC's attempt to curb a clubby coterie...

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