When Jerome Frank became Chairman of SEC in 1938, the most difficult job before him was to enforce the anfractuous provisions of Ben Cohen's Utility Holding Company Act, especially to "integrate" the holding companies under famed Section II. Last month he reported that "the back of the integration problem was definitely broken." This week, with a 5-0 decision in favor of forced competitive bidding for utility securities, he had finished the whole job. Chairman Frank was ready to don the robes of Federal judgeship.
It had been a long, slow, bitter and devious...
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