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No Oath. Late in September, however —for no clear reason—Smith vetoed the bills he himself had supported. He explained later that the legislation "didn't do what those interested in the banking business thought to be best." After his veto, the stock of National Bankers Life started going down; the latest selling price was 2½. The SEC investigation, begun as a routine check into a Dallas firm's records, was soon going full pace. When officials questioned Governor Smith in December, he declined to give evidence under oath. Smith maintains, however, that he has done nothing wrong. Joseph Novotny, former president of Sharp's bank, told investigators of getting a request from an intermediary to destroy the records of Smith's and Baum's transactions. Announcement of the SEC charges last month produced the run on Sharpstown State Bank that led to its closing down.