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In January 1933 the Senate Banking and Currency Committee appointed Ferdinand Pecora as legal counsel for an investigation of banking and securities trading. In 1933 and 1934 Pecora — an Italian immigrant educated at City College of New York and New York Law School — captured headline after headline in his unflagging efforts to reveal corruption in American financial institutions. His investigations uncovered unethical and criminal activities by some of the most revered financial giants. In addition to securities and tax fraud he found a web of complicated holding companies controlled by single interests and stockmarket trusts manipulated by major financial players. Pecora's investigation proceeded in two steps. First, he sent more than a hundred investigators and accountants into various banks and other financial institutions. Second, armed with information from these reconnaissance forays, Pecora questioned witness after wealthy witness before the Senate committee, usually before a...
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This section contains 346 words (approx. 2 pages at 300 words per page) |
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