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296:. Pecora wrote: "Bitterly hostile was Wall Street to the enactment of the regulatory legislation." As to disclosure rules, he stated that "Had there been full disclosure of what was being done in furtherance of these schemes, they could not long have survived the fierce light of publicity and criticism. Legal chicanery and pitch darkness were the banker's stoutest allies."
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Following the 1929 Wall Street Crash, the U.S. economy had gone into a depression, and a large number of banks failed. The Pecora
Investigation sought to uncover the causes of the financial collapse. As chief counsel, Ferdinand Pecora personally examined many high-profile witnesses, who included some
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of unsound securities in order to pay off bad bank loans, as well as "pool operations" to support the price of bank stocks. The hearings galvanized broad public support for new banking and securities laws. As a result of the Pecora
Commission's findings, the United States Congress passed the
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235:, was hired to write the final report. Discovering that the investigation was incomplete, Pecora requested permission to hold an additional month of hearings. His exposé of the National City Bank (now
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members and their supporters as being little more than an attempt by the
Republicans to appease the growing demands of an angry American public suffering through the
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135:. His exposure of abusive practices in the financial industry galvanized broad public support for stricter regulations. As a result, the U.S. Congress passed the
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caused a public outcry after he admitted under examination that he and many of his partners had not paid any income taxes in 1931 and 1932.
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The Pecora
Investigation uncovered a wide range of abusive practices on the part of banks and bank affiliates. These included a variety of
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239:) made banner headlines and caused the bank's president to resign. Democrats had won the majority in the Senate, and the new president,
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The
Banking Committee's hearings ended on May 4, 1934, after which Pecora was appointed as one of the first commissioners of the SEC.
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The full-text of these hearings are posted on the FRASER website of the
Federal Reserve Bank of St. Louis in searchable pdf format.
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Stock
Exchange Practices. Hearings before the Committee on Banking and Currency Pursuant to S.Res. 84 and S.Res. 56 and S.Res. 97.
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The
Hellhound of Wall Street: How Ferdinand Pecora's Investigation of the Great Crash Forever Changed American Finance
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The
Hellhound of Wall Street: How Ferdinand Pecora's Investigation of the Great Crash Forever Changed American Finance
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The
Hellhound of Wall Street: How Ferdinand Pecora's Investigation of the Great Crash Forever Changed American Finance
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Ritchie, Donald A. (1975). "The Pecora Wall Street Expose". In Schlesinger, Arthur M. Jr.; Bruns, Roger (eds.).
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The Separation of Commercial and Investment Banking: The Glass–Steagall Act Revisited and Reconsidered
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In 2010, a similar investigation was launched by the U.S. Congress into the reasons behind the
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364:"Congressional Digital Collection - Financial Crises of the Past - The Pecora Investigations"
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Historian Michael Perino argues that Pecora's investigation "Forever Changed American Finance
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431:"The men who crashed the world - a four part investigation". Al Jazeera. 25 September 2011.
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In 1939, Ferdinand Pecora published a memoir that recounted details of the investigations,
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Strategic Competition between the United States and the Chinese Communist Party
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to set penalties for filing false information about stock offerings, and the
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American inquiry that investigated the causes of the 1929 Wall Street Crash
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Banking Act of 1933 to separate commercial and investment banking, the
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Guide to the Records of the U.S. Senate at the National Archives
342:"Pecora Hearings a Model for Financial Crisis Investigation"
215:. Hearings began on April 11, 1932, but were criticized by
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De Long, J. Bradford. "J.P. Morgan and his money trust."
271:, which formed the SEC, to regulate the stock exchanges.
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power. In January 1933, Ferdinand Pecora, an assistant
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Senate, under the Banking Committee's chairman, Senator
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A retrospective of the Pecora Commission's conclusions.
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Congress Investigates, 1792–1974: A Documented History
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United States Senate Committee on Banking and Currency
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303:and the resultant economic crisis and recession.
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1112:Defunct committees of the United States Senate
579:Introduction to the Banking Committee's Report
123:was an inquiry begun on March 4, 1932, by the
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207:The investigation was launched by a majority-
156:of the nation's most influential bankers and
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1142:Separation of investment and retail banking
284:by its impact on the financial laws of the
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1122:1936 disestablishments in Washington, D.C.
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552:. Vol. 4. New York: Chelsea House.
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1137:History of banking in the United States
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637:United States congressional committees
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503:Securities Regulation and the New Deal
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340:Ruggeri, Amanda (29 September 2009).
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664:Agriculture, Nutrition, and Forestry
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734:Small Business and Entrepreneurship
679:Banking, Housing, and Urban Affairs
506:. New York: Yale University Press.
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1127:United States national commissions
1035:Security and Cooperation in Europe
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898:Transportation and Infrastructure
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127:to investigate the causes of the
479:"Where Is Our Ferdinand Pecora?"
477:Chernow, Ron (January 5, 2009).
761:International Narcotics Control
322:(the “Investment Bankers Case”)
269:Securities Exchange Act of 1934
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160:. Among these witnesses were
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1076:Congressional subcommittees
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529:. New York: Penguin Press.
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191:market speculators such as
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521:Perino, Michael (2010).
203:Investigations (1932-34)
459:Oxford University Press
421:(2010) pp 3-6, 280-304.
166:New York Stock Exchange
294:Wall Street Under Oath
265:Securities Act of 1933
141:Securities Act of 1933
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1051:Democracy Partnership
584:Damnation of Mitchell
252:conflicts of interest
241:Franklin D. Roosevelt
66:Smithsonian Agreement
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121:Pecora Investigation
81:Bretton Woods system
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177:Charles E. Mitchell
164:, president of the
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848:Financial Services
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408:(2010) pp 280-304.
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635:Current
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307:See also
286:New Deal
237:Citibank
225:subpoena
1069:Related
979:Library
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183:, and
151:History
44:Banking
843:Ethics
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278:Impact
1044:House
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367:(PDF)
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