PECORA (Ferdinand).
Wall Street Under Oath. The Story of our modern Money Changers.
American lawyer Ferdinand Pecora (1882-1971) served as chief counsel to the Banking and Currency Committee; his importance for the committee’s work investigating banking and securities fraud was such that the hearings held between February 1933 and June 1934 became known as the Pecora Wall Street Investigation.
“The Investigation led to the resignation of the president of National City Bank in New York; revealed that J. P. Morgan, Jr., had paid no income taxes in 1930-31; and caused Chase Manhattan Bank to separate its banking and securities activities” (Pedersen, p. 206). Pecora’s findings also contributed to several acts, including the Glass-Steagall Banking Act (1933), the Securities Act (1933), the Securities and Exchange Act (1934), and the Public Utility Holding Act (1935). Larson calls it ‘an influential book but not always objective in its presentation of the case or in its judgements.’
Originally published earlier in the same year in New York by Simon Schuster; the present UK edition is notably scarce and is seldom encountered complete with the original dust jacket.
Larson, 1630.
