Wall Street Under Oath; the Story of Our Modern Money Changers (Pecora Report)
Wall Street Under Oath.pdf A MUST READ history. Senate delegated him Power which forged this "Spear" of Pecora Report that pierced right through the mysterious Financial Industry to take responsibilities for the crash. https://www.senate.gov/artandhistory/history/common/investigations/Pecora.htm Background: The Pecora Investigation was an inquiry begun on March 4, 1932 by the United States Senate Committee on Banking and Currency to investigate the causes of the Wall Street Crash of 1929. The name refers to the fourth and final chief counsel for the investigation, Ferdinand Pecora. January 1933, Majority-Republican Senate, Ferdinand Pecora, an asst. dist. attorney for New York County 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 Citibank) made banner headlines and caused the bank's president to resign. Democrats had won the majority in the Senate, and the new President, Franklin D. Roosevelt, urged the new Democratic chairman of the Banking Committee, Sen. Duncan Fletcher, to let Pecora continue the probe. So actively did Pecora pursue the investigation that his name became publicly identified with it. Following the 1929 W.S. 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, Pecora personally examined many high-profile witnesses, who included some of the nation's most influential bankers and stockbrokers. Among these witnesses were Richard Whitney, president of the NYSE, celebrated commodity market speculators such as Arthur W. Cutten, and other Investment Bankers. The testimony of the powerful banker J.P. Morgan, Jr. 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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{"Date First Available": "April 2, 2014"}