FERDINAND PECORA (January 6, 1882 – December 7, 1971)
He was a former assistant district attorney from New York, and then the Chief Counsel of the Senate Banking and Currency Committee hearings, held after the Stock Market Crash of 1929.
''He grilled the top bankers of the early 1930’s, asked tough questions and highlighted many systemic failures and market manipulations. The results of these investigations led to legislation like the Securities Act of 1933, the Glass-Steagall Act of 1933 and the Securities Exchange Act of 1934.''
(I will write a post on the Glass- Stegall Act 1933 soon. It’s important to note that this Act was repealed in Nov 1999, under the Clinton administration when it was felt ‘ that such regulation was no longer needed’ – Big mistake, big, huge !!)
In 1939 Ferdinand Pecora wrote a book about the Senate investigations titled ‘Wall Street Under Oath: The Story of Our Modern Money Changers.’ The book is long since out of print. Michael A. Perino, a professor at St. John's University School of Law, is writing a book about Ferdinand Pecora. The book should be out next year.
The reason I wrote this post was to draw attention to the fact that no government or regulator or investigator is working towards finding any long term solution.
Merging smaller bankrupt investment banks into larger banks, pretending that an insolvent and overleveraged bank is still solvent, bailing out inefficient and unproductive auto companies, encouraging more spending and borrowing instead of savings ; I could go on and on.
There is no quick fix to this mess, so it’s time we got down to finding a viable long term solution.
There’s not a lot of information that you can find on Ferdinand Pecora.
Listed below are some of the links that I came across.
(The Wikipedia article is a very concise summary.)
Ferdinand Pecora - Wikipedia, the free encyclopedia
Ferdinand Pecora - Why Didn't Bush and McCain Learn his Lesson?
Simon Johnson and Ferdinand Pecora on Bill Moyers The Big Picture
LETTER; The Largely Forgotten Legacy of Ferdinand Pecora - New ...
TIME Magazine Cover: Ferdinand Pecora - June 12, 1933 - Finance ...
The Ghost of Ferdinand Pecora