Financial inquiries and the Pecora Legacy


	Financial inquiries and the Pecora Legacy

ellington

6-4-2009 12:08 AM

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pecora, legacy

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/6a021706-a548-4221-8a67-afca15646a20/95D2621C-7855-4AEE-9B88-16BF1E51C594/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://thecaucus.blogs.nytimes.com/2009/05/06/financial-inquiries-and-the-pecora-legacy/" href="http://thecaucus.blogs.nytimes.com/2009/05/06/financial-inquiries-and-the-pecora-legacy/" style="font-size: 11px;">thecaucus.blogs.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://thecaucus.blogs.nytimes.com/2009/05/06/financial-inquiries-and-the-pecora-legacy/"><H2 class="entry-title">Financial Inquiries and the Pecora Legacy</H2></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://thecaucus.blogs.nytimes.com/2009/05/06/financial-inquiries-and-the-pecora-legacy/"></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://thecaucus.blogs.nytimes.com/2009/05/06/financial-inquiries-and-the-pecora-legacy/"><P>With the House on Wednesday joining the Senate in seeking an ambitious inquiry into the financial underpinnings that caused the nation’s economic downturn, the name Ferdinand Pecora may well become as familiar as it was during the 1930s.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://thecaucus.blogs.nytimes.com/2009/05/06/financial-inquiries-and-the-pecora-legacy/"><P>Maybe not just yet. But various lawmakers and researchers have been invoking his work as the investigative counsel to a Senate committee that examined the actions of major banks in the stock market crash of 1929. And the inquiry led to significant reforms on Wall Street, many of which exist to this day. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://thecaucus.blogs.nytimes.com/2009/05/06/financial-inquiries-and-the-pecora-legacy/">Historical accounts of the Pecora hearings provide a reading experience that is as page-turning as a suspense novel. Mr. Pecora, a former New York prosecutor, took a rather moribund inquiry and ran away with it. With Franklin D. Roosevelt’s election to the presidency, Pecora was given a green light in 1933 to make abundant use of a committee’s subpoena power.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/95D2621C-7855-4AEE-9B88-16BF1E51C594/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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