I had never heard of Ferdinand Pecora.
The fact that his name is never mentioned in anybody's high school government class is a damnable shame.
He should have a day all his own in every government class at every school in every state of this union.
The following excerpt is taken from a short story at Smithsonian.com titled "The Man Who Busted The Banksters.
Click anywhere below for the entire piece.
Way super double highly recommended ..... plus ... and then some.
Just months before Hoover left office, Pecora was appointed chief counsel to the U.S. Senate’s Committee on Banking and Currency. Assigned to probe the causes of the 1929 crash, he led what became known as the “Pecora commission,” making front-page news when he called Charles Mitchell, the head of the largest bank in America, National City Bank (now Citibank), as his first witness.
“Sunshine Charley” strode into the hearings with a good deal of contempt for both Pecora and his commission. Though shareholders had taken staggering losses on bank stocks, Mitchell admitted that he and his top officers had set aside millions of dollars from the bank in interest-free loans to themselves. Mitchell also revealed that despite making more than $1 million in bonuses in 1929, he had paid no taxes due to losses incurred from the sale of diminished National City stock ..... to his wife.
Pecora revealed that National City had hidden bad loans by packaging them into securities and pawning them off to unwitting investors. (Ever heard that one before?) By the time Mitchell’s testimony made the newspapers, he had been disgraced, his career had been ruined, and he would soon be forced into a million-dollar settlement of civil charges of tax evasion. “Mitchell,” said Senator Carter Glass of Virginia, “more than any 50 men is responsible for this stock crash.”
Whoa, a regulator actually doing his job.