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’Thank you,’ said William, jubilantover the news
Thaddeus Cohen’s report was on Willia and after William had read over the contents very carefully, he called another board reed with the course of action William wanted to take Thaddeus Cohen was instructed to draft a carefully written press release to be issued that evening The Wall Street journal ran a piece on their front page the following
Mr Williarp Kane, the chairman of Lester’s Bank has reason to believe that the sell orders placed by Guaranty Investment Corporation in November 1952 on Interstate Airways shares, a company underwritten by Lester’s Bank, wei;e issued for the sole purpose of al profit
It has been established that Guaranty Invest a million dollars worth of Interstate stock on the e opened on Monday, 12 May 1952 A further million dollars worth was on the market six hours later A third million dollars worth was placed on a sell order by Guar - anty Investe reopened on Tuesday, 13 May 1952 This caused the stock to fall to a record low After an SEC enquiry showed there had been no illegal dealing within either Lester’s Bank or Interstate Airways, theat the depressed price’Guaranty Investment was quickly back in the market to purchase the shares at as low a price as possible They continued to buy until they had replaced the three inally released on to the market
The chairman and directors of Lester’s Bank have sent a copy of aU the relevant docue Commission, and have asked them to proceed with a full enquiry
The story below the stateave SEC Rule 10b - 5 in full and commented that this was exactly the sortof test case that President Tru for; a cartoon below the article showed Harry S Tru a businessman with his hands in the cookie jar
Williah the item, confident that that would be the last he would hear of Abel RosnovskL Abel Rosnovski frowned and said nothing as Henry Osborne read the state in irritation on the desk
’The boys in Washington,’ said Osborne, ’are deteret to the bottom of this one’
’But Henry, you know very well I didn’t sell Interstate shares toon the stock market" said Abel ’The profit I made was of no interest to me at all’
’I know that,’ said Henry, ’but you try and convince the Senate Finance Coain, that all he really wanted to do was settle a personal grudge against one Williaht out of court - or out of the Senate, to be more exact!
’Damn,’ said Abel ’Nohat the hell do I do?’
’Well, first you’ll have to lie ver~y low until this has had tier scandal coet himself worked up about, or that the politicians become so involved in the election that they haven’t time to press for an enquiry With luck, a new ad What - ever you do, Abel, don’t buy any more shares that are connected with Lester’s Bank, or the least you’re going to end up with is a very large fine Leave ton!
’Reave fifty thousand dollars to his ca the last election and I intend to do the same,for Adlai’
’I’ve already done that,’ said Henry ’In fact I would advise you to give fifty thousand to the Republicans as well’
’They’rea - moun’tain out of a molehill,’ said Abel "A ive hiers continued to tap on the table
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Thaddeus Cohen’s next quarterly report revealed that Abel Rosnovski had stopped buying or selling stock in any of Lester’s coy on building more hotels in Europe
Cohen’s opinion was that Rosnovski was lying low, until a decision had been made by the SEC on the Interstate affair
Representatives of the SEC had visited William at the bank on several occasions He had spoken to them with complete frankness, but they never revealed how their enquiries were progressing The SEC finally finished their investigation and thanked Willia rew nearer and Tru his own efforts on - the dissolution on the Du Pont industrial coht have been let off the hook He couldn’t help feeling that Henry Osboress He’remembered that Cohen had once underlined a note about a fifty thousand dollar donation fron fund and was surprised to read in Cohen’s latest report that Rosnovski had repeated the donation for Adlai Stevenson, the De with another fifty thousand for the Eisenhower caain