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Franklin D Roosevelt announces
addresses Congress in 1933, saying
that companies must tell the truth.
"It should give impetus to honest dealing
in securities," he said. |
There are few things that corporate America in general and
Wall Street in particular loathe more than the intrusion of
government into their affairs. In such invasiveness, they detect
the long arm of the reddest-hued socialism. They did so in the
1930s, when one congressman described the passage of the Securities
Act of 1933 and the National Securities of 1934, as legislation
designed to "Russianize everything worthwhile".
Some are hinting at that again today, with Intel's chairman, Andrew
Grove, telling the Washington Post in July that today's
anti-business atmosphere in the US reminds him of the Hungary he
left in the mid 1950s.
That may be an extreme view of the legislative reform that has been
rushed through Congress in a bid to restore confidence...
