Oxford English Dictionary
The Oxford English Dictionary is the principal historical dictionary of the English language, published by Oxford University Press. It traces the historical development of the English language, providing a comprehensive resource to scholars and academic researchers, as well as describing usage in its many variations throughout the world; the second edition, comprising 21,728 pages in 20 volumes, was published in 1989. Work began on the dictionary in 1857, but it was only in 1884 that it began to be published in unbound fascicles as work continued on the project, under the name of A New English Dictionary on Historical Principles. In 1895, the title The Oxford English Dictionary was first used unofficially on the covers of the series, in 1928 the full dictionary was republished in ten bound volumes. In 1933, the title The Oxford English Dictionary replaced the former name in all occurrences in its reprinting as twelve volumes with a one-volume supplement. More supplements came over the years until 1989.
Since 2000, compilation of a third edition of the dictionary has been underway half of, complete. The first electronic version of the dictionary was made available in 1988; the online version has been available since 2000, as of April 2014 was receiving over two million hits per month. The third edition of the dictionary will most only appear in electronic form: the Chief Executive of Oxford University Press has stated that it is unlikely that it will be printed; as a historical dictionary, the Oxford English Dictionary explains words by showing their development rather than their present-day usages. Therefore, it shows definitions in the order that the sense of the word began being used, including word meanings which are no longer used; each definition is shown with numerous short usage quotations. This allows the reader to get an approximate sense of the time period in which a particular word has been in use, additional quotations help the reader to ascertain information about how the word is used in context, beyond any explanation that the dictionary editors can provide.
The format of the OED's entries has influenced numerous other historical lexicography projects. The forerunners to the OED, such as the early volumes of the Deutsches Wörterbuch, had provided few quotations from a limited number of sources, whereas the OED editors preferred larger groups of quite short quotations from a wide selection of authors and publications; this influenced volumes of this and other lexicographical works. According to the publishers, it would take a single person 120 years to "key in" the 59 million words of the OED second edition, 60 years to proofread them, 540 megabytes to store them electronically; as of 30 November 2005, the Oxford English Dictionary contained 301,100 main entries. Supplementing the entry headwords, there are 157,000 bold-type derivatives; the dictionary's latest, complete print edition was printed in 20 volumes, comprising 291,500 entries in 21,730 pages. The longest entry in the OED2 was for the verb set, which required 60,000 words to describe some 430 senses.
As entries began to be revised for the OED3 in sequence starting from M, the longest entry became make in 2000 put in 2007 run in 2011. Despite its considerable size, the OED is neither the world's largest nor the earliest exhaustive dictionary of a language. Another earlier large dictionary is the Grimm brothers' dictionary of the German language, begun in 1838 and completed in 1961; the first edition of the Vocabolario degli Accademici della Crusca is the first great dictionary devoted to a modern European language and was published in 1612. The official dictionary of Spanish is the Diccionario de la lengua española, its first edition was published in 1780; the Kangxi dictionary of Chinese was published in 1716. The dictionary began as a Philological Society project of a small group of intellectuals in London: Richard Chenevix Trench, Herbert Coleridge, Frederick Furnivall, who were dissatisfied with the existing English dictionaries; the Society expressed interest in compiling a new dictionary as early as 1844, but it was not until June 1857 that they began by forming an "Unregistered Words Committee" to search for words that were unlisted or poorly defined in current dictionaries.
In November, Trench's report was not a list of unregistered words. The Society realized that the number of unlisted words would be far more than the number of words in the English dictionaries of the 19th century, shifted their idea from covering only words that were not in English diction
Joseph McKenna was an American politician who served in all three branches of the U. S. federal government, as a member of the U. S. House of Representatives, as U. S. Attorney General and as an Associate Justice of the Supreme Court, he is one of seventeen members of the House of Representatives who subsequently served on the Supreme Court. Born in Philadelphia, the son of Irish Catholic immigrants, he attended St. Joseph's College and the Collegiate Institute at Benicia, California. After being admitted to the California bar in 1865, he became District Attorney for Solano County and campaigned for and won a seat in the California State Assembly for two years, he retired after an unsuccessful bid for Speaker of the House. After two unsuccessful attempts, McKenna was elected to the United States House of Representatives in 1885 and served for four terms, he was appointed to the Ninth Circuit Court of Appeals in 1892 by President Benjamin Harrison. In 1897 he was appointed the 42nd Attorney General of the United States by President William McKinley, served in that capacity until 1898.
He was appointed an Associate Justice of the Supreme Court of the United States to succeed Justice Stephen J. Field. McKenna took his seat the next day. Conscious of his limited credentials, McKenna took courses at Columbia Law School for several months to improve his legal education before taking his seat on the Court. Although he never developed a consistent legal philosophy, McKenna was the author of a number of important decisions. One of the most notable was his opinion in the case of United States v. U. S. Steel Corporation which held that antitrust cases would be decided on the "rule of reason" principle—only alleged monopolistic combinations that are in unreasonable restraint of trade—are illegal. McKenna was known to be a centrist, was one of the most vigorous members of the Supreme Court, he authored 614 majority opinions, 146 dissenting opinions during his time on the bench. His passionate rebuttal to the denial of "pecuniary benefit" to a wife whose husband had been killed while working on the railroad was among those which brought a change to the Employer Liability Act.
His most noteworthy opinions are Hipolite Egg Co. v. United States 220 U. S. 45, in which a unanimous Court upheld the Pure Food and Drug Act of 1906, In Hoke v. United States, he concurred in upholding the Mann Act, a/k/a "White-Slave Traffic Act". However, four years he dissented from the Court's opinion in Caminetti v. United States, which held the act applied to private, noncommercial enticements to cross state lines for purposes of a sexual liaison. According to McKenna, the Act regulated only commercial vice, i.e. "immoralities having a mercenary purpose." While McKenna was quite favorable to federal power, he joined the Court's substantive due process jurisprudence and voted with the majority in 1905's Lochner v. New York, which struck down a state maximum-hours law for bakery workers, This decision carried broader implications for the scope of federal power, at least until the New Deal and the 1937 switch-in-time-that-saved-nine West Coast Hotel Co. v. Parrish. McKenna resigned from the Court in January 1925 at the suggestion of Chief Justice William Howard Taft.
McKenna's ability to perform his duties had been diminished by a stroke suffered 10 years earlier, by the end of his tenure McKenna could not be counted on to write coherent opinions. Justice McKenna was one of 13 Catholic justices in the history of the Supreme Court. McKenna married Amanda Borneman in 1869, the couple had three daughters and one son. McKenna died on November 21, 1926. in Washington, D. C.. His remains are interred at the city's Mount Olivet Cemetery. List of Justices of the Supreme Court of the United States List of law clerks of the Supreme Court of the United States List of U. S. Supreme Court Justices by time in office United States Supreme Court cases during the Fuller Court United States Supreme Court cases during the Taft Court United States Supreme Court cases during the White Court United States Congress. "Joseph McKenna". Biographical Directory of the United States Congress. Department of Justice, Joseph McKenna Attorney General. Joseph McKenna at Find a Grave Joseph McKenna at Supreme Court Historical Society.
Official Supreme Court media, Joseph McKenna at the Oyez project
A stockbroker, share broker, registered representative, trading representative, or more broadly, an investment broker, investment adviser, financial adviser, wealth manager, or investment professional is a regulated broker, broker-dealer, or Registered Investment Adviser who may provide financial advisory and investment management services and execute transactions such as the purchase or sale of stocks and other investments to financial market participants in return for a commission, markup, or fee, which could be based on a flat rate, percentage of assets, or hourly rate. Examples of professional designations held by individuals in this field, which affects the types of investments they are permitted to sell and the services they provide include Chartered Financial Consultants, Certified Financial Planners or Chartered Financial Analysts, Chartered Strategic Wealth Professionals, Chartered Financial Planners, Master of Business Administration; the Financial Industry Regulatory Authority provides an online tool designed to help understand professional designations in the United States.
The first recorded buying and selling of shares occurred in Rome in the 2nd century BC. After the Fall of the Western Roman Empire, stockbroking did not become a profession until after the Renaissance, when government bonds were traded in Italian city-states such as Genoa and Venice. In 1602, the Amsterdam Stock Exchange became the first official stock market with trading in shares of the Dutch East India Company, the first company to issue stock. In 1698, the London Stock Exchange, opened at a coffeehouse. On May 17, 1792, the New York Stock Exchange opened under a platanus occidentalis in New York City, as 24 stockbrokers signed the Buttonwood Agreement, agreeing to trade five securities under that buttonwood tree. Investment professionals that offer financial advice in Australia must pass training pursuant to RG146 and hold a license, overseen by the Australian Securities and Investments Commission, they are subject to fiduciary obligations. In Canada, to be licensed as a "Registered Representative" or an "Investment Advisor" and thus be qualified to offer investment advice and trade all instruments with the exception of derivatives, an individual employed by an investment firm must have completed the Canadian Securities Course, the Conduct & Practices Handbook, the 90-day Investment Advisor Training Program.
Within 30 months of obtaining designation as a "Registered Representative", the registrant is further required to meet the post-licensing proficiency requirement to complete the Wealth Management Essentials course. A Registered Representative is required to complete 30 hours of professional development and 12 hours of compliance training every three year continuing education cycle as set out by the Investment Industry Regulatory Organization of Canada. To trade options and/or futures, a Registered Representative must pass the Derivatives Fundamentals Course in addition to the Options Licensing Course and/or the Futures Licensing Course, or alternatively, the Derivatives Fundamentals Options Licensing Course for options. In Hong Kong, to become a representative one has to work for a licensed firm and pass 3 exams to prove competency. Passing a fourth exam results in obtaining a'specialist' license. All tests can be taken with the Hong Kong Securities Institute. After passing all tests, approval must be received by the Futures Commission.
Share brokers in India are governed by the Securities and Exchange Board of India Act, 1992 and brokers must register with the Securities and Exchange Board of India. The National Stock Exchange of India and the Bombay Stock Exchange offer certification courses; the recognized benchmark designation for investment professionals in Ireland is the QFA designation, awarded to those who pass the Professional Diploma in Financial Advice and agree to comply with the ongoing "continuous professional development" requirements. The qualification, attaching CPD program, meets the "minimum competency requirements" specified by the Financial Regulator, for advising on and selling five categories of retail financial products: Stock shares and other investment instruments Savings and pensions Mortgage loans Consumer credit Life insurance In New Zealand, the New Zealand Qualifications Authority oversees qualifications; the New Zealand Certificate in Financial Services is the minimum level of qualification necessary to offer investment advice.
In Singapore, becoming a trading representative requires passing 4 exams, Modules 1A, 5, 6 and 6A, from the Institute of Banking and Finance and applying for the license through MAS and SGX. In South Korea, the Korea Financial Investment Association oversees the licensing of investment professionals. Stockbroking is a regulated profession in the United Kingdom and brokers must achieve a recognised qualification from the Appropriate Qualifications list of the Financial Conduct Authority; the Chartered Institute for Securities & Investment is the largest UK professional body for investment professionals. It evolved from the London Stock Exchange, has around 40,000 members in over 100 countries and delivers more than 37,000 exams each year. CFA UK offers qualifications, it represents the interests of around 11,000 investment professionals and is part of the worldwide network of members of the CFA Institute. Qualifications include: the CISI Level 4 Diploma in Investment Advice and the CISI Level 7 Diploma in Wealth Management The Financial Industry Reg
In law, fraud is intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate civil law, a criminal law, or it may cause no loss of money, property or legal right but still be an element of another civil or criminal wrong; the purpose of fraud may be monetary gain or other benefits, such as obtaining a passport or travel document, driver's license. Examples include mortgage fraud, where the perpetrator may attempt to qualify for a mortgage by way of false statements. A hoax is a distinct concept that involves deliberate deception without the intention of gain or of materially damaging or depriving a victim. In common law jurisdictions, as a civil wrong, fraud is a tort. While the precise definitions and requirements of proof vary among jurisdictions, the requisite elements of fraud as a tort are the intentional misrepresentation or concealment of an important fact upon which the victim is meant to rely, in fact does rely, to the harm of the victim.
Proving fraud in a court of law is said to be difficult. That difficulty is found, for instance, in that each and every one of the elements of fraud must be proven, that the elements include proving the states of mind of the perpetrator and the victim, that some jurisdictions require the victim to prove fraud by clear and convincing evidence; the remedies for fraud may include rescission of a fraudulently obtained agreement or transaction, the recovery of a monetary award to compensate for the harm caused, punitive damages to punish or deter the misconduct, others. In cases of a fraudulently induced contract, fraud may serve as a defense in a civil action for breach of contract or specific performance of contract. Fraud may serve as a basis for a court to invoke its equitable jurisdiction. In common law jurisdictions, as a criminal offence, fraud takes many different forms, some general and some specific to particular categories of victims or misconduct; the elements of fraud as a crime vary.
The requisite elements of the most general form of criminal fraud, theft by false pretense, are the intentional deception of a victim by false representation or pretense with the intent of persuading the victim to part with property and with the victim parting with property in reliance on the representation or pretense and with the perpetrator intending to keep the property from the victim. Section 380 of the Criminal Code provides the general definition for fraud in Canada: 380; every one who, by deceit, falsehood or other fraudulent means, whether or not it is a false pretence within the meaning of this Act, defrauds the public or any person, whether ascertained or not, of any property, money or valuable security or any service, is guilty of an indictable offence and liable to a term of imprisonment not exceeding fourteen years, where the subject-matter of the offence is a testamentary instrument or the value of the subject-matter of the offence exceeds five thousand dollars. In addition to the penalties outlined above, the court can issue a prohibition order under s. 380.2.
It can make a restitution order under s. 380.3. The Canadian courts have held that the offence consists of two distinct elements: A prohibited act of deceit, falsehood or other fraudulent means. In the absence of deceit or falsehood, the courts will look objectively for a "dishonest act"; the Supreme Court of Canada has held that deprivation is satisfied on proof of detriment, prejudice or risk of prejudice. Deprivation of confidential information, in the nature of a trade secret or copyrighted material that has commercial value, has been held to fall within the scope of the offence; the proof requirements for criminal fraud charges in the United States are the same as the requirements for other crimes: guilt must be proved beyond a reasonable doubt. Throughout the United States fraud charges can be misdemeanors or felonies depending on the amount of loss involved. High value frauds can include additional penalties. For example, in California losses of $500,000 or more will result in an extra two, three, or five years in prison in addition to the regular penalty for the fraud.
The U. S. government's 2006 fraud review concluded that fraud is a under-reported crime, while various agencies and organizations were attempting to tackle the issue, greater co-operation was needed to achieve a real impact in the public sector. The scale of the problem pointed to the need for a small but high-powered body to bring together the numerous counter-fraud initiatives that existed. Although elements may vary by jurisdiction and the specific allegations made by a plaintiff who files a lawsuit that alleged fraud, typical elements of a fraud case in the United States are that: Somebody misrepresents a material fact in order to obtain action or forbearance by another person.
The New York Times
The New York Times is an American newspaper based in New York City with worldwide influence and readership. Founded in 1851, the paper has won more than any other newspaper; the Times is ranked 17th in the world by circulation and 2nd in the U. S; the paper is owned by The New York Times Company, publicly traded and is controlled by the Sulzberger family through a dual-class share structure. It has been owned by the family since 1896. G. Sulzberger, the paper's publisher, his father, Arthur Ochs Sulzberger Jr. the company's chairman, are the fourth and fifth generation of the family to helm the paper. Nicknamed "The Gray Lady", the Times has long been regarded within the industry as a national "newspaper of record"; the paper's motto, "All the News That's Fit to Print", appears in the upper left-hand corner of the front page. Since the mid-1970s, The New York Times has expanded its layout and organization, adding special weekly sections on various topics supplementing the regular news, editorials and features.
Since 2008, the Times has been organized into the following sections: News, Editorials/Opinions-Columns/Op-Ed, New York, Sports of The Times, Science, Home and other features. On Sunday, the Times is supplemented by the Sunday Review, The New York Times Book Review, The New York Times Magazine and T: The New York Times Style Magazine; the Times stayed with the broadsheet full-page set-up and an eight-column format for several years after most papers switched to six, was one of the last newspapers to adopt color photography on the front page. The New York Times was founded as the New-York Daily Times on September 18, 1851. Founded by journalist and politician Henry Jarvis Raymond and former banker George Jones, the Times was published by Raymond, Jones & Company. Early investors in the company included Edwin B. Morgan, Christopher Morgan, Edward B. Wesley. Sold for a penny, the inaugural edition attempted to address various speculations on its purpose and positions that preceded its release: We shall be Conservative, in all cases where we think Conservatism essential to the public good.
We do not believe that everything in Society is either right or wrong. In 1852, the newspaper started a western division, The Times of California, which arrived whenever a mail boat from New York docked in California. However, the effort failed. On September 14, 1857, the newspaper shortened its name to The New-York Times. On April 21, 1861, The New York Times began publishing a Sunday edition to offer daily coverage of the Civil War. One of the earliest public controversies it was involved with was the Mortara Affair, the subject of twenty editorials in the Times alone; the main office of The New York Times was attacked during the New York City Draft Riots. The riots, sparked by the beginning of drafting for the Union Army, began on July 13, 1863. On "Newspaper Row", across from City Hall, Henry Raymond stopped the rioters with Gatling guns, early machine guns, one of which he manned himself; the mob diverted, instead attacking the headquarters of abolitionist publisher Horace Greeley's New York Tribune until being forced to flee by the Brooklyn City Police, who had crossed the East River to help the Manhattan authorities.
In 1869, Henry Raymond died, George Jones took over as publisher. The newspaper's influence grew in 1870 and 1871, when it published a series of exposés on William Tweed, leader of the city's Democratic Party—popularly known as "Tammany Hall" —that led to the end of the Tweed Ring's domination of New York's City Hall. Tweed had offered The New York Times five million dollars to not publish the story. In the 1880s, The New York Times transitioned from supporting Republican Party candidates in its editorials to becoming more politically independent and analytical. In 1884, the paper supported Democrat Grover Cleveland in his first presidential campaign. While this move cost The New York Times a portion of its readership among its more progressive and Republican readers, the paper regained most of its lost ground within a few years. After George Jones died in 1891, Charles Ransom Miller and other New York Times editors raised $1 million dollars to buy the Times, printing it under the New York Times Publishing Company.
However, the newspaper was financially crippled by the Panic of 1893, by 1896, the newspaper had a circulation of less than 9,000, was losing $1,000 a day. That year, Adolph Ochs, the publisher of the Chattanooga Times, gained a controlling interest in the company for $75,000. Shortly after assuming control of the paper, Ochs coined the paper's slogan, "All The News That's Fit To Print"; the slogan has appeared in the paper since September 1896, has been printed in a box in the upper left hand corner of the front page since early 1897. The slogan was a jab at competing papers, such as Joseph Pulitzer's New York World and William Randolph Hearst's New York Journal, which were known for a lurid and inaccurate reporting of facts and opinions, described by the end of the century as "yellow journalism". Under Ochs' guidance, aided by Carr
A security is a tradable financial asset. The term refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some jurisdictions the term excludes financial instruments other than equities and fixed income instruments. In some jurisdictions it includes some instruments that are close to equities and fixed income, e.g. equity warrants. In some countries and languages the term "security" is used in day-to-day parlance to mean any form of financial instrument though the underlying legal and regulatory regime may not have such a broad definition. In the United Kingdom, the national competent authority for financial markets regulation is the Financial Conduct Authority. In the United States, a security is a tradable financial asset of any kind. Securities are broadly categorized into: debt securities equity securities derivatives; the company or other entity issuing the security is called the issuer. A country's regulatory structure determines. For example, private investment pools may have some features of securities, but they may not be registered or regulated as such if they meet various restrictions.
Securities may be represented by a certificate or, more "non-certificated", in electronic or "book entry" only form. Certificates may be bearer, meaning they entitle the holder to rights under the security by holding the security, or registered, meaning they entitle the holder to rights only if he or she appears on a security register maintained by the issuer or an intermediary, they include shares of corporate stock or mutual funds, bonds issued by corporations or governmental agencies, stock options or other options, limited partnership units, various other formal investment instruments that are negotiable and fungible. Securities may be classified according to many categories or classification systems: Currency of denomination Ownership rights Terms to maturity Degree of liquidity Income payments Tax treatment Credit rating Industrial sector or "industry". Region or country Market capitalization State Securities are the traditional way that commercial enterprises raise new capital; these may be an attractive alternative to bank loans depending on their pricing and market demand for particular characteristics.
Another disadvantage of bank loans as a source of financing is that the bank may seek a measure of protection against default by the borrower via extensive financial covenants. Through securities, capital is provided by investors who purchase the securities upon their initial issuance. In a similar way, a government may issue securities too. Investors in securities may be retail, i.e. members of the public investing other than by way of business. The greatest part of investment, in terms of volume, is wholesale, i.e. by financial institutions acting on their own account, or on behalf of clients. Important institutional investors include investment banks, insurance companies, pension funds and other managed funds; the traditional economic function of the purchase of securities is investment, with the view to receiving income or achieving capital gain. Debt securities offer a higher rate of interest than bank deposits, equities may offer the prospect of capital growth. Equity investment may offer control of the business of the issuer.
Debt holdings may offer some measure of control to the investor if the company is a fledgling start-up or an old giant undergoing'restructuring'. In these cases, if interest payments are missed, the creditors may take control of the company and liquidate it to recover some of their investment; the last decade has seen an enormous growth in the use of securities as collateral. Purchasing securities with borrowed money secured by other securities or cash itself is called "buying on margin". Where A is owed a debt or other obligation by B, A may require B to deliver property rights in securities to A, either at inception or only in default. For institutional loans, property rights are not transferred but enable A to satisfy its claims in the event that B fails to make good on its obligations to A or otherwise becomes insolvent. Collateral arrangements are divided into two broad categories, namely security interests and outright collateral transfers. Commercial banks, investment banks, government agencies and other institutional investors such as mutual funds are significant collateral takers as well as providers.
In addition, private parties may utilize stocks or other securities as collateral for portfolio loans in securities lending scenarios. On the consumer level, loans against securities have grown into three distinct groups over the last decade: 1) Standard Institutional Loans offering low loan-to-value with
U.S. Securities and Exchange Commission
The U. S. Securities and Exchange Commission is an independent agency of the United States federal government; the SEC holds primary responsibility for enforcing the federal securities laws, proposing securities rules, regulating the securities industry, the nation's stock and options exchanges, other activities and organizations, including the electronic securities markets in the United States. In addition to the Securities Exchange Act of 1934, which created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes–Oxley Act of 2002, other statutes; the SEC was created by Section 4 of the Securities Exchange Act of 1933. The SEC has a three-part mission: to protect investors. To achieve its mandate, the SEC enforces the statutory requirement that public companies and other regulated companies submit quarterly and annual reports, as well as other periodic reports. In addition to annual financial reports, company executives must provide a narrative account, called the "management discussion and analysis", that outlines the previous year of operations and explains how the company fared in that time period.
MD&A will also touch on the upcoming year, outlining future goals and approaches to new projects. In an attempt to level the playing field for all investors, the SEC maintains an online database called EDGAR online from which investors can access this and other information filed with the agency. Quarterly and semiannual reports from public companies are crucial for investors to make sound decisions when investing in the capital markets. Unlike banking, investment in the capital markets is not guaranteed by the federal government; the potential for big gains needs to be weighed against that of sizable losses. Mandatory disclosure of financial and other information about the issuer and the security itself gives private individuals as well as large institutions the same basic facts about the public companies they invest in, thereby increasing public scrutiny while reducing insider trading and fraud; the SEC makes reports available to the public through the EDGAR system. The SEC offers publications on investment-related topics for public education.
The same online system takes tips and complaints from investors to help the SEC track down violators of the securities laws. The SEC adheres to a strict policy of never commenting on the existence or status of an ongoing investigation. Prior to the enactment of the federal securities laws and the creation of the SEC, there existed so-called blue sky laws, they were enacted and enforced at the state level and regulated the offering and sale of securities to protect the public from fraud. Though the specific provisions of these laws varied among states, they all required the registration of all securities offerings and sales, as well as of every U. S. stockbroker and brokerage firm. However, these blue sky laws were found to be ineffective. For example, the Investment Bankers Association told its members as early as 1915 that they could "ignore" blue sky laws by making securities offerings across state lines through the mail. After holding hearings on abuses on interstate frauds, Congress passed the Securities Act of 1933, which regulates interstate sales of securities at the federal level.
The subsequent Securities Exchange Act of 1934 regulates sales of securities in the secondary market. Section 4 of the 1934 act created the U. S. Securities and Exchange Commission to enforce the federal securities laws; the Securities Act of 1933 is known as the "Truth in Securities Act" and the "Federal Securities Act", or just the "1933 Act". Its goal was to increase public trust in the capital markets by requiring uniform disclosure of information about public securities offerings; the primary drafters of 1933 Act were Huston Thompson, a former Federal Trade Commission chairman, Walter Miller and Ollie Butler, two attorneys in the Commerce Department's Foreign Service Division, with input from Supreme Court Justice Louis Brandeis. For the first year of the law's enactment, the enforcement of the statute rested with the Federal Trade Commission, but this power was transferred to the SEC following its creation in 1934. In 1934, Roosevelt named his friend Joseph P. Kennedy, a self-made multimillionaire financier and a leader among the Irish-American community, as the insider-as-chairman who knew Wall Street well enough to clean it up.
Two of the other five commissioners were Ferdinand Pecora. Kennedy added a number of intelligent young lawyers, including William O. Douglas and Abe Fortas, both of whom became Supreme Court justices. Kennedy's team defined the mission and operating mode for the SEC, making full use of its wide range of legal powers; the SEC had four missions. First and most important was to restore investor confidence in the securities market, which had collapsed because of doubts about its internal integrity, fears of the external threats posed by anti-business elements in the Roosevelt administration. Second, in terms of integrity, the SEC had to get rid of the penny-ante swindles based on fake i