Cable & Wireless plc
Cable & Wireless plc was a British telecommunications company. In the mid-1980s, it became the first company in the UK to offer an alternative telephone service to British Telecom; the company offered cable TV to its customers, but it sold its cable assets to NTL in 2000. It remained a significant player in the UK telecoms market and in certain overseas markets in the former British colonies of the Caribbean, where it was the monopoly incumbent, it was the main supplier of communication in the British South Atlantic, including Saint Helena and the Falkland Islands. It was a constituent of the FTSE 100 Index; the company split in March 2010, with its international division demerging to form Cable & Wireless Communications. The remainder of the Cable & Wireless business became Cable & Wireless Worldwide and was acquired by Vodafone in 2012. Cable and Wireless traces its history back to a number of British telegraph companies founded in the 1860s, cites Sir John Pender as the founder. In 1869, Pender founded the Falmouth, Gibraltar Telegraph Company and the British Indian Submarine Telegraph Company, which connected the Anglo-Mediterranean cable to Britain and India, respectively.
The London to Bombay telegraph line was completed in 1870, in 1872 the three companies were merged with the Marseilles and Malta Telegraph Company to form the Eastern Telegraph Company, with Pender as chairman. The Eastern Telegraph Company expanded the cable length from 8,860 miles on its founding to 22,400 miles just 15 years later; the Company took over a number of companies founded to connect the West Indies and South America, among them the Eastern Extension Australasia and China Telegraph Company, leading to a name change to The Eastern and Associated Telegraph Companies in 1902. Throughout World War I, all cable services out of Britain were controlled by the government; the Eastern Telegraph group profited enormously from the diversion of business to India and East Asia, away from the German-owned overland routes and from the general use of telegrams in preference to letters, which were delayed by lack of civilian shipping. For the first time, cables became targets of warfare in themselves.
Eastern Telegraph, the British Royal Navy, the General Post Office collaborated on cutting all cable links between Germany and North America. The Germans temporarily disabled both the Pacific Cable and the cable across the Indian Ocean, by attacking island stations in each ocean. However, the most spectacular event of the first "cable war" came in 1917, following the United States' entry into the war, the German cable, cut three years before was lifted out of its position between New York and Emden, moved to a new position between Nova Scotia and Cornwall, taken over by the British government as a prize of war, to be operated by the General Post Office. In 1920, the government decided to keep this cable, despite U. S. protests, to purchase a second line, the two together being renamed Imperial Cable. With increasing competition from companies using radio communications, such as Marconi's Wireless Telegraph Company, it was decided in 1928 to merge the communications methods of the British Empire into one operating company known as the Imperial and International Communications Ltd, from 1934 as Cable and Wireless Limited.
The firm formed subsidiary corporations in various countries, such as the Indian Radio and Cable Communications Company in 1932, designed to oversee India's external communications with other countries. World War II revived the'cable war' of 1914-1918. In 1939, German-owned cables across the Atlantic were cut once again, and, in 1940, Italian cables to South America and Spain were cut in retaliation for Italian action against two of the five British cables linking Gibraltar and Malta. Electra House, the company's head office and central cable station, was damaged by German bombing in 1941. However, the company made a considerable contribution to the Allied war effort, for instance, the wireless equipment with which the North African campaign was conducted in 1942, sending staff, in army uniforms marked with Telcon flashes, into several campaigns, starting in Italy in 1943. Following the Labour Party's victory in the 1945 general election, the government announced its intention to nationalise Cable and Wireless, carried out in 1947.
While the company would remain in being as a government-owned company, continuing to own assets and operating telecommunication services outside the UK, all assets in the UK were integrated with those of the Post Office, which operated the UK's domestic telecommunications monopoly. In 1979, the Conservative Party government led by Margaret Thatcher began privatising the nationalised industries, Cable and Wireless was an early candidate because of its history as a private company; the plan to privatise was announced in 1980. The government sold the first half of its share in Cable & Wireless in November 1981. In February 1982, the government granted a licence for a UK telecommunications network, Mercury Communications Ltd, as a rival to British Telecom, it was established as a subsidiary of Wireless. Seeing an opportunity to enter the growing US telecom market afforded by new, optical fiber technology, Cable & Wireless acquired 9xDS3s from MCI along the Amtrak right of way and began selling transmission services.
Among its early customers was a company named TDX Systems. In 1986, the US long distance industry was deregulated, many new companies launche
Canadian Imperial Bank of Commerce
The Canadian Imperial Bank of Commerce referred to as CIBC, is one of the "Big Five" banks in Canada. The bank is headquartered at Commerce Court in Ontario. CIBC's Institution Number is 010, its SWIFT code is CIBCCATT, it is one of the two major banks founded in Toronto alongside Toronto-Dominion Bank. The Canadian Imperial Bank of Commerce was formed through the June 1, 1961, merger of the Canadian Bank of Commerce and the Imperial Bank of Canada, the largest merger between chartered banks in Canadian history; the bank has four strategic business units: Canadian Personal and Small Business Banking, Canadian Commercial Banking and Wealth Management, U. S. Commercial Banking and Wealth Management, Capital Markets, it has international operations in the United States, the Caribbean and Europe. Globally, CIBC serves more than eleven million clients, has over 40,000 employees; the company ranks at number 172 on the Forbes Global 2000 listing. In 2012, CIBC was named the strongest bank in North America and the 3rd strongest bank in the world by Bloomberg Markets magazine.
William McMaster founded the Canadian Bank of Commerce which opened on May 15, 1867, in Toronto as competition for the Bank of Montreal. The Imperial Bank of Canada opened in Toronto on March 18, 1875, founded by former Commerce Vice-president Henry Stark Howland. By the end of 1895, the Canadian Bank of Commerce had grown to 58 branches and the Imperial Bank of Canada to 18; the 1896 gold strike in the Yukon prompted the Dominion Government to ask the Canadian Bank of Commerce to open a branch in Dawson City. Acquisitions in the 1920s caused the Commerce Bank to become one of the strongest branch networks in Canada with over 700 local branches. Wood, Gundy & Company, the precursor of CIBC's investment banking arm, opened its doors on February 1, 1905. During World War I, it took a active role in the organization of Victory Loans; the Canadian Bank of Commerce opened its new head office in Toronto in 1931. An observation gallery on the 32nd floor attracted visitors who could get an aerial view of the city.
In 1936, the Commerce was the first Canadian bank to establish a personal loans department. Following World War II, both banks opened new branches. Although the banks had been barred from the mortgage business since 1871, the Canadian government now called upon them to provide mortgage services. So, in 1954, Canadian banks started offering mortgages for new construction. In 1960, Imperial chairman Stuart Mackersy approached Neil McKinnon, the president of the Commerce, with a proposal to merge the two banks; this followed a decade of expansion in the Canadian economy and Canada's capitalization of the industrialization of its natural resources. They reached a deal between the two banks. On June 1, 1961, the Canadian Bank of Commerce and the Imperial Bank of Canada merged to form the Canadian Imperial Bank of Commerce with over 1,200 branches across Canada; the new bank possessed the most branches of any bank in the country. In 1964, the bank operated a floating branch using the passenger vessel MV Jean Brilliant along the north shore of the St. Lawrence River in Quebec, billed as the only floating branch in Canada for 5000 customers.
Following the merger, the new bank commissioned a new head office. While planning to retain Commerce Court North, the bank hired architect I. M. Pei to design a three-building complex; the result was Commerce Court consisting of a landscaped courtyard complementing the existing building and included the newly built 786 ft Commerce Court West. When completed in 1973, the 57-storey building was the tallest in Canada, the largest stainless-steel-clad building in the world. In 1967, both Canada and CIBC celebrated their centenaries and CIBC was the only chartered bank to have a branch on-site at Expo 67. At this time computerization began to change banking services and the Yonge and Bloor branch in Toronto was the first Canadian bank branch to update customer bank books via computer; this marked the introduction of inter-branch banking. Before the decade was out, CIBC had introduced the first 24-hour cash dispenser, which would become the ATM. Changes to federal and provincial regulations ending the separation of banks, investment dealers, trust companies and insurance companies came in 1987.
CIBC took advantage of this and became the first Canadian bank to operate an investment dealer, CIBC Securities, offering services to the public. In 1988, CIBC acquired a majority interest in Wood Gundy which brought a well-respected name and reputation in underwriting. Shortly thereafter, the corporation merged Wood Gundy and CIBC Securities under the name CIBC Wood Gundy which became CIBC Oppenheimer in 1997 and CIBC World Markets. In 1992, CIBC introduced automated telephone banking. In 1998, CIBC joined with Loblaws to create President's Choice Financial which it launched in 28 Ottawa area stores. CIBC agreed to merge with the Toronto-Dominion Bank in 1998; however the Government of Canada, at the recommendation of Finance Minister Paul Martin, blocked the merger – as well as another proposed by the Bank of Montreal with the Royal Bank of Canada – as not in the best interest of Canadians. CIBC sold its corporate and purchasing credit card business to U. S. Bank Canada in October 2006 which joined it with business charge cards it acquired from Royal Bank of Canada.
In 2006, the stock ticker symbol on the New York S
China Netcom, full name China Netcom Group Corporation Limited, abbreviated CNC, was a former telecommunication service provider in People's Republic of China. It was formed in August 1999 by the Chinese government to enable inward investments to build high speed Internet communications in the country. CNC was a provider of wire-line telecommunications services in mainland China to areas in the north of China; the firm was building a new broadband Internet backbone across the country. It was seen as the number two fixed-line operator in mainland China after China Telecommunications Corporation, operated a semi-mobile PAS or xiaolingtong system. Traditionally services were provided by the company to northern Chinese provinces and large cities such as Shanghai, Beijing, Hebei, Henan and Liaoning; as well as offering ADSL internet services, the company offered internet collocation services and was a leading provider of connectivity to China's so-called'IP telephone' shops, who offer discount rate, walk-in telephony services to the general public across China.
Moreover, ChinaNetcom was the Beijing 2008 Olympic's Official telecommunications operator and partner and provided fixed-line telecommunications services for the Beijing Organizing Committee of the Olympic Games. It offered good fixed-lined telecommunication service and ensured its network was stable during the Good Luck Beijing Test Sport Event, the Beijing 2008 Olympic Games and the Beijing 2008 Paralympic Games; the company started as a wholesaler for high-speed data networks in 1999. It was backed by Jiang Mianheng, Jiang Zemin's son, Liu Chuanzhi, chairman of Legend Computers. However, the business flopped because at the time China Telecommunications Corporation held a monopoly over the telecom market. Netcom was on the verge of bankruptcy. For Netcom, with the backing of Jiang's son, the Chinese government broke up the China Telecom monopoly and granted Netcom a third of China Telecom's assets. Most of those assets are located in the northern provinces. China Netcom was a subsidiary of China Network Communications Group Corporation.
On June 2, 2008, Netcom announced its intention to merge with China Unicom, after the latter sold its CDMA network to China Telecommunications Corporation. The combined company has all the assets of China Netcom, plus Unicom's nationwide GSM network with 125 million subscribers, as well as its smaller dial-up and ADSL ISP business; the merger was completed on 6 October 2008. China Netcom became a wholly owned subsidiary of China Unicom and the listings of its shares on the Hong Kong Stock Exchange and its American Depositary Receipt Shares on the New York Stock Exchange were withdrawn. China Netcom and its domain cnc-noc.net have been noted in the West as a source of e-mail spam and host of spamvertised websites for products such as pills and poker. Research in Norway in 2008 identified cnc-noc.net as "by far the world's worst ISP" and noted that they did not respond to incident reports. Spamhaus lists the unicom ISP as the 3rd worst ISP for spamming. Communications in China Telecommunications industry in China China Netcom
The Thomas Register of American Manufacturers, now ThomasNet, is an online platform for supplier discovery and product sourcing in the US and Canada. It was once known as the "big green books" and "Thomas Registry", was a multi-volume directory of industrial product information covering 650,000 distributors and service companies within 67,000-plus industrial categories, now published on ThomasNet; the books were first published in 1898 by Harvey Mark Thomas as Kindred Trades. In their heyday, Thomas Register of American Manufacturers was a 34-volume, 3 section buying guide offering sourcing information on industrial products and services, along with comprehensive specifications and detailed product information from thousands of manufacturers; the Thomas Regional Directory Company began as a division of Thomas Publishing in 1976. Thomas Regional Regional Industrial Buying Guides provided information in print and on CD-ROM, on local OEMs, distributors, MRO services and other custom manufacturing services in 19 regional editions covering much of the United States.
Thomas Register and Thomas Regional were available online from the mid 1990s. The company stopped publishing its print products in 2006. Thomas has moved its database online as ThomasNet and maintained by Thomas Industrial Network, one of Thomas’ five business units. ThomasNet has expanded to provide not only product and company information, but online catalogs, computer-aided design drawings, press releases and blogs. Thomas Publishing Company, LLC of New York City has been held since its inception, it used independent representatives to sell advertising space around its listings in print products like the Thomas Register and the Thomas Industrial Regional Directories, these representatives continue to sell Internet related products to manufacturers and other companies. ThomasNet is an technology company based in New York City. In April 2006 the New York Public Library named ThomasNet.com as one of its 25 Best of Reference sources for the reference librarian, is listed in their Best of the Web list for Industry Information.
Since November 2010, ThomasNet has been a founding partner of GlobalTrade.net, a marketplace for international trade service providers. ThomasNet News is a product of Thomas Publishing Company, LLC. ThomasNet News was introduced with “the mission of delivering timely, new industrial product information covering the whole range of products …” It manually reviews press releases submitted through the website and publishes with a small description in one of 51 different categories. In 2000, ThomasNet News released its first Journal. In the IMT, editors published editorials and long form journalism on issues ranging from career skills, developments in the industry, discussions with leading experts. Soon after, IMT Green & Clean was launched in response to the growing interest in green technology and its impact on the world. In 2011, the IMT Machining Journal was launched followed by the IMT Fluid & Gas Flow Journal, the IMT Career Journal, the IMT Procurement Journal. Starting in 2010, ThomasNet began reaching out to its database of manufacturers to get a better understanding of where the community was, where their shortcomings were, where they saw the landscape going in the future.
This yearly survey is called the Industry Market Barometer. Official website Thomas register of American manufacturers at the HathiTrust
Kursk submarine disaster
The sinking of the nuclear-powered Oscar-class submarine Kursk, took place during the first major Russian naval exercise in more than ten years, in the Barents Sea on 12 August 2000, killing all 118 personnel on board. Nearby ships registered the initial explosion and a second, much larger, explosion which registered 4.2 on the Richter scale on seismographs as far away as Alaska, yet the Russian Navy did not realise that the sub had sunk and did not initiate a search for more than six hours. By the time it declared an emergency 11 hours the crew were — unknown to anyone — all dead; because the sub's emergency rescue buoy had been intentionally disabled, it took more than 16 hours to locate the sunken boat. Over four days, the Russian Navy failed to attach four different diving bells and submersibles to the escape hatch; the navy's response was criticised as inept. The government misled and manipulated the public and news media, refused help from other governments. President Vladimir Putin continued his vacation at a seaside resort, only on the fifth day authorized the navy to accept British and Norwegian offers of assistance.
Seven days after the sinking, Norwegian divers opened a hatch to the escape trunk in the boat's flooded ninth compartment to find no survivors. The Russian government and navy came under intense criticism over the incident; the official investigation, after most of the wreck was raised along with analysis of pieces of debris, concluded that the crew of Kursk was preparing to load a dummy 65–76 "Kit" torpedo when a faulty weld in its casing leaked high-test peroxide, causing the torpedo's kerosene fuel to explode. The explosion blew off both the inner and outer tube doors, ignited a fire, destroyed the bulkhead between the first and second compartments, damaged the control room, incapacitated or killed the control room crew; the torpedo manufacturer challenged this hypothesis, insisting that its design would prevent the kind of event described. Vice-Admiral Valery Ryazantsev drew attention to systemic faults in the Russian Navy, such as the risky use of volatile HTP torpedoes known to have caused the sinking of HMS Sidon.
Ryazantsev accused the Russian navy of failing to properly train the crew, who did not appear to have properly closed the inner torpedo room safety door designed to protect the rest of the submarine. The commission concluded that poor oversight, budget cuts, incomplete maintenance inspections contributed to the explosion. Two minutes and fifteen seconds after the initial blast, the sub was on the bottom when the intense initial fire triggered the detonation of between five and seven torpedo warheads; the second explosion was equivalent to over 2 tonnes of TNT. It collapsed the bulkheads between the first three compartments and all the decks, tore a large hole in the hull, destroyed compartments four and five, killed everyone still alive forward of the nuclear reactor in the fifth compartment; the nuclear reactors shut down safely. Following salvage operations, analysts concluded that 23 sailors in the sixth through ninth compartments took refuge in the small ninth compartment and survived for more than six hours.
As oxygen ran low, crew members attempted to replace a potassium superoxide chemical oxygen cartridge, which accidentally fell into the oily sea water and exploded on contact. The resulting fire killed several crew members and triggered a flash fire that consumed the remaining oxygen, suffocating the remaining survivors. Lacking information, families of the victims engaged in an angry and volatile meeting with newly elected President Vladimir Putin; the video coverage of the meeting was sanitized for Russian audiences but leaked to international media shocking Russian audiences when they saw footage of a mother being forcibly sedated before she was removed from the meeting. The following year, a Dutch team was contracted to raise the hull. Using newly developed lifting technologies, they recovered all but the bow, including the remains of 115 sailors, who were buried in Russia. More than two years after the sinking, the Russian government completed a 133-volume, top-secret investigation of the disaster.
They released only a four-page summary through Rossiyskaya Gazeta, that revealed "stunning breaches of discipline, shoddy and poorly maintained equipment", "negligence and mismanagement". Moreover, they concluded that the rescue operation was unjustifiably delayed and that the Russian Navy was unprepared to respond to the disaster. On the morning of 12 August 2000, Kursk was participating in the "Summer-X" exercise, the first large-scale naval exercise planned by the Russian Navy in more than a decade, its first since the fall of the Soviet Union, it included three submarines. Kursk had won a citation for its excellent performance and been recognised as having the best submarine crew in the Northern Fleet. Although it was an exercise, Kursk loaded a full complement of conventional combat weapons, it was one of the few boats authorised to carry a combat load at all times. This included 18 SS-N-16 "Stallion" anti-ship missiles and 24 SS-N-19/P-700 Granit "Shipwreck" cruise missiles that were designed to defeat the best naval air defences.
Kursk had a mythical standing. It was reputedly unsinkable and there were claims it would withstand a direct hit from a torpedo; the outer hull was constructed using 8-millimetre steel plate covered by up to 80 millimetres of rubber, which minimized other submarines' or surface vessels' ability to detect the submarine. The inner pressure hull was made of high quality 50-millimetre steel plate; the two hulls were separated by a 1-to-2-metre (3 ft 3 i
Leo Hindery Jr. is an American businessman, political activist and philanthropist. Hindery is Managing Partner of InterMedia Partners, a New York-based media industry private equity fund; until 2004, he was chairman and chief executive officer of The YES Network, the nation’s largest regional sports network which he founded in 2001 as the television home of the New York Yankees. He headed Tele-Communications, Inc. before it was merged into AT&T Corporation in 1999, when he became CEO of AT&T Broadband. He was interim CEO of GlobalCenter, a dot.com company purchased by Global Crossing. He exited Global Crossing after only seven months upon the sale of GlobalCenter and was replaced by board member and Vice Chairman Thomas Casey. At the time Hindery said, "I have done what I set out to do at Global Crossing -- improve operating management and rationalize operating assets, realize the value of GlobalCenter, meet or exceed quarterly financial goals.". He is a member of the Council on Foreign Relations, from 2003 through December 2007 was Senate-appointed Vice Chair of the HELP Commission formed by an Act of Congress to improve U.
S. foreign assistance. He is a member of the Hall of Fame of the Minority Media & Telecommunications Council, co-chair of the Task Force on Jobs Creation and was the founder of Jobs First 2012, he is a Trustee of Emerson College and a Director of Common Cause New York, Hemisphere Media Group, Inc. and THINK450. Hindery has written two books: It Takes a CEO: It’s Time to Lead with Integrity and The Biggest Game of All. Hindery now lives in New York City, he has an MBA from the Stanford Graduate School of Business, a BA from Seattle University. Hindery is a member of the Cable Industry Hall of Fame, was Chairman of the National Cable Television Association and of C-SPAN, has been recognized as one of the cable industry's "25 Most Influential Executives Over the Past 25 Years" and one of the "30 Individuals with the Most Significant Impact on Cable's Early History." In 2004, his name was floated as a possible successor to Terry McAuliffe as head of the Democratic National Committee. Hindery served as Senior Economic Policy Advisor for presidential candidate John Edwards from December 2006 until February 2008.
In 2008 Hindery was an economic and trade advisor to then-Presidential candidate Barack Obama, in 2012 served as an economic policy surrogate for President Obama. On the withdrawal of Bill Richardson as nominee for Secretary of Commerce on January 4, 2009 it was suggested that he might be a suitable replacement. Hindery endorsed Democratic candidate Hillary Clinton in the 2016 U. S. presidential election. He was a keen amateur racing driver, taking part in the 24 Hours of Le Mans 4 times and winning his class in a Porsche 911 GT3-RSR in 2005, he was the race promoter for the Grand Prix of America Formula 1 race, scheduled to be held at the Port Imperial Street Circuit. The 2013 and 2014 races were cancelled and the future of the event remains unclear. Hindery still believes, that the 2020 race will be on the official Formula One calendar, it Takes a CEO ISBN 0-7432-6985-3 The Biggest Game of All ISBN 0-7432-2900-2
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