"TO PROTECT PUBLIC FROM UNSAFE INVESTMENTS"

JOE KENNEDY APPOINTED TO SERVE ON SECURITIES & EXCHANGE COMMISSION 

Washington, D.C. (JFK+50) On June 30, 1934, President Franklin D. Roosevelt appointed Joseph Patrick Kennedy, Sr.* to serve on the newly created Securities and Exchange Commission**.

The SEC, a bi-partisan agency, was designed to protect the American public from investing in unsafe securities and to regulate the Stock Market.

*Joseph Patrick Kennedy Sr. (1888-1969) was born in Boston, Massachusetts & graduated from Harvard University.  JPK was president of the Columbia Trust Bank & served as 1st chairman of the SEC, 1st chairman of the U.S. Maritime Commission & U.S. ambassador to the United Kingdom.

**S.E.C. was created in the aftermath of the disastrous Wall Street crash of 1929.  The agency has grown to around 5000 employees & is headquartered in Washington, D.C.   

SOURCE

"FDR appoints Joe Kennedy Sr. to SEC," JFK+50, June 30, 2011, www.jfk50.blogspot.com/ 

 

 

Time Magazine

July 22 1935

by FINLAY

JOE KENNEDY SR. ON TIME'S COVER

JOSEPH P. KENNEDY MADE COVER OF TIME MAGAZINE 80 YEARS AGO 

New York City (JFK+50) Eighty years ago yesterday, July 22, 1935, Joseph P. Kennedy, Sr., chairman of the Securities and Exchange Commission,  made the cover of Time.

The weekly news magazine's cover depicted a bespectacled, immaculately dressed, and steely eyed Joe Kennedy with the caption...

"He makes it easy for the honest".

A Mr. Robert E. Hickey of the Harvard Club of Boston sent a letter to Time dated August 5, 1935 in which he wrote...

"Your cover picture of Joseph P. Kennedy (TIME July 22) started a discussion as to whether or not he is the first person to appear there a second time.  Did he not also appear there at the time of SEC's inception and is not Franklin D. Roosevelt the only other man to be so honored?"

TIME responded...

"SEC's Joseph P. Kennedy made his first appearance on Time's cover July 22, 1935.  Time's only rule in selection of cover subjects is newsworthiness."

FDR's choice of Joe Kennedy to head the SEC came as a shock to liberals who thought James Landis* would be appointed first chairman.  Jerome Frank compared the choice of Joe Kennedy to "setting a wolf to guard a flock of sheep."

Kennedy, nonetheless, was able to win over Mr. Landis, who served on the commission as a member and later replaced Mr. Kennedy as chairman.  Joe, according to sechistorical.org/, "welcomed the appointment" and "believed in the mission of the SEC."  

JPK was well aware, however, that the organization would be unable to "police every aspect of the markets," and would have to rely to an extent on self-policing.

*James M. Landis (1899-1964) was born in Tokyo to parents who were missionaries.  He graduated from Princeton and Harvard Law School.  He was called to government service as a member of the Federal Trade Commission before joining the Security and Exchange Commission.  JML became the 2nd chairman of the SEC.  

Mr. Landis was also a legal adviser to Joseph P. Kennedy, Sr. and special counsel to President John F. Kennedy.  He prepared a report for the president-elect recommending reforms to Federal regulatory agencies.  Those recommendations were approved.

SOURCES

"431 Days:  Joseph P. Kennedy and the Creation of the SEC, 1934-35," www.sechistorical.org/

TIME, www.content.time/com

Time Magazine Cover

July 22, 1935

JFK SPEAKS AT INDEPENDENCE MONUMENT

JFK SPOKE AT INDEPENDENCE MONUMENT 52 YEARS AGO 

Mexico City, Mexico (JFK+50) President John F. Kennedy spoke and took part in a wreath laying ceremony at the Independence Monument here in Mexico City 52 years ago today, June 30, 1962.

President Kennedy told the audience that it is appropriate to celebrate the 4th of July in Mexico because...

"the people who wrote the Declaration of Independence....recognized...they were not merely advancing a theory of government for the people of the United States, but for the people around the world."

Independence Monument

Mexico City

Photo by Sarumo74

SANDY KOUFAX PITCHES FIRST NO HITTER

Los Angeles, California (JFK+50) Twenty-six year old Sandy Koufax struck out 13 hitters 52 years ago today, June 30, 1962. on his way to the first no-hitter of his career.

In the game played at Dodger Stadium here in Los Angeles, Koufax blanked the New York Mets 5-0.

Pitching from 1955 through 1961, Koufax showed signs of greatness but was very inconsistent.  His record through that period was 36 wins and 51 losses.

In 1962, however, taking a veteran catcher's advice to "take the grunt out of the fastball", Koufax turned things around.

Koufax would win three Cy Young Awards and be elected to the Baseball Hall of Fame in 1972.

Opposing hitters had an advantage because they knew what type of pitch Koufax was going to throw, but it did them little good. 

Giants star Willie Mays said...

 "I knew every pitch he was going to throw and I still couldn't hit him."

Sandy Koufax

TRUMAN ORDERS US FORCES TO KOREA

Washington, D.C. (JFK+50) President Harry S Truman ordered American forces to Korea 64 years ago today, June 30, 1950.

The order came just three days after the United Nations Security Council voted to support South Korea after the invasion by the North Korean Army on June 25.

Over the next 3 years, the US will provide half the UN ground forces in Korea as well as a majority of the air and naval power.

Korean War Monument

Nashville, Tennessee

Photo by John White (2011)

FDR APPOINTS JOE KENNEDY, SR. TO SEC

Washington, D.C. (JFK+50) Eighty years ago today, June 30, 1934, President Franklin D. Roosevelt appointed Joseph P. Kennedy, Sr. to serve on the newly created Securities and Exchange Commission.

The SEC was to be a bi-partisan agency designed to protect the public from investing in unsafe securities and to regulate the stock market.

Mr. Kennedy would serve a 5 year term.

On July 2, 1934, Joe Kennedy was elected the first chairman of the SEC.