United States v. Morgan (1953)
United States v. Morgan Investment Bankers Case was a multi-year antitrust case brought by the United States Justice Department against seventeen of the most prominent Wall Street investment banking firms, known as the Wall Street Seventeen.[ 1] [ 2] [ 3]
Sherman Antitrust Act , to control and monopolize the U.S. Securities markets.
The 17 Wall Street firms named as defendants in the case, later known as the "Wall Street Seventeen" were:[ 1] [ 4]
Morgan Stanley & Co. Kidder Peabody Goldman Sachs White Weld & Co. Dillon Read & Co. Drexel & Co. First Boston Corporation Smith Barney & Co. Kuhn, Loeb & Co. Lehman Brothers Blyth & Co. Eastman Dillon & Co. [ 5] Harriman Ripley Stone & Webster Securities Corp. Harris, Hall & Co. Glore, Forgan & Co. Union Securities Corp. Excluded from the case were other prominent Wall Street firms including Bache & Co. , Halsey Stuart & Co. , Merrill Lynch , Pierce, Fenner & Beane and Salomon Brothers & Hutzler .
Judgment
The case, which was brought to trial in the Southern District of New York in 1952, was presided over by the controversial and politically conservative Federal judge Harold Medina , who had become internationally infamous for his rulings in the 1949 Smith Act trials of Communist Party leaders .[ 6]
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See also
References
^ a b A financial history of the United States Vol. 3 . M.E. Sharpe, 2002^ Nothing Short of Criminal . Time Magazine, Mar. 17, 1952^ Trustbusters' Retreat . Time Magazine, Dec. 3, 1951^ Money Monopoly? . TIME Magazine, Nov 10, 1947^ Eastman, Dillon Was 'Robin Hood' In Wall Street, Judge Medina Told . New York Times, March 10, 1951^ "VERDICT ASSAILED ABROAD; Communist Papers in Moscow, London, Paris Denounce Trial" . New York, New York, USA. October 16, 1949. Retrieved December 3, 2020 .
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