When the Senate Turned Up the Heat on Wall Street
In the summer of 1933, Congress investigated Wall Street's role in causing the Great Depression.Â
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The U.S. Senate Banking and Currency Committee resumed its investigation of Wall Street financial practices on June 27, 1933, after a few weeks' break. Congress had increased its scrutiny of Wall Street and was looking into its role in causing the Great Depression.
The panel's chief counsel, Ferdinand Pecora, who targeted J.P. Morgan in the first round, opened by questioning Otto Kahn, senior partner at Kuhn, Loeb & Co., "a house that stands next to Morgan in reputation," Time magazine wrote.