(50) Ralph F de Bedts
, "The First Chairmen of the Securities and Exchange Commission: Successful Ambassadors of the New Deal to Wall Street" (1964) 23:2 American Journal of Economics and Sociology 165; Thomas K McCraw, "With Consent of the Governed: SEC's Formative Years" (1982) 1:3 Journal of Policy Analysis and Management 346; Seligman, supra note 18; Bevis Longstreth, "Review: The SEC after Fifty Years: An Assessment of Its Past and Future" (1983) 83:6 Columbia L Rev 1593.
As Ralph de Bedts points out in his history of the formative years of the SEC: In the history of man's attempts to preserve integrity in the realm of financial transactions, some continuity in the insurance of such honesty can be seen from century to century.
While it must be painful for a historian to demonstrate how little has been learned from history, de Bedts dutifully tracks thirteenth century English guild regulation, which required licensing of brokers, (21) to Parliament's adoption in 1697 of "'[a]n act to restrain the number and ill practice of brokers and stock jobbers.'" (22) These early enactments focused on broker abuse.
In what follows, the Authors test de Bedts' contention that the actions and experience relative to legislative remedies resulting from one series of scandals have no connection and no continuity with subsequent efforts.
DE BEDTS, THE NEW DEAL'S SEC: THE FORMATIVE YEARS 1 (1964).
De Bedts observed: Under the terms of this legislation brokers were required to take a fiduciary oath.