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Did the SEC report on New York City fall short?
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- Abstract:
This article focuses on the report of U.S. Securities and Exchange Commission on New York City finances. In releasing its long-awaited staff study on New York City's finances during the six months before April 1975, the Securities and Exchange Commission makes some sweeping charges that demand further action. The report charges that the mayor, comptroller, six major banks, a brokerage house, two bond rating services and four law firms which all failed to meet their responsibilities by withholding material facts about New York's worsening fiscal and credit position.
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