I have carefully read the published accounts concerning the lawsuit alleging that Mr. Casey violated security laws. Unless there is further information to which I am not privy, the publicized information does not, I respectfully submit, make out a case for disqualification. I make this statement from an extensive background in dealing with SEC problems of this type (somewhat reflected in the attachments). It is never an easy problem; there just are no hard-and-fast rules. I have known countless top lawyers and leading businessmen who have done essentially what Mr. Casey is accused of having done to repeat, this is simply such a gray area that no one can ever be sure. And only a fool, if he honestly believes he is entitled to privateplacement exemption, will go through the rigmarole of SEC registration which, in some instances, is so onerous as to kill legitimate transactions, especially those of small size-as was Mr. Casey's. From what I have read, it is perfectly apparent to me how a man in Mr. Casey's position proceeded as he did honestly and in good faith. The fact that he settled by paying $8000 by itself is no admission of guilt; busy businessmen and top lawyers often take the position that it is better to settle lawsuits quickly than to see their valuable time consumed in protracted litigation. Another factor that troubles me is that if there should be needless public nitpicking on peripheral issues, don't we discourage citizens of Mr. Casey's stature from accepting public service? In sum, I feel strongly that fairness requires that we give Mr. Casey a chance to do the job for which he has been appointed and not to render more difficult his already challenging task. In other words, the matter should be reopened with all the attendant publicity only in the event that facts not now known to me make out a compelling case for disqualification. If there is need for further probing, can't that first be done in camera without public hearings? I am sending a copy to Mr. Flanigan at the White House because I have raised questions with him concerning the appointment, for the reason mentioned above in the third paragraph. But now that the appointment has been made, I stand squarely behind it, as should all citizens regardless of partisan beliefs. Sincerely yours, ARTHUR BURCK. MARCH 12, 1971. Senator JOHN SPARKMAN, Senate Office Building, Washington, D.C. MY DEAR SENATOR: In co-sponsoring, endorsing, and forwarding from your committee the Casey nomination to the Securities and Exchange Commission, the fact that you gave the burglar the key to the front door is a minor offense. compared to the fact that millions of decent U.S. citizens, already critical of corruption in government, a wasteful government unresponsive to the public interest, will lower one more notch their level of esteem for that government. Sincerely. JOHN BURNHAM, Senator JOHN SPARKMAN, Chairman, Senate Banking Committee, DEAR SENATOR SPARKMAN: I believe that a candidate for the Chairman of the SEC should be an individual beyond reproach and of unimpeachable integrity so that he will command the respect of the public and security industry in general. Mr. William Casey, by no stretch of the imagination, is such an individual. At best he is a man of poor judgment in his business transactions and at worst he is a virtual swindler. I recommend that your committee continue to only approve individuals of the highest calibre. Yours truly, R. A. BURNSTEIN, Hon. JOHN J. SPARKMAN, CHAMBERLAIN MANUFACTURING CORP., March 4, 1971. Chairman, Committee on Banking, Housing and Urban Affairs, Washington, D.C. MY DEAR SENATOR SPARKMAN: By the intermediary of the press, I am aware that your Committee will consider the nomination of William J. Casey for Chairman of the Securities and Exchange Commission. I have known Mr. Casey since 1944, when we both worked in the Office of Strategic Services. In fact, he was my boss: I being Chief of Intelligence for France, whereas he was Chief of Intelligence for Europe. I never had the least trouble getting along with Mr. Casey and found him an imaginative and smart leader. Since the war I have kept in touch with Mr. Casey, seeing him frequently in Chicago, New York and Europe. I cannot accept the questions raised as to his credibility. I have known few persons more direct and frank in dealing with people. Furthermore, I believe he is a man of great capability and would perform most commendably in the function for which he is being considered by your Committee. I sincerely hope that favorable consideration will be given to Mr. Casey's nomination, very simply for the reason that he would be an excellent public servant and a credit to democratic government. Sincerely yours, THOMAS G. CASSADY, Chairman, Executive Committee. CONTINENTAL CAPITAL CORP., San Francisco, Calif., February 19, 1971. Hon. JOHN SPARKMAN, U.S. Senate, Washington, D.C. DEAR SENATOR SPARKMAN: The Wall Street Journal article on Mr. Wm. Casey's out-of-court settlement of a disgruntled investor nuisance suit created a completely unjustified impression. For 12 years I have been a full time venture capitalist as president of Continental Capital Corporation, one of the oldest and larger publicly held SBIC's, and have made private investments in infant companies for 25 years. From time to time an individual who literally clamors to be included in a private investment group in a start-up company becomes exceedingly unhappy when he loses instead of winning. Mr. Casey's success has made him a likely target for a nuisance law suit. His settlement out-of-court was doubtless more desirable than the expenditure of time and money in preparing data for the defense of a law suit. His handling of the complaint was precisely what any professional venture capitalist would elect to do with such a minor amount. I have known Mr. Casey well for 30 years. We have jointly participated in several venture type situations. Without exception, I have found him to be scrupulously honest. He has always tried to keep himself informed and in turn to inform fellow investors of the risks involved in any investment. He has always been meticulous in his legal craftsmanship. Furthermore, his judgment on which ventures were good potential investments has been correct far often than he has been incorrect. It is for this reason he has had so many individuals wish to associate with him. He has never in any transaction in which we have jointly participated, or others with which I am familiar, permitted any other investor to invest unless his own funds were also at equal risk. Once again, let me formally state that Mr. Casey is scrupulously honest, totally reliable, and a thoroughly knowledgeable and careful lawyer. Sincerely, FRANK G. CHAMBERS. ECONOMIC DEVELOPMENT COUNCIL OF NEW YORK CITY, INC. Hon. JOHN SPARKMAN, Washington, D.C. My DEAR SENATOR SPARKMAN: I have known William J. Casey who has been nominated to the Securities and Exchange Commission for a great many years and hold him in the highest esteem. He has been an excellent citizen in this City, a man of unusual stature and integrity. He is a leading lawyer, universally applauded and I strongly share that feeling. I am sure he is highly qualified for the position and recommend him to you without qualification. Best wishes. Senator JOHN SPARKMAN, Housing and Urban Affairs Committee, GEORGE CHAMPION. Refer to hearings by Housing and Urban Affairs Committee March 9 regarding William J. Casey of issues of his honesty creditability and character to perform as chairman of a securities and exchange commission as chief executive officer of this bank with a 20 year acquaintance with Mr. Casey regard him as highly qualified and above reproach as to honesty creditability and character have worked with him over the years in civic business and other Long Island affairs even when he represented clients in adversary positions to this bank and found his integrity beyond question. Over the 20 year period I have never heard a criticism as to his ethic judgment and overall ability and it is my opinion that he highly qualifies for the position he has been nominated for. PATRICK J. CLIFFORD Senator JOHN SPARKMAN, Senate Office Building, Washington, D.C.: President Nixon's choice for S.E.C. post is an excellent one. We think Mr. William Casey is the most learned, intelligent, honest, loyal, patriotic man that we have ever known. A. BARRET AND LORRETA DAVIDSON. NEW YORK, N.Y., March 5, 1971. The SENATE COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS, Washington, D.C. Attention of Senator John Sparkman. MY DEAR SENATOR SPARKMAN: I am writing to you with reference to your Committee's consideration of the nomination by the President of Mr. William J. Casey to the Securities and Exchange Commission. I first met Mr. Casey during World War II when I was Executive Officer of Strategic Services (OSS) under General William J. Donovan, whose law partner I had been since 1935. General Donovan had ordered me to organize a secretariat for each of the theaters of war in which OSS operated, to perform what was essentially the administrative function of coordinating the work of the various branches of the OSS to insure that the orders and policies of the Direc tor, the Branch Chiefs and the Joint Chiefs of Staff were carried out as promptly and effectively as possible. Mr. Casey was recruited by the Washington headquarters, given a short intensive briefing in the functions with other branches of the government and of the armed services and the directives and policies of the Joint Chiefs of Staff. Mr. Casey was then sent to the London headquarters of OSS European Theater of Operations (ETO), headed by the Honorable David K. E. Bruce. In a matter of months Mr. Casey proved himself so able an administrator, possessed of quick comprehension and sound judgment, that OSS/ETO made him Chief of Secret Intelligence for the entire European Theater of Operations. In that post of great responsibility Mr. Casey won the admiration and respect both of his superiors and subordinates. At the time of the Battle of the Bulge, when the need for information regarding enemy dispositions and troop and supply movements was particularly critical, Mr. Casey organized a program of sending teams of Allied agents into the major crossroad cities of Germany to radio back the required intelligence. In order to speed up this program, these agents were dropped by means of a new radar-controlled system which did not require waiting for relatively clear moonlit nights. Planes specially equipped for this purpose were commanded by Elliot Roosevelt. The success of these brilliantly conceived and well directed operations helped to shorten the war and saved countless American lives. In summary, in his wartime position of great responsibility and complexity Mr. Casey amply demonstrated a fine personal character, excellent judgment, a quick perception of complex problems and extraordinary executive ability. Since World War II I have worked with Mr. Casey primarily on matters involving an organization of the Veterans of Strategic Services, in which he continued to demonstrate the highest degree of good judgment, ability to work with other people and executive ability. I have the highest regard for Mr. Casey's integrity and ability and I consider him outstandingly well qualified to be Chairman of the Securities and Exchange Commission. Respectfully yours, OTTO C. DOERING, Jr. GOOD COUNSEL COLLEGE, White Plains, N.Y., March 5, 1971. Senator JOHN SPARKMAN, Washington, D.C. YOUR HONOR: I am writing to you on behalf of William J. Casey, nominee of the president for the Securities and Exchange Commission. I have known Mr. Casey for the past ten years, first as a member of the Advisory Board and subsequently as a member of the Board of Trustees of Good Counsel College. He would not have been selected to serve on these boards did we not have complete confidence in his ability and integrity. He proved to be a valuable member of the board and his advice to the college was always based on the highest moral principles. Judging from my experience I feel that he is, both by character and capability, fit to serve on this commission. Very sincerely, MOTHER M. DOLORES, NORTH BELLMORE, N. Y., March 4, 1971. JOHN SPARK MAN, Chairman, Banking, Housing, Urban Affairs Committee, Washington, D.C. HONORABLE SIR: I am writing this letter to you because I happen to have been closely associated with Mr. William J. Casey for over ten years. I dealt with Mr. Casey during the years of 1959 through 1962 while I was president of Advancement Devices, Inc., then as his technical consultant from 1963 to present. I thus, know Mr. Casey sufficiently well to make the following statements. William J. Casey constitutes a rare combination of knowledge, capability, judgment, honesty, and patriotism. He is a man with remarkable energy, a good part of which he uses to help people in difficulty. He is religious and of high morals. William J. Casey will never do wrong regardless of monetary benefit. What has already been publicized as wrong doings by William Casey has actually been the case of wrong done to William Casey by screwed individuals. Any wealthy person as active as William Casey cannot but leave himself vulnerable in a few instances to such attacks no matter how honest or careful he may be. William J. Casey is so good he is almost an ideal person. If his appointment is not approved, the nation will lose the services of a great man, services which are so badly needed today; irreparable injustice will be committed against the reputation of a good and innocent man. Respectfully yours, Hon. JOHN J. SPARKMAN, GEORGE J. DOUNDOULAKIS. DUNCAN-BROOKS, INC.. Garden City, N.Y., March 8, 1971. Chairman, Senate Committee on Banking, Housing and Urban Affairs, U.S. Senate, Washington, D.C. DEAR SENATOR SPARKMAN: I know that starting March 9 the Senate Committee on Banking, Housing and Urban Affairs will commence hearings concerning William J. Casey's nofination to head the Securities and Exchange Commission. I have known Bill Casey personally for over a decade. Among other business and social activities in which Bill and I share an interest, I am presently on the Board of Directors of the Long Island Association of Commerce & Industry of which Bill is Chairman of the Board. In my judgment, I find questions which have been raised regarding Bill's honesty and credibility completely outlandish. Further, I cannot think of anyone who would make a finer contribution to the Commission to which he has been nominated. I honestly believe that Bill Casey is one of the outstanding business, civic and social leaders of our time. It gives me a great deal of pleasure to be able to openly support Bill at this time. Sincerely yours, Senator WILLIAM PROXMIRE. ANAHEIM, CALIF., March 10, 1971. DEAR SENATER: Glad to see you fighting the nomination of William J. Casey altho he and "Tricky Dick" are of the same mold and do deserve each other. Sure wish you would offer yourself as the Democrat for President! One thing that needs investigation is the payments of Medicare by the insurance company that has ones account. Occidental of Los Angeles cuts my doctors office visits from $10 to $8 and my wifes doctors office visits from $8 to $6 altho both are in the same area. All or most other charges are also reduced so it seems they are trying to force us to buy other forms of coverage. One thing for sure is Medicare don't cut my payments to suit me and I want to know why? Sincerely, EDGAR R. DUSTIN. AIL, A DIVISION OF CUTLER-HAMMER, COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS, DEAR SENATOR SPARKMAN: I am writing you concerning the qualifications of Mr. William J. Casey which your committee has been examining in regard to his nomination to the Securities and Exchange Commission. I have known Mr. Casey for quite a few years. I have been closely associated with him in connection with some of the many services which he has rendered to the Long Island community, and I have been extremely impressed with him in every way. He is an exceedingly intelligent person, with great concern for other people and for the welfare of the country. He has devoted long hours to matters relating to important issues on Long Island. He has done this simply as a good citizen, with no conceivable gain to himself. He has displayed the utmost honesty and his character is above reproach in every way. If the nomination is sustained your committee will have performed a service to the country. Sincerely, |