One word about the civil litigations, unfortunately, we live in an era when suing corporate executives, lawyers and accountants is part of our fads and fashion. The fact that many of the largest accounting firms have been sued does not mean that they have lost their qualifications and their standards. Many active members of the bar have found themselves defendants in strike litigation. Regrettably, we have found it necessary to recommend to clients that many of these situations be settled even when we are convinced that there is no fault, because of the horrendous expense of litigation. The merit of each such situation must be evaluated very carefully. If the mere fact that a person has been sued is to disqualify him from public office we will reach the unfortunate result that only the non-doers and the uninvolved will be available for our leadersip. In conclusion, I want to reaffirm my total confidence in the qualifications and integrity of William J. Casey and to express my thanks to you for your consideration of my views. Kindest regards. Hon. JOHN J. SPARK MAN, MORRIS I. LEIBMAN, NEW YORK, N.Y., March 5, 1971. Chairman, Senate Committee on Banking, Housing and Urban Affairs, Senate Office Building, Washington, D.C. DEAR SENATOR SPARKMAN: I am a director of Hament Corporation, formerly Slide-O-Chrome Corporation, which also had on its Board (until he resigned in view of his nomination as the Security and Exchange Commission Chairman) Mr. William J. Casey. I have known Mr. Casey both in a business and a social way for about nine years. I have known him best in my business relations with him where I found him to be a stickler for honest, proper activity. I know Mr. Casey is a successful lawyer and businessman which is a rare combination. Yours truly, CARL M. LOEB, Jr. HOFSTRA UNIVERSITY. Hempstead, N.Y., March 8, 1971. Senator JOHN SPARKMAN, Washington, D.C. DEAR SENATOR SPARKMAN: Letters from me to members of the Congress other than to our own Long Island representatives are very few and far between. However, I am moved to write to you by the press report of the hearings on the President's nomination of William J. Casey to the Securities and ExT change Commission. Bill Casey was one of the first people I met after assuming the presidency of this University seven years ago. I know him rather well, and know him as an outstanding lawyer and a very active citizen. As you know, he is President of the Long Island Association of Commerce and Industry, on the Board of C which I have served for the past four years. At Hofstra we think so highly of Mr. Casey that he was tendered a place on our Board of Trustees, a nomina tion which he declined because he had just been elected by his alma mater. 1 Fordham University, to their Board. In my estimation, the President has made an excellent nomination, and I hope it may have the support of your Committee. Sincerely, 真 Σ Senator JOHN J. SPARKMAN, [Telegram] NEW YORK, N.Y., March 6, 1971. Senate Banking Committee, U.S. Senate, Washington, D.C.: I have known William J. Casey for twenty-seven years and have the highest regard for his personal integrity. I know nothing about his business activities but I knew him well as a splendid government official in OSS during World War II, one hundred percent devoted to public service, I can imagine him being otherwise today. Sincerely, WALTER LORD. Hon. JOHN J. SPARKMAN. GREAT NECK, N.Y., March 6, 1971.. MY DEAR MR. SENATOR: As one who has had business dealings with Mr. William J. Casey over a period of some years. I should like you and your Committee to know that I have found him fair and honest, and a good person to do business with. I have extreme doubt that the allegations being made against him should be given any significant weight by your Committee in considering his confirmation. Yours respectfully, A. V. LOUGHREN. WESTFIELD, N.J., March 4, 1971. Hon. JOHN SPARKMAN, DEAR SIR: My husband and I are appalled that your committee is still considering Mr. W. J. Casey as a worthy chairman of the Securities and Exch. Commission. It seems very obvious to us that Mr. Casey has been less than honorable in his past business dealings, and there is no reason to calmly overlook his record and affirm him as qualified to hold this responsible position, Surely there are men to consider who have not such doubtful backgrounds and we urge you ask the president for another nomination. When this nation is in deep despair over the disclosures of corruption and savagery in the armed forces, over the devastation of cultures thousands of miles from our shores by our massive bombing, by the catering to special interests rather than to the common good, we urge your committee to search further for someone less doubtful of character. How can he have extraordinary qualifications for a job involving regulating of investment practices when his past is so tainted? President Nixon seems to have unusually lax standards for his appointees, and we demand close scrutiny in this instance. Anything less will be a deepening disillusionment in our elected officials desire to serve this nation honorably. Sincerely, THE SENATE BANKING COMMITTEE, Mrs. JAMES W. MADDOX. WESTFIELD, N.J., March 8, 1971. GENTLEMEN: We are indeed disappointed to learn that the president is reaffirming his support of Mr. William Casey to head the Securities and Exchange Commission in spite of the doubtful background activities of this gentleman. We urge your committee to use scrupulous care in this selection so the commission will have at its head a man of unquestionable business integrity. Mr. Casey does not fit this requirement, and there must be any number of others who qualify for this responsible post and who have impeccable reputations. At a time when this country is facing deep disappointment in its government and defense personnel, we think it is imperative that a higher standard be set before appointments are made. It is time choices are made purely on qualifications and with the conscious purpose of serving the public good. Yours very truly, JAMES W. MADDOX, SEATTLE, WASH., March 9, 1971. Senator WILLIAM PROXMIRE, DEAR SENATOR PROXMIRE: Thank you for sounding a warning on the Securities and Exchange Commission (via Television). We wonder how many more disclosures will be necessary to convince the Senate William J. Casey is not the man who would clean up such a disgraceful federal agency. I took a fully documented complaint to the local office (misrepresentation of a bond, sold without prospectus; diversion of a $400 dividend; forging a stock certificate; refusal to send me a written explanation). Agent Donald F. Fouchet refused to accept it. He was "sure there was a very simple explanation" and he would telephone the broker and ask him to answer my letter. With the SEC in the picture the broker was emboldened to write me stating "the certificate was fully endorsed on the face of it". The complaint (with the broker's letter added) was sent to the Washington DC office of the SEC. I received a form-type letter suggesting I talk to my attorney. Sincerely, APPROVAL OF CASEY STANDS PATRICIA MALONEY. Washington. The Senate Banking and Currency Committee yesterday stood by its earlier approval of William J. Casey's nomination to the Securities and Exchange Commission. The committee acted behind closed doors after a five-hour open hearing in which Casey said some of his earlier testimony before the committee had been based on faulty recollections and in one place was wrong. Despite this testimony and some political squabbling among members of the committee during the open session the vote was 9-3 to table a motion by Sen. William Proxmire, D-Wis., that would have delayed reporting the nomination to the Senate floor. Sen. John Sparkman, D-Ala., the committee chairman, said the nomination would be formally reported to the Senate early next week. BEVERLY HILLS, CALIF., March 2, 1971. HON. JOHN J. SPARKMAN, Washington, D.C. DEAR SENATOR SPARKMAN: I would like to go on record supporting William Casey's nomination as Chairman of the SEC. The very characteristics which have given rise to Mr. Casey's becoming a target of nuisance suits are those which would enable him to perform an outstanding job in this capacity. I am referring to the fact that Mr. Casey is not satisfied with the traditional role of a passive investor but instead has assisted small businesses in which he has invested with his undeniable great talents. Perhaps even more important are the leadership qualities which always seem to show through when Mr. Casey is involved in a business situation. In other words, people begin to look to him as a focal point. The result of this is that the disgruntled investor who is a normal part of venture capital investment seems to want to hang the troubles on him. I have known Mr. Casey well for 25 or 30 years and have been associated with him through a venture capital company of which I am a Director as well as individual investments. I cannot speak too highly of his integrity. An important point at this stage is that I would like very much to see the SEC guided by a man of his intelligence who has worked with the SEC and all that it represents in the role of what might be called a "customer." This, at a time when the agency's day to day operations, as seen by the business community, are at least equal in importance to the more spectacular stock exchange problems. He has seen the agency from a small businessman's point of view-something that has been sorely lacking in recent years. Sincerely, Hon. JOHN SPARKMAN, THE UNIVERSAL REFERENCE SYSTEM, Chairman, Banking and Currency Committee, DEAR SIR: I would like to set forth in this letter certain facts and information which I believe are relevant to a public hearing to be held next Tuesday on the nomination of William J. Casey for Chairman of the Securities and Exchange Commission and respectfully request that this letter be made part of the record of the hearings. I have known Bill Casey for twenty-seven years. With three other officers, we shared quarters in London when Bill Casey was a Navy officer in the Office of Strategic Services and I was an Army officer on duty at the American Embassy on the Staff of the Military Attache as an intelligence officer following developments on German secret weapons. His conscientiousness and attention to duty went far beyond that of any other officer I knew. He had a position of high responsibility on the staff of General Donovan, Director of the O.S.S., and pursued his task relentlessly. I rarely knew him to allow himself a free weekend, preferring to spend "free" time in accomplishing the myriad of detailed tasks which were necessary to get the job done. Despite his junior rank, he was successful in his job as an assistant to General Donovan, in getting older officers of far greater rank to exert greater efforts in accomplishing their objectives. And I believe this was possible only because Casey had the character, integrity and sincerity to motivate other men. I know, of my own knowledge, of Mr. Casey's intellectual honesty. Several years ago Mr. Casey and I organized two publishing ventures, servicing professional communities with in-depth abstracts of professional articles. At group meetings and in personal discussions Mr. Casey continually emphasized the utmost caution in writing those abstracts to be certain that not a single phrase be used that was not absolutely original. Mr. Casey is a man devoted to public service who gives unselfishly of his talents and energies. I had the privilege of serving on his staff during 1966 when he entered the congressional primary contest in Nassau County, N.Y. He waged this contest courageously and untiringly, as is his nature. For thees reasons I believe most sincerely that Mr. Casey has the basic ingredients so necessary for a public servant in high office, and I request respectfully and earnestly that you give him your vote. Respectfully, Senator JOHN SPARKMAN, Chairman, Senate Banking Committee, Washington, D.C. CARL E. MARTINSON, Publisher. SCARSDALE, N.Y., February 26, 1971. DEAR SENATOR: I do hope you will see fit to reopen the hearings on William J. Casey for the chairmanship of the Securities and Exchange Commission. In my opinion he is not the man to head the important committee that protects investors. He not only did not disclose important facts to you and your committee, he seems to have a convenient lapse of memory, along with no real experience for the position. Very truly yours, WARREN W. MASLEN. COMMENTARY OF JOSEPH MCCAFFREY AS BROADCAST OVER WMAL-TV (7), WASHINGTON, D.C., MARCH 2, 1971 The decision by the Senate Banking Committee today to reopen the hearings into the nomination of William J. Casey to the Securities and Exchange Commission brings up something that has never been explained. Why is it that, time after time, Presidential nominees are not properly cleared? And this applies regardless of which party is in the White House. Over the years we have seen Presidential nominees brought before Senate committees and suddenly something new is brought out about them, usually of a derogative nature, and usually something not known before to the sponsors. Many times, as with William Casey, the Senate Committee misses some of the facts or allegations. Which brings up the question: Just how thorough are the checks the White House runs on its nominees? And another question: Should Senate committees have a more sophisticated method of handling Presidential nominees? It has never been the duty of Senate committees to do their own birddogging on nominations, but in view of the gaps which have appeared in the files of many Presidential appointments over the years, Senate committees may have to do their own backgrounding. The present method seems to be hit or miss . . . a glaring miss recently involved the nomination of Judge Carswell to the Supreme Court. The Senate Banking Committee's reopening of the Casey nomination should focus attention on the weaknesses of the present screening process. NEW YORK, N.Y., March 8, 1971. Senator JOHN SPARKMAN, Senate Committee on Banking, GENTLEMEN: I urge approval of William J. Casey as member of the Securities and Exchange Commission. I have been in the real estate business for 42 years and have served two terms as President of the Real Estate Board of New York, Inc. and am President of Douglas Gibbons, Hollydaye & Ives, Inc., have known Mr. Casey for approximately 14 years, served as a director of a Real Estate Corporation for which he served as counsel. Have been involved in various substantial real estate transactions for which he represented clients and have had ample opportunity to judge his character. I believe him to be thoroughly honest, forthright and particularly well equipped to serve in the position for which he has been nominated. DONALD S. MCDONALD. NEW YORK, N.Y., March 8, 1971. Senator JOHN SPARK MAN, MY DEAR SENATOR: Your Committee, I am informed, is giving further consideration to the nomination of Mr. William J. Casey by the President of the United States to be Chairman of the Securities and Exchange Commission. As I have known or known of Mr. Casey for some time and more recently have been in a position to observe at rather close range his ability to function as an appointee of the President in an important public capacity, I have thought it appropriate to write you and give you my impression of him in that capacity. I feel that it may have a bearing on his qualifications for the important position to which he has more recently been nominated by the President. As I have stated above I have known Mr. Casey or known of him and certain of his activities for some time in the international and foreign affairs and intelligence fields. I have never had, however, to the best of my recollection or knowledge, any business, financial or legal transactions or connection with him or his firm. I had known of his activities in connection with Marshall Plan operations and with Colonel William J. Donovan in the intelligence field. During the period when I was The Assistant Secretary of War in World War II and shortly thereafter I had a number of contacts with Colonel Donovan and his organization. I know that he had a high regard and respect for Mr. Casey's character and ability. My only direct and sustained contact with Mr. Casey, however, has been in connection with his membership on the General Advisory Committee on Arms Control and Disarmament of which I have been Chairman. That Committee is. as I believe you know, operating under Congressional authority and sanction by |