the Arms Control and Disarmament Act of September 26, 1961, 22 U.S. Code, Section 2566. It is charged under that statute with the duty of advising and consulting with the President of the United States, the Secretary of State and the Director of the Arms Control and Disarmament Agency on matters relating to arms control, disarmament and world peace. This is a rather sweeping mandate as well as an exacting one. Although by no means confined to advice in connection with the so called SALT negotiations, in recent months, its activities have been particularly directed to those negotiations and the proposals and counterproposals which have emanated from them. The Committee has, I believe, applied itself conscientiously and energetically to its task. It has held over 26 meetings, examined over 130 witnesses, taken much testimony, met with its advisees and has generally undertaken, within its capacity, to equip itself to perform its statutory functions. Obviously the Committee has had to deal with most sensitive security matters as well as with those of a highly technical and complicated nature. It has also been called upon to render judgments and weigh conclusions covering a wide range of national, international defense and security considerations. The Committee, apart from the Chairman and Mr. Casey, is today constituted as follows: Mr. I. W. Abel, President, United Steel Workers of America. Dr. Harold Brown, President, California Institute of Technology. Former Sec retary of the Air Force. The Honorable William C. Foster, Chairman of the Board of Porter International Company, an international management consultant firm. Former Director of the United States Arms Control and Disarmament Agency. Mr. Kermit Gordon. President, Brookings Institution. Dr. James R. Killian, Chairman of the Corporation, Massachusetts Institute of Technology. General Lauris Norstad, USAF (Ret.), Chairman of the Board, Owens-Corning Fiberglas Corporation. Former Supreme Allied Commander, Europe and Commander-in-Chief, United States Forces Europe. Dr. Jack Ruina, Professor, Massachusetts Institute of Technology. Former President of the Institute of Defense Analyses. The Honorable Dean Rusk, Professor of International Law, University of Georgia. Former Secretary of State. The Honorable William Scranton, Former Governor of Pennsylvania. The Honorable Cyrus Vance, Lawyer in the New York law firm of Simpson, Thacher & Bartlett. Former Deputy Secretary of Defense. Dr. John Archibald Wheeler, Joseph Henry Professor of Physics at Princeton University. Recipient of the National Medal of Science award and other awards for work in nuclear physics. Douglas Dillon, former Secretary of the Treasury and Peter G. Peterson, former President of Bell & Howell have recently retired from the Committee by reason of other preoccupations. Mr. Casey was appointed to this Committee and his appointment confirmed by the Senate on July 30, 1969. Since that time, because of his excellent attendance record, his application to the work at hand and his objective judgments and conclusions, he has made himself a most valued member of the Committee. He has been quite able to hold his own among his colleagues on the Committee who, from an examination of the names set forth above, I think it can fairly be said, represent a very wide and respected range of military, political and scientific experience and skills. To me, Mr. Casey's grasp of the material coming before the Committee, his ability to contribute to the discussions and to arrive at constructive conclusions have been most impressive. Throughout his membership and apart from his attendance at meetings he displayed a close interest in following the work of the Committee. From my association with Mr. Casey as set forth above, I believe that he is qualified for the position to which he has been nominated. Sincerely yours, JOHN J. MCCLOY. Senator JOHN SPARKMAN, THE EAST NEW YORK SAVINGS BANK, Chairman, Committee on Banking, Housing and Urban Affairs, DEAR SENATOR SPARKMAN: I am writing to you to express my support of William J. Casey as a member and prospective chairman of the Securities and Exchange Commission. I have known Mr. Casey professionally as a practicing attorney for over twenty-five years. About seventeen years ago I became interested in a small company in the broadcasting field which later became Capital Cities Broadcasting Corp., now listed on the New York Stock Exchange. Mr. Casey's law firm has been counsel for this company over these years and Mr. Casey has given invaluable service to its management as legal, business and tax advisor. Among the original investors in this company are many well known figures in American life who, I'm sure, will endorse my statements concerning Mr. Casey's ability and loyalty in serving this client. Since 1954, I have come to know Mr. Casey socially as well as professionally and have visited with him at his home and he and his wife have visited at my home. During these years Mr. Casey has gone beyond the conventional role of a leading member of the Bar commanding substantial fees. He has involved himself publicly in matters of public concern, both at a community, county, state and national level. His candidacy for membership in the Congress is one example of this type of service. His term of office as President of the Long Island Association demonstrates a willingness to make himself available in the solution of business and industrial problems where the public interest requires capable leadership. When I learned that the President had recommended Mr. Casey for the SEC post, my reaction was that the public generally and the securities industry at this time of crisis were fortunate indeed that a man of Mr. Casey's creative ability, diligence and wide experience could be persuaded to take on the burdens and the harassment of what promises to be a most exacting task. Nevertheless. I recognized that it is characteristic of Mr. Casey to be willing to tackle it. I have followed with care the various items of litigation and the securities marketing practices which have been exposed as possible critical marks on Mr. Casey's long record of activity. I have not been able to conclude that any of these items has sufficient substance to counterbalance Mr. Casey's positive record of achievement. The practice of settling relatively petty claims which preempt a busy man's time as well as the time of our courts is encouraged by the judiciary and the legal profession and justifies no untoward inferences. The deficiencies. if any, in proxy statements are probably attributable to draftsmen other than Mr. Casey. The invisible boundary line between stock offerings requiring registration and those involving small sophisticated syndicates of businessmen leaves considerable leeway for judgment and, in my reading of the press, a clear cut case of violation has not been spelled out. I would urge you and your colleagues on the Committee to evaluate Mr. Casey on a broad and comprehensive basis giving controlling weight to his basic integrity and proven capacity for solving difficult problems. A lesser man might provide lesser grist for your Committee's mill, but would bring sufficient talent to the securities industry at this critical time? For purposes of identification, I am attaching a summary of my background and affiliations. Respectfully, JOHN P. MCGRATH. BUFFALO, N.Y., March 5, 1971. Hon. JOHN SPARKMAN, Washington, D.C. DEAR SENATOR SPARKMAN: It has been some time since I have had a chance to communicate with you and I am writing not only to say "hello" but to express a concern I have about the recent nomination by the President of a candidate for the Securities and Exchange Commission. The Commission bears a high reputation which has been earned over a long span of time. It has had many illustrious alumni and its standing among regulatory Commissions is of the highest order. It is, therefore, very regretful to read about even the possibility of securities infractions concerning any candidate, par ticularly at a time like this when the entire industry is convulsed with so many problems. I simply wanted to pass on to you very confidentially my feelings in this matter and I am sure I speak for countless others who share my sentiments. I trust this finds you as hale as ever. Regards from an old friend. ROBERT I. MILLONZI. Hon. JOHN SPARKMAN, Chairman, Banking Committee, Washington, D.C. LOS ANGELES, CALIF.. February 13, 1971. DEAR SENATOR: How could it be that FBI could overlook William J. Casey's involvement in a matter that was within the jurisdiction of the Securities Exchange Commission when President Nixon nominated this man to serve as its chairman? What a spot for him? As a citizen and voter down the totem pole, we look for men who are beyond such charges as after all, that body is the guardian of stockholders interests, of which I am a small holder but certainly would have some fear if such men are nominated after being involved in a fast deal? They should be beyond all suspicion. It makes us wonder how the FBI can be so interested in other matters but when the president nominates a friend or supporter to a post of great responsibility, FBI apparently overlooks a matter that Mr. Casey now admits actually occurred but he failed to report that to your body which reminds us of similar incidents during the hearings of the supreme court hearings. Why? Why wait for private agencies to dig out such violations when we have federal agencies at great expense charged with such investigations, or is this merely routine? I view this as a serious matter and hope that your body reconsiders a favorable vote and hope that President Nixon withdraws that nomination as it is not worthy. Kindest regards and best wishes, I am, Sincerely, JOHN E. MEANEY. THOS. J. MORAN'S SONS, INC., Hon. JOHN SPARKMAN, Washington, D.C. MY DEAR SENATOR SPARKMAN: I am writing with specific reference to the nomination by President Nixon of William J. Casey to be Chairman of the Securities & Exchange Commission. It has been my pleasure and honor to be associated with Mr. Casey for many years in both social and professional relationships. I know of few men who could more superbly fit the requirements of the task which would be set before him by approval of his appointment as Chairman of the SEC. Our association in all respects has been very close since shortly after the end of World War II and I can speak with some authority regarding his character, integrity, ability and sense of justice. We have been associated as initiators of several companies, sometime as fellow investors, sometime as board members and sometimes as management. Despite the close and warm friendship which exists between us, we have not always agreed. In these cases it has been my observation that he is capable of a judicial approach, of listening to both sides of the questions, and of maintaining a balanced viewpoint which usually results in seeking out and executing those decisions which are in the best interest of a company. In this respect, he has the unusual capability of making judgments without reference to the selfish aspects of the individual case; he looks toward the greater good. In one of the cases in which he has recently been under attack by the press. I am intimately knowledgeable regarding the facts. The action challenged by the complaining stockholder resulted in new financing for the Company which saved its life. I am, in fact, awed by the unwillingness of the press to explore the facts behind that case. During the time of my association with Mr. Casey, I found that most directors leaned heavily upon him for guidance. The combination of his intelligence, experience, and integrity has never failed to impress his directorate and managerial associates, at least when exhibited in my presence. These factors lead me to urge you most strongly to do all in your power to encourage his confirmation by the United States Senate. You certainly know that his acceptance of the Chairmanship of the Securities & Exchange Commis sion will involve substantial personal sacrifice on his part. I am taking the liberty of sending a copy of this letter to my very long time friends and associates, Senators Russell Long and Allen E. Ellender, in the hope that they will see in it sound reasons for supporting the Casey nomination. If necessary I should be proud to have the opportunity of expressing myself in these matters at length and in person; very especially under cross examination by opponents of Mr. Casey. Sincerely yours, Senator JOHN SPARKMAN, ALFRED J. MORAN. HOLMES PROTECTION, INC., Chairman, Senate Committee on Banking, Housing and Urban Affairs, DEAR SENATOR SPARKMAN: I have known William J. Casey for about five years through our association with the Fordham University Board of Lay Trustees. I have always been impressed with and believe in his integrity and abilities. and wholeheartedly support his nomination to serve as Chairman of the Securities and Exchange Commission. Very truly yours, JOHN MOSLER. MARCH 6, 1971. Hon. JOHN SPARKMAN, Senate Office Building, Washington, D.C. DEAR SIR: Having followed the recent stir regarding the appointment of William J. Casey as Chairman of the Securities and Exchange Commission. I should like to forward my personal recommendation of this fine gentleman for appointment. Although I do not know Mr. Casey personally, I have great respect for his activities in the business world and know that he is held in high respect in his community. I sincerely hope that this short note of recommendation for Mr. Casey wil be given due consideration by your committee. Yours very truly, F. STANLEY MUNKS. MACDONALD, HALSTED & LAYBOURNE, Senator WILLIAM PROXMIRE, Washington, D.C. DEAR SENATOR PROXMIRE: I wish to urge the speedy confirmation of Willian J. Casey as Chairman of the Securities and Exchange Commission. I have known Mr. Casey for approximately a year and a half, during which time we have had frequent contact representing our respective clients. I can assure you that at no time did he act in any way other than with the highest professional standards. Our mutual representations involved complex matters, and Mr. Case certainly had ample opportunity to obtain an unfair advantage for his clients To the contrary, on more than one occasion, he brought various matters to the attention of the parties so that there might not have been an undue advantage. I have noticed the various criticisms contained in the newspaper with respect to Mr. Casey's former activities. I have been in the practice of law for approxi mately 15 years and know from my own experience that it is difficult to re member all the subtle nuances of a matter even from day to day, much less from year to year. I have acted as an arbitrator for the American Arbitration Association, which is in a capacity similar to that of a judge of a court. If asked today for the reasons for the decisions I made at the time, I would be hard pressed to recollect the rulings which I made while a matter was pending, much less the reasons. None of the so-called adverse comments with respect to Mr. Casey that have appeared in the press are of a kind or character which in any way adversely reflect upon him. The state of the affairs of the Commission in particular and the securities industry in general require an able Chairman of the Commission with all due speed. I urge that the Senate confirm the nomination as speedily as possible, and I recommend that you reconsider your opposition to this appoint ment. Very truly yours, HARRY L. NELSON, Jr. FOREIGN TRADE ASSOCIATION OF SOUTHERN CALIFORNIA, Senator JOHN SPARKMAN, Senate Office Building, Washington, D.C. The Foreign Trade Association of Southern California representing 350 firms engaged in world trade and the world community strongly endorses S. 19 and S. 581 because they promote the expansion of exports of U.S. goods by making desperately needed additional funds more readily available. Senator JOHN SPARKMAN, SAM E. ORR, President. NEW YORK, N.Y., March 6, 1971. Chairman, Senate Committee on Banking and Currency, DEAR SENATOR SPARKMAN: I am president. chairman and chief executive officer of Lin Broadcasting Corp., a director of Oppenheimer Fund and Oppenheimer A.I.M. Fund. Formerly, I was executive vice president, finance and administration, and a director of Capital Cities Broadcasting Corp. I am a Democrat. I have known William J. Casey and his family since 1959. I have worked with Mr. Casey at close range during these years. During this period there were more than ample opportunities for Mr. Casey to demonstrate defects of character or honesty. None occurred. Nor would Mr. Casey brook such behavior in my opinion on the part of any persons or organization with which he would be associated. Mr. Casey's broad-ranging and incisive mind is almost legendary. Today's obvious needs in the securities area makes it imperative that a man of great talent take this important post of leadership. On the basis of conversations with friends in the financial community and in my own opinion, Mr. Casey's appointment as Chairman of the SEC would be a great boon to our country. Hon. JOHN SPARKMAN, DONALD A. PELS. PERKINS TRUCKING CO., INC, Long Island City, N.Y., March 5, 1971. Chairman, Banking, Housing and Urban Affairs Committee, DEAR SENATOR: My name is Robert W. Perkins, I am Chairman of the Board of the Perkins System which comprises a group of motor carriers and warehouses. I am a Director of the Long Island Association, Advisor to the State of New York Joint Legislative Committee on Transportation and I am a member of various transportation groups in the New York, New Jersey and Connecticut area. This message is to attest that I have known William J. Casey for over ten years and can attest to his integrity and honesty of purpose. The newspaper articles startle me and as a reputable businessman it behooves me that a man whom I have known and trusted has been maligned. My colleagues and I know William J. Casey as a devoted man to his fellowman. Despite a busy schedule he always finds time to avail himself to many philanthropic endeavors. We need more men like William J. Casey to head up such committees as the Securities and Exchange Commission. I trust your Committee will act favorably with regard to this fine gentleman. Very truly yours, ROBERT W. PERKINS, President. |