tact with each other for a period of four to five years. During that period we worked together for weeks at a time in daily contact. When that case was successfully concluded we became associated in several other matters, and once again I had occasion to spend a considerable amount of time with him. As a result of this most intimate association over approximately ten years, I have had an opportunity to observe Mr. Casey at close range, both professionally and personally. I have found him to be a man of great legal talent, possessing one of the quickest and imaginative minds in the law that I have encountered. I know him to be a prodigious worker and to have the capacity to dispose of highly complicated problems correctly and with dispatch. I respect him as a person, and have unquestioned belief in his honesty and character. Accordingly, there is no question in my mind that he possesses the legal ability and moral character to serve with distinction in the position of the Chairman of the Securities and Exchange Commission. I have no hesitation, therefore, in recommending him unqualifiedly for that position. I sincerely trust that your Committee sees fit to confirm his appointment. Respectfully submitted, HERMAN C. BIEGEL, JOHN SPARKMAN, WALTER J. BLACK, INC., Flower Hill, Roslyn, N.Y., March 5, 1971. Chairman, Committee on Banking, Housing and Urban Affairs, DEAR SENATFR SPARKMAN: Permit me to write a few words to you in support of the nomination of William J. Casey as Chairman of the Securities and Exchange Commission. I commend you for your diligence in reviewing the qualifications of any and all candidates for positions of public trust; in my view, Bill Casey is eminently qualified for the position to which he has been named by the President, and I sincerely hope that your Committee will see fit to recommend his confirmation. Let me identify myself. I have been, since 1958, president of our family publishing firm here in suburban Nassau County, New York; Bill Casey lives not more than two or three miles from our office. During 1967, I served as an elected delegate to the New York State Constitutional Convention-and it might be of interest to you to know that I won nomination in the primary on the ticket which supported Bill Casey's opponent in the race for Congress that year. Presently, I am a member of the Board of Regents of the State of New York (our state board of education) having been elected to that position (with but one dissenting vote) by the State Legislature in 1969. My residence is in Sands Point, N.Y. I have known Bill Casey for almost two decades. When we moved our business from New York to Rosyln in 1954, he was of substantial help to us in relocating. Mrs. Black and I on two occasions have been guests at his home. We have served together on various committees working in support of charitable and educational programs here on Long Island. Bill Casey is held in the highest repute by his colleagues, friends and neighbors. He is a man of tremendous capability and originality. I am constantly amazed at his ability to maintain so many interests simultaneously-and I must confess that I have found myself attempting to emulate his example in the field of public service. His ability to analyze a situation and quickly grasp the essential factors involved has been demonstrated often. I am thoroughly convinced of his honesty, credibility and character, and his qualifications and capability are far better demonstrated by his record of personal achievement and public service than anything that I might say. Again, Senator, I do hope that you and your Committee, after examining Bill Casey's credentials, will see fit to approve him for the post of SEC chairman. In my view, he will prove to be an outstanding public servant of whom we will all be properly proud. Cordially, Senator JOHN SPARKMAN, Chairman, Committee on Banking and Currency, U.S. Senate, Washington, D.C.: Re nomination William J. Casey, Chairmanship of SEC in my capacity as professor of economics at Long Island University. I have known Casey as a man of extraordinary devotion to his country and to welfare of his fellow citizens who has on numerous occasions employed his great talents in defense of persons and principles in which he believed without fee or expectation of any personal gain whatever in his brilliant career as lawyer and innovative businessman he has exemplified the enterprise and dynamism which is the very essence of American business tradition in the best sense. Given the exceptional range of his activities it was inevitable that he would come into conflict with individuals or groups and on rare occasions misjudge the prospects of a given undertaking. But certainly it would be preferable to have a man of Casey's courage and imagination in the critical SEC job than someone who has lived a more or less antiseptic life of risking nothing but also accomplishing nothing. But the overriding fact is that none of the suits and disputes in which Casey has been involved in a career spanning three decades reflect on his personal integrity so that the attempt to make mountains out of these molehills can only serve in future to deter from public service the most talented and zealous men in the country. I appeal to you and to the members of your committee to give due weight to the fact that Bill Casey is truly an honorable man who press has accorded him. If knowledge, zeal, the pursuit of excellence, and lifelong commitment to the welfare of his country count for anything Bill Casey will make one of the best SEC chairmen the Nation has ever had. PATRICK M. BOARMAN, Professor of economics at Long Island University, former special consultant to Secretary of Treasury. Senator JOHN SPARKMAN, Chairman, Senate Committee on Banking, Housing and Urban Affairs, Senate Office Building, Washington, D.C. I am the president of the Robert J. Brady Co. A publisher in Washington, D.C. I object strenuously to the organized effort at character assassination on William J. Casey, President Nixon's nominee for chairman of the SEC. I have known Bill Casey for ten years both in business and as a personal friend. His honesty and credibility are beyond reproach. He is the most qualified individual I know to perform the duties as chairman. An important qualification is the fact that he does not belong to the "Club" of vested Wall Street interests. The Wall Street interests do not want a man who will diligently ride herd on their activities. I am sure when the facts are known Bill Casey will be exonerated and approved by the committee. I urge you to exert every effort in his behalf. Sincerely, Senator JOHN SPARKMAN, ROBERT J. BRADY Sr. NEW YORK, N.Y., March 5, 1967. Chairman, Committee on Banking, Housing and Urban Affairs, Senate Office Building, Washington, D.C. DEAR SENATOR: It is my understanding that your Committee is scheduled to hold Hearings March 9 on the nomination of William J. Casey to the Securities Exchange Commission. In connection with these Hearings, I am pleased indeed to inform you that I have known William J. Casey personally for over twentyfive years, starting with the period when he was my commanding officer in a unit overseas in World War II, and subsequently have seen him on a personal and social basis on numerous occasions, both in the United States and abroad. Based on this lengthy personal knowledge of William J. Casey, I am pleased to advise you I have the highest opinion of his integrity, credibility and character and believe that these qualities will prove most valuable in any activity in which he may be engaged. Sincerely, Senator JOHN SPARKMAN, Chairman, U.S. Senate, Committee on Banking, I have had the good fortune to know William J. Casey for forty years. We attended Fordham College together. At all times have I regarded him as a mountain of integrity and high honor as we do now. As for ability he is truly top notch and the Security and Exchange Commission will reach an all time high in accomplishment under his most capable direction. As assistant to Tom Clark when he was the Attorney General of the United States and later as the corporation counsel of the City of New York, I have had the opportunity to observe many individuals in different areas. In every way do I heartedly and sincerely endorse Bill Casey. Respectfully, Senator JOHN SPARKMAN, PETER CAMPBELL BROWN. Chairman, Committee on Banking, Housing and Urban Affairs, Understand your committee is holding hearings on nomination of William J. Casey as Chairman Securities Exchange Commission. Respectfully request permission for inclusion in record of following statement. For almost four years during World War Two I was closely associated with Casey in the operations of the OSS an organization of over thirty thousand persons under the command of General William J. Donovan. Casey enjoyed the highest reputation for character and efficiency. Throughout the war his conduct was exemplary and his performance valuable. In his delicate clandestine work with which I was closely familiar his security standing and his leadership were notable. Since that period I have seen him only intermittently but feel an undiminished friendship for him. I have never had business professional or financial dealings with him nor am I familiar with the circumstances or substance of his appearance before your committee. Personally I unreservedly trust his character and in any situation would welcome his advice and judgment. Hon. JOHN SPARKMAN, Chairman, Senate Banking Committee, DAVID BRUCE. PALM BEACH, FLA., February 19, 1971. MY DEAR SENATOR SPARKMAN: It is hard to realize that over 26 years have elapsed since we last met. You may recall we spent some time together in 1944 in Naples, Caserta, Vatican City (a Papal audience), Florence and Bari when you as a member of the House Appropriations Committee visited Italy and I accompanied as an Army public relations officer and press censor. Anyway, as a concerned citizen, I now write to urge that the Committee not reopen the hearings on Mr. Casey's nomination to the SEC. At the outset, I wish to make it clear that I never have met Mr. Casey. Indeed, if I were the appointing agency, I am not sure that I would have made the appointment since, although Mr. Casey is unquestionably a lawyer of outstanding reputation and ability, his background has been oriented in the direction of taxation. It would have been my hope that the appointment could have gone to someone with exceptional expertise in SEC and related sectors. Nevertheless, the appointment has been made and therefore we all should support Mr. Casey unless conduct has been disclosed that clearly disqualifies him. The reason I urge that the hearings not be reopened is the fact that Mr. Casey already faces a most difficult chalenge, in view of low SEC staff morale as well as the chaos from which Wall Street is emerging. If he should be made the subject of continuing public exposure on sideline issues, his task will become increasingly difficult and the nation can only be the loser. Stop and reflect a moment. If there are further open hearings in which it may appear to some (rightly or wrongly) that he himself violated SEC laws, how can he command the respect of the SEC staff? Or the industry that he must regulate? Or the tens of thousands of businesses that from time to time will face the problem of private placement vis-a-vis registration. 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, Senator JOHN SPARKMAN, Senate Office Building, Washington, D.C. ARTHUR BURCK. MARCH 12, 1971. 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, Tuscon, Ariz. 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, |