Bane [Baldwin Bane, New York chief of the SEC] was…

Bane [Baldwin Bane, New York chief of the SEC] was being bedeviled by a promoter who wanted his approval to register stock in a gold mine. Every day, Bane, who smelled a rat, found a reason to turn away the promoter, always demanding more information. One day Bane, opening his mail, mistakenly read a telegram for the promoter from his partner out west. It read, “CANCEL REGISTRATION. HAVE FOUND GOLD.”

Sourced

Martin Mayer in his book Wall Street - Men and Money, 1955.. See U.S. Securities and Exchange Commission.

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