United States v.

Morgan
United States v. Morgan (118 F. Supp. 621), more commonly referred to as the Investment Bankers Case was
a multi-year antitrust case against brought by the United
States Justice Department against seventeen of the most
prominent Wall Street investment banking rms, known
as the Wall Street Seventeen.[1][2][3]

2 Judgment

3 See also

The case, which was brought to trial in the Southern District of New York in 1952 was presided over by Harold
Medina. In October 1953, after a year-long trial, Medina
found in favor of the investment banking rms.

Facts

The Justice Department led suit against the rms in

1947 claimed that the leading investment banking rms
had combined, conspired and agreed, in violation of the
Sherman Antitrust Act, to control and monopolize the
U.S. Securities markets.

Pujo Committee
Pecora Commission

4 References

The 17 Wall Street rms named as defendants in the

case, later known as the Wall Street Seventeen were as
follows:[1][4]

[1] A nancial history of the United States Vol. 3. M.E.

Sharpe, 2002

1. Morgan Stanley & Co.

2. Kidder Peabody

[2] Nothing Short of Criminal. Time Magazine, Mar. 17,

1952

3. Goldman Sachs

[3] Trustbusters Retreat. Time Magazine, Dec. 3, 1951

4. White Weld & Co.

[4] Money Monopoly?. TIME Magazine, Nov 10, 1947

5. Dillon Read & Co.

[5] Eastman, Dillon Was 'Robin Hood' In Wall Street, Judge

Medina Told. New York Times, March 10, 1951

6. Drexel & Co.

Whither Are We Bound?. TIME Magazine, October 26, 1953

7. First Boston Corporation

8. Smith Barney & Co.

U.S. v. MORGAN, (S.D.N.Y. 1953) 118 F. Supp.

621. Civ. A. No. 43-757. United States District
Court, S.D. New York. October 14, 1953.

9. Kuhn, Loeb & Co.

10. Lehman Brothers

U.S. v. MORGAN, (S.D.N.Y. 1953) 118 F. Supp.

621. Civ. A. No. 43-757. United States District
Court, S.D. New York. October 14, 1953.

11. Blyth & Co.

12. Eastman Dillon & Co.

[5]

13. Harriman Ripley

14. Stone & Webster Securities Corp.
15. Harris, Hall & Co.
16. Glore, Forgan & Co.
17. Union Securities Corp.
Excluded from the case were a number of prominent
Wall Street rms including Bache & Co., Halsey Stuart &
Co., Merrill Lynch, Pierce, Fenner & Beane and Salomon
Brothers & Hutzler among others.
1

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