Newspapers & Periodicals

AC: Atlanta Constitution

AF: American Farmer

BET: Boston Evening Transcript

BL: Business Lawyer

BS: Baltimore Sun

CD: Chicago Defender

CIO: Chicago Inter Ocean

CT: Chicago Tribune

DMN: Dallas Morning News

DNT: Duluth News- Tribune

EMJ: Engineering and Mining Journal

HMM: Hunt’s Merchants’ Magazine

HW: Harper’s Weekly

JM: Journal of Marketing

KCS: Kansas City Star

LAT: Los Angeles Times

MT: Macon Telegraph

NAR: North American Review

NOP: New Orleans Picayune

NPG: National Police Gazette

NYAN: New York Amsterdam News

NYH: New York Herald

NYT: New York Times

NYTR: New York Tribune

PI: Philadelphia Inquirer

PPL: Philadelphia Public Ledger

PT: Philadelphia Tribune

SEP: Saturday Evening Post

SFB: San Francisco Bulletin

WP: Washington Post

WSJ: Wall Street Journal

Academic Journals

AAPS: Annals of the American Academy of Political and Social Science AHR: American Historical Review

ALJ: Albany Law Journal

BHR: Business History Review

386

Abbreviations

CLR: Columbia Law Review

DLJ: Duke Law Journal

HLR: Harvard Law Review

JAH: Journal of American History

LHR: Law & History Review

MLR: Michigan Law Review

UPLR: University of Pennsylvania Law Review YLJ: Yale Law Journal

Manuscripts & Collections

BBBMC: BBB of Metropolitan Chicago Records, ca.

Chicago History Museum

Bell Papers: W. Dan Bell Papers, Denver Public Library

Consumers Research Papers: Special Collections Library, Rutgers University Fraud Order Cases: Records of the Post Office Department, Record

Group 28, Entry 50, National Archives

Fraud Order Hearings: Records of the Post Office Department,

Record Group 28, Entry 55, National Archives

Gardner Papers: Paris Cleveland Gardner Papers, David M.

Rubinstein Rare Book and Manuscript Library, Duke University HCF: Historical Clippings File, New York Better Business Bureau Archives Kirstein Papers: Louis E.

Baker Library, Harvard Business School

Institutions

AACW: Associated Advertising Clubs of the World

AMA: American Medical Association

BBB: Better Business Bureau

DOJ: Department of Justice

FTC: Federal Trade Commission

FTCL: Federal Trade Commission Library

NA: National Archives

NAAG: National Association of Attorneys General

NBBB: National Better Business Bureau

NACM: National Association of Credit Men

NVC: National Vigilance Committee NYSE: New York Stock Exchange POD: Post Office Department

SEC: Securities & Exchange Commission

US HR: United States House of Representatives

US Sen.: United States Senate

Chapter One: The Enduring Dilemmas of Antifraud Regulation

1. James Willard Hurst, Law and Markets in United States History: Different Modes of Bargaining among Interests (Madison, WI, 1982).

2. This point has become a commonplace among economic sociologists and histo­rians of political economy. See, for example, Neil Fligstein, The Architecture of Markets: An Economic Sociology of Twenty-First-Century Capitalist Societies (Princeton, NJ, 2001); Hurst, Law and Markets, 1-90. But the view hardly represents a consensus among wider public opinion.

3. For sustained discussion of these themes and citations to the social science lit­erature, see Edward J. Balleisen, “The Dialectics of Regulatory Governance,” in Ballei- sen, ed., Business Regulation, 3 vols. (Cheltenham, UK, 2015), xxii-xxvii.

4. Michael Pettit furnishes a succinct overview of these three “short cons” in The Science of Deception: Psychology and Commerce in America (Chicago, 2013), 25-26.

5. On the conceptual issues suffusing the definition of fraud and white-collar crime, see John Braithwaite, “White Collar Crime,” Annual Review of Sociology 11 (1985): 1-25; Susan Shapiro, “Collaring the Crime, Not the Criminal,” American Socio­logical Review 55 (1990): 346-65; Robert Tillman and Henry Pontell, “Organizations and Fraud in the Savings and Loan Industry,” Social Forces 73 (1995): 1439-44; William Black, The Best Way to Rob a Bank Is to Own One: How Corporate Executives and Politi­cians Looted the S & L Industry (Austin, 2005), 1-9.

6. Noah Webster, A Dictionary of the English Language; Compiled for the Use of Common Schools in the United States (Hartford, 1817), 135, 313.

7. For examples that span the decades of American history, see: Jane Kamensky, The Exchange Artist: A Tale of High-Flying Speculation and Americas First Banking Col­lapse (New York, 2008); Roger Whitman, The Rise and Fall of a Frontier Entrepreneur: Benjamin Rathbun, “Master Building and Architect,” ed. Scott Eberle and David A. Ger­ber (Syracuse, 1996); Roger M. Olien and Diana Davids Olien, Easy Money: Oil Promot­ers and Investors in the Jazz Age (Chapel Hill, 1990); Forrest McDonald, Insull (Chicago, 1962); Kurt Eichenwald, Serpent on the Rock (New York, 1995).

8. Pettit, The Science of Deception, 8.

Chapter Two: The Shape-Shifting, Never-Changing World of Fraud

1. Ralph Lee Smith, The Bargain Hucksters (New York, 1962), 37.

2. “Detectives Watch Ward,” NYT, May 10, 1884, 1; “More of Ward's Rascality,” NYT, May 11, 1884, 1; “Ward Will Follow Fish,” NYT, Oct. 29, 1885, 1; Russell Roberts, “The Wall Street Scandal of Grant & Ward,” Financial History 81 (2004): 13-15, 36.

3. Charles Francis Adams, “A Chapter of Erie,” NAR 109 (1869): 30-104; “The Dread of State Insurance by Rotten Life Insurance Companies,” Financier 1 (May 18, 1872): 373; “Right and Wrong in Banking,” The Advance 8 (Sept. 9, 1875): 913; “Life In­surance?,” The Sanitarian 4 (Oct. 1, 1976), 443-44; Richard White, Railroaded: The Transcontinentals and the Making of Modern America (New York, 2012).

4. Edward Chancellor, Devil Take the Hindmost: A History of Financial Speculation (New York, 1999), 36-147.

5. The phrase “pump and dump” is of recent vintage, first appearing in the Wall Street Journal during 1988.

6. Herman Melville, The Confidence-Man: His Masquerade (London, 1857), 65; James K. Medbury, Men and Mysteries of Wall Street (Boston, 1870), 174-75.

7. C. Peter McGrath, Yazoo: Law and Politics in the New Republic (Providence, 1966); Henry William Herbert, Tricks and Traps of Chicago (New York, 1859), 29-43.

8. Louis Guenther, “Pirates of Promotion: Market Manipulation and Its Part in the Promotion Game,” World’s Work 37 (April 1919): 393-98; J. M. Friedlander, Seventh Bi­ennial Report of the State Corporation Department to the Governor of the State of Califor­nia (Sacramento, 1928), 12; “Old Turf ‘Tip Fraud' Now Used in Stock Market Scheme,” AC, Feb. 19, 1928, 8; “Tipster Sheet Warning Given,” LAT, July 17, 1933, 7; “Boiler Room Boom,” WSJ, Jan. 29, 1959, 1; Frank Gibney, The Operators (New York, 1969), 89-120.

9. Francis Flaherty, “Cyberspace Swindles: Old Scams, New Twists,” NYT, July 16, 1994, 35; “Anatomy of a Swindle,” NYT, Nov. 30, 1997, 50; Melynda Wilcox, “Online Stock Fraud Is on the Rise,” Kiplingers Personal Finance Magazine 53 (Feb. 1999): 20; Anthony Mason, “Using the Internet to Commit Stock Fraud,” CBS Evening News, July 4, 2001.

10. Mitchell Zuckoff", Ponzi’s Scheme: The True Story of a Financial Legend (New York, 2005).

11. Stewart L. Weisman, Need and Greed: The Story of the Largest Ponzi Scheme in American History (Syracuse, 1999); Diana B. Henriques, The Wizard of Lies: Bernie Madoff and the Death of Trust (New York, 2012).

12. On Sarah Howe and the Ladies Deposit Savings Bank, see “A Thoroughbred Fraud,” NPG 37 (Oct. 30, 1880): 7; “Commencement at Boston of the Trial of Mrs. Howe,” CT, April 22, 1881, 5; “The Lessons of the Boston ‘Ladies' Deposit,' ” Popular Sci­ence Monthly 19 (Sept. 1881): 698-703; George Robb, “Depicting a Female Fraud: Sarah Howe and the Boston Women's Bank,” Nineteenth-Century Contexts 34 (2012): 445-59.

13. Theodore Barrett and Louis Spaeth, What about Dollars? Consumer Education (New York, 1936), 171-82; I. Burton, “Memorandum for the Federal Trade Commis­sion,” May 14, 1943, Paris Gardner Papers, Box 3, Packet 2, In Re Clean-Rite Vacuum Stores, Box 3, Packet 2, Gardner Papers; R. L. Smith, Bargain Hucksters, 30-112; Harold Fay, Dan Mulholland, and Don Corpuz, Bait and Switch Advertising: A Factual Report (Portland, OR, 1973); FTC, Guides against Bait Advertising (Washington, DC, 2000); “Alliance against Bait & Click,” Marketing Business Weekly, Oct. 18, 2009, 228.

14. Joseph Newman, What Everyone Needs to Know about Law (Washington, DC, 1973), 87; Christine Winter, “Consumer Watch: Bait 'n Switch Game,” CT, May 18, 1975, W1-W2; Fleming Meeks, “Upselling,” Forbes 145 (Jan. 8, 1990): 70-71.

15. Grant Gilmore, “The Commercial Doctrine of Good Faith Purchase,” Yale Law Journal 63 (1954): 1057-122; David Caplovitz, “Breakdowns in the Consumer Credit Marketplace,” BL 26 (1971): 795-800; David J. Benson and Al[phonse] M. Squillante, “The Role of the Holder in Due Course Doctrine in Consumer Credit Transactions,” Hastings Law Journal 26 (1974): 427-59; Jodie Z. Bernstein and David A. Zetoony, “A Retrospective of Consumer Protection Initiatives,” Antitrust Law Journal 7 (2005): 969-72.

16. Rolf Nugent and Leon Henderson, “Installment Selling and the Consumer: A Brief for Regulation,” AAPS 173 (May 1934): 94-97; W Bruce Cobb, “Consumer Credit as It Comes to the Legal Aid Society of New York, AAPS 196 (March 1938): 201-03.

17. R. L. Smith, Bargain Hucksters, 57-93; Warren G. Magnuson and Jean Carper, The Dark Side of the Marketplace: The Plight of the American Consumer (Englewood Cliffs, NJ, 1968), 3-9, 32-58; Philip G. Schrag, Counsel for the Deceived: Case Studies in Consumer Fraud (New York, 1972), 3-10, 116-62.

18. Other tactics included changing contractual terms by filling in blanks; quoting a rate for one rod, but then erecting several; and having customers sign a note and then cut off a portion, so as to change the meaning of its terms. “The Lightning Rod Swindle,” Albany Evening Journal, July 20, 1867, 1; “Lightning Rods,” Farmer’s Cabinet, Sept. 3, 1878, 2; Bates Harrington, How Tis Done: A Thorough Ventilation of the Numerous Schemes Conducted by Wandering Canvassers, Together with the Various Advertising Dodges for the Swindling of the Public (Chicago, 1879), 195-216; “Swindling the Grang­ers,” Wheeling Register, July 5, 1883, 4.

19. Untitled squib, Indianapolis Sentinel, June 23, 1873, 4; E. T Roe, “Fence Stretcher Machine Fraud,” The New Standard American Business Guide: A Complete Compendium of How to Do Business by the Latest and Safest Methods (New York, 1906), 345-46.

20. “Wage War on Sharpies,” Billboard (Aug. 29, 1953): 94, 113. On opportunity scams, see Humbug: A Look at Some Popular Impositions (New York, 1859), 80-84; Har­rington, How Tis Done, 217-43; “Book-Keeping in Three Weeks!” AA 46 (Oct. 1886): 445; Edwin Lawrence, “Swindling through the Post Office,” Outlook 79 (Jan. 14, 1905): 123-25; John R. Gregory, “The Three Percent Home Loan Swindle,” WW 46 (Sept. 1923): 486-90; E. Jerome Ellis and Frank W Brock, The Run for Your Money (New York, 1935), 98-136; Beverly Beyette, “A Flowering of L.A. Consumer Scams,” LAT, Feb. 10, 1982, G1.

21. Alfred D. Chandler Jr., Henry Varnum Poor, Business Editor, Analyst, and Re­former (Cambridge, MA, 1956), 113-15; “Extensive Frauds in Railroad Stocks,” Trenton State Gazette, July 7, 1854, 2; “Parker Vein Coal Company,” Mining Magazine 3 (July 1854): 91-93; “The Late Security Life,” The Independent 29 (Jan. 25, 1877): 29; “The American Popular Failure,” NYT, Apr. 24, 1877, 8; Paul M. Clikeman, Called to Account: Fourteen Financial Frauds That Shaped the American Accounting Profession (New York, 2009); Raymond B. Vickers, Panic in Paradise: Floridas Banking Crash of 1926 (Tusca­loosa, 1994); W T. Baxter, “McKesson and Robbins: A Milestone in Auditing,” Account­ing, Business & Financial History 9 (1999): 157-74; Hillel Black, The Watchdogs of Wall Street (New York, 1962), 88-167; Kitty Calavita, Henry N. Pontell, and Robert H. Till­man, Big Money Crime: Fraud and Politics in the Savings and Loan Crisis (Berkeley, CA, 1997); Kurt Eichenwald, Conspiracy of Fools: A True Story (New York, 2005).

22. “Our Home Enterprises,” Clarksville Standard, Jan. 15, 1859, 4.

23. Edward H. Smith, Confessions of a Confidence Man: A Handbook for Suckers (New York, 1923), 9.

24. Mark Twain, “Political Economy,” in Mark Twain’s Sketches, New and Old (Hart­ford, 1875), 21-27.

25. “‘Bit’ on Another Game,” Sioux City Journal, Sept. 1, 1896, 2; “Lightning Rod Man is Abroad,” Sept. 2, 1904, DNT, 6.

26. George Akerlof, “The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanism,” Quarterly Journal of Economics 84 (1970): 488-500; Caroline Gerschlager, ed., Deception in Markets: An Economic Analysis (New York, 2005).

27. “New York in Slices: The Mock Auction,” MT, Sept. 9, 1848, 2; “Mock Auction,” The Water-Cure Journal 13 (April 1852): 94.

28. “The Immigrant Society,” Albany Evening Journal, June 6, 1843, 3; “The Shippers and the Runners,” NYH, Nov. 13, 1856, 6; “Texas,” Appletons Annual Cyclopaedia 32 (1880): 831; “Trading on Ignorance,” NYH, Aug. 21, 1887, 17.

29. John McLaren, “State Probe Here Will Target Fraud by Immigration Consul­tants,” San Diego Union-Tribune, Feb. 25, 1987, A3; Shalin Hai-Jew and Patricia Quan, “Telemarketing Fraud Can Target Minorities,” Northwest Asian Weekly 14 (Dec. 8, 1995), 1; Edwin McDowell, “F.T.C. Cracks Down on Travel Scams,” NYT, April 6, 1997, E3; Keith B. Anderson, Consumer Fraud in the United States: The Second FTC Survey (Washington, DC, 2007), 26-32.

30. Charles Benjamin, “Want Ad Fakers Rob Millions,” CT, July 30, 1905, E3; Jane Addams, “Wolves and Women,” DMN, Oct. 7, 1907, 10; Frederic J. Haskin, “Work Frauds in Mails Exposed,” LAT, Aug. 13, 1926, 7.

31. Whitney Young, Jr., “Consumer Frauds in the Ghetto,” CD, June 24, 1967, 11; Len Lear, “Ghetto Residents Main Victims of Consumer Frauds,” PT, Mar. 4, 1968, 1.

32. Marlys Harris, “Elder Fraud,” Money 24 (Nov. 1995): 144-53; Gregory Church et al., “Elderscam,” Time, Aug. 25, 1997, http://www.time.com/time/magazine/article /0,9171,986894,00.html, accessed Jan. 16, 2009; Fraud: Targeting America’s Seniors, Hearings, Senate Committee on Commerce, Science, and Transportation, Aug. 4, 1999, 106th Cong., 1st. Sess.; “Broker Dealers, Dean Witter Officials Face NASDR Charges over Sales of Risky Bond Trust Investments,” BNA Securities Law Daily, Nov. 21, 2000.

33. John Moody, “‘Get Rich Quick’ Schemes,” WP, Nov. 11, 1906, RE2; Wirt D. Hord, Lost Dollars: or, The Pirates of Promotion (Cincinnati, 1924), 28; Frank Williams, “Sucker Traps,” McClures Magazine 62 (1928): 14-15; “Gyps & Swindles & Schemes,” Changing Times 19 (June 1965): 29-34; Cynthia Kadonaga, “Doctors Called Easy Marks for Realty Schemes,” WP, Jan. 13, 1979, E1.

34. Alfred D. Chandler, The Visible Hand: The Managerial Revolution in American Business (Cambridge, MA, 1977); Rowena Olegario, A Culture of Credit: Embedding Trust and Transparency in American Business (Cambridge, MA, 2006); Vincent P. Carosso, Investment Banking in America: A History (Cambridge, MA, 1970); Susan Strasser, Satisfaction Guaranteed: The Making of the American Mass Market (Washing­ton, DC, 1989); Nancy F. Koehn, Brand New: How Entrepreneurs Earned Customers Trust from Wedgwood to Dell (Cambridge, MA, 2001); Walter A. Friedman, Birth of a Salesman: The Transformation of Selling in America (Cambridge, MA, 2004).

35. Ian Klaus makes a similar argument in his Forging Capitalism: Rogues, Swin­dlers, Frauds, and the Rise of Modern Finance (New Haven, 2014), 4-6, 22-24, 229-33.

36. Melville, The Confidence-Man, 43.

37. Anthony Comstock, Frauds Exposed; or, How the People Are Deceived and Robbed, and Youth Corrupted, Being a Full Exposure of Various Schemes Operated through the Mails (New York, 1880), 69, 89, 92.

38. “The King of the Peter Funks,” NYT, June 4, 1883, 5; Arthur H. Gleason, “Pro­moters and Their Spending Money,” Collier’s 48 (March 2, 1912): 13-14; Smith, Confes­sions of a Confidence Man.

39. P. T Barnum, Humbugs of the World: An Account of Humbugs, Delusions, Imposi­tions, Quackeries, Deceits and Deceivers Generally, in All Ages (1866, rpt. New York, 1965), 197-99; “Petrolea: A Stupendous Swindle Exploded,” NYT, June 27, 1865, 8; “Swindling by Oil Stocks,” Ohio Farmer, Mar. 25, 1865, 94; Henry B. Clifford, Years of Dishonor: or, The Cause of the Depression in Mining Stocks (New York, 1883), 6; Rev. T. De Witt Talmage, “The Age of Swindle,” Frank Leslie’s Illustrated Magazine 24 (Oct. 1888): 289. American promoters borrowed this tactic from their British counterparts. See George Robb, White- Collar Crime in Modern England: Financial Fraud and Business Morality, 1845-1929 (1992, rpt. New York, 2002), 104-08.

40. Roger M. Olien and Diana Davids Olien, Easy Money: Oil Promoters and Inves­tors in the Jazz Age (Chapel Hill, 1990), 76-91.

41. “Profitable Investments,” HMM 43 (Oct. 1, 1860): 519; Joseph Daucus and James Buel, A Tour of St. Louis (St. Louis, 1878), 400-03; Walter L. Hawley, “The Temptation of Ten Percent,” Munsey’s Magazine 22 (Feb. 1900): 759-63; Frederic J. Haskin, “The Postal Service, XII: Driving out Frauds,” Salt Lake Telegram, Dec. 4, 1913, 4; Louis Guenther, “On the Shoals of the Oil Boom,” Current Opinion 46 (Apr. 1919): 269-70.

42. H. J. Barrett, How to Sell More Goods: Secrets of Successful Salesmanship (New York, 1918), 45-46; Edward Purinton, “The Efficient Salesman,” The Independent, Sept. 18, 1916, 412.

43. “Stock Salesman Artist of the Get-Rich-Quick,” Kalamazoo Gazette, Dec. 22, 1910, 14; Niklas Luhmann, Trust and Power: Two Works by Niklas Luhmann (1973/1975, rpt. Chichester, UK, 1979), 62.

44. See the circulars furnished by Laura Thomas's mail-order beauty business, In Re Laura Thomas, Fraud Order Cases, Box 3, Case 674.

45. Memorandum for the Postmaster-General in Re H. H. Tucker, Jr. (Washington, DC, 1908).

46. “The Fool and His Money,” Youths Companion 73 (Dec. 28, 1899): 686; Paul Tomlinson, “Safety and Seven Percent,” McClure’s Magazine 52 (Dec. 1920): 54-55; “Girl ‘Ponzi' Held in Huge Stock Swindle,” AC, Mar. 28, 1926, 3; “11 Arrested in Pyramid Clubs Probe,” LAT, Jan. 18, 1949, 1; “The Man Who Swindled Akron,” Life 72 (May 5, 1972): 40-44; Virgil Burke, “Of Pyramids and Pipe Dreams,” Black Enterprise 19 (Aug. 1988): 68-73.

47. Mary Tabor, “In Scams, Some Immigrants Target Their Own,” Boston Globe, Sept. 11, 1989, 17; Earl C. Gottschalk, “ ‘Affinity' Groups Are Targeted by Con Artists,” WSJ, Dec. 11, 1992, C1; “States Warn of Rise in Ethnic Affinity Fraud,” CD, Nov. 17, 1997, 20; Amy Borrus, “The Fraternal Order of Fraud Victims,” Business Week, Mar. 27, 2006, 50; Froma Harrop, “Madoff Case,” Providence Journal, D7, Dec. 21, 2008.

48. North American Securities Administrators Association, Preying on the Faithful: The False Prophets of the Investment World (Washington, DC, 1989); Bill Broadway, “Fraud ‘in the Name of God,' ” WP, Aug. 11, 2001, B9; Susan Sachs, “Welcome to Amer­ica, and to Stock Fraud,” NYT, May 15, 2001, A1; Kevin DeMarrias, “Scams Targeting Latinos on Rise,” Bergen County Record, July 31, 2005, B1.

49. “Extraordinary Swindle,” CIO, Oct. 15, 1880, 2.

50. “Moral and Financial Ruin,” WP, Feb. 29, 1896, 6; “Many Charge a Swindle,” CT, Oct. 30, 1901, 5; “Religion Mixed with Frauds,” CT, June 14, 1913, 3; “Preacher Must Do Six Years,” LAT, Aug. 11, 1930, 6; “$200,000 Lost in Church Swindles,” CD, Sept. 20, 1947, 1.

51. Report of the Select Committee Appointed by the Legislature of New- York, to Ex­amine into Frauds upon Emigrants (Albany, 1847); “Hungarians Warned,” NYT, July 10, 1885, 8; “Italians Roused by Swindle,” NYT, Apr. 20, 1902, 40; “Immigrants Dupes in Weird Swindles,” NYT, Nov. 28, 1923, 19.

52. William Thorp, “$100 Million a Year Stolen from Immigrants,” Colorado Springs Gazette- Telegraph, Jan. 1, 1905, 17.

53. Harrington, How ^,Tis Done, 202-03; “The Lightning Rod Man,” Lowell Daily Citizen, Feb. 27, 1875, 1.

54. San Antonio Express, Feb. 12, 1899, 12; “Dr. Chambers' Remedy for Intemper­ance,” Baltimore Gazette and Daily Advertiser, Nov. 6, 1827, 1; “Wright's Indian Vegeta­ble Pills,” New Hampshire Gazette, Apr. 16, 1844, 4; “Base Counterfeit of Hostetter's Stomach Bitters,” SFB, May 31, 1860, 3.

55. Hill, Gold Bricks of Speculation, 113, 121; H. J. Kenner, The Fight for Truth in Advertising: A Story of What Business Has Done and Is Doing to Establish and Maintain Accuracy and Fair Play in Advertising and Selling for the Public’s Protection (New York, 1936), 127-33.

56. Watson Washburn and Edmund S. De Long, High and Low Financiers: Some Notorious Swindlers and Their Abuses of Our Modern Stock Selling System (Indianapolis, 1932), 26-27.

57. Nelson Merritt, “The Tree Peddler,” Annual Report of the Colorado Horticultural and Forestry Association for the Years 1887-88, vol. 4 (Denver, 1888), 542.

58. William Reddy, The Navigation of Feeling: A Framework for the History of Emo­tions (New York, 2001).

59. Circular, Lawrence & Co. / Circular No. 2, Bullion Gold and Silver Mining Com­pany, both reprinted in Comstock, Frauds Exposed, 17, 129; “Buy before the Advance,” Overland Monthly 57 (Dec. 1906): xxxviii; “A Sensational New Business,” advertisement, Popular Science (Mar. 1934): 9.

60. “75% Profit,” Wm. H. Morris & Co. advertisement, AC, Apr. 4, 1897, 10; “The Price of Secrecy,” Springfield Republican, Nov. 27, 1909, 8; Martha Branagan, “Suckers Psyches,” WSJ, Oct. 20, 1989, R12; Mara Der Hovanesian, “The Hedge-Fund Biz,” Busi­ness Week, May 26, 2003, 86; Loch Adamson, “Anatomy of a Debacle,” Institutional Inves­tor 39 (Aug. 2005): 36-45.

61. James Harvey Young, The Toadstool Millionaires: A Social History of Patent Med­icines before Federal Regulation (Princeton, 1972); Eric Boyle, Quack Medicine: A History of Combating Health Fraud in Twentieth-Century America (New York, 2013).

62. Dan Ariely, Predictably Irrational: The Hidden Forces That Shape Our Decisions (New York, 2008); Richard H. Thaler and Cass R. Sunstein, Nudge: Improving Decisions about Health, Wealth, and Happiness (New Haven, 2008); Daniel Kahneman, Thinking, Fast and Slow (New York, 2011).

63. Robert J. Shiller, Irrational Exuberance (Princeton, 2000), 153-55, 162-64; Jes­sica Cohen and William Dickens, “A Foundation for Behavioral Economics,” American Economic Review 92 (2002): 335-38; Owen Jones and Timothy Goldsmith, “Law and Behavioral Biology,” CLR 105 (2005): 405-502.

64. Shiller, Irrational Exuberance, 64-66; Robert Prentice, “Whither Securities Reg­ulation? Some Behavioral Observations Regarding Proposals for Its Future,” DLJ 51 (2002): 1476-78.

65. Daniel Kahneman, “Maps of Bounded Rationality: Psychology for Behavioral Economics,” American Economic Review 93 (2003): 1449-75.

66. Amos Tversky and Daniel Kahneman, “Judgment under Uncertainty: Heuristics and Biases,” Science 185 (Sept. 27, 1974): 1124.

67. Circular No. 2, Bullion Gold and Silver Mining Company, reprinted in Com­stock, Frauds Exposed, 130; “THIS STOCK SHOULD MAKE A LIFE INCOME FOR YOU,” LAT, Apr. 22, 1906, NE7; Pierre Bogardus, “Saving the Country $200,000,000 a Year,” Illustrated World 26 (May 1917): 785-87; Richard Chen, “Microcap Deception: Stock Fraud Schemes in the Modern Age,” Journal of Investing (Fall 2000): 19.

68. Charles P. Kindleberger, Manias, Panics, and Crashes: A History of Financial Cri­ses, rev. ed. (New York, 1989), 86-107.

69. Ariely, Predictably Irrational, 23-48; Dan Ariely, George Lowenstein, and Dra- zen Prelec, “Tom Sawyer and the Construction of Value,” Journal of Economic Behavior and Organization 60 (2006): 1-10.

70. Kenner, Fight for Truth in Advertising, 170-72; “Price Deception in Ads At­tacked,” NYT, Dec. 14, 1956, 52; FTC, Guides against Deceptive Pricing (Washington, DC, 1958); “Close-Out Sales Are Often Phony,” CD, Feb. 4, 1958, 16; R. L. Smith, Bar­gain Hucksters, 1-18.

71. Amos Tversky and Daniel Kahneman, “The Framing of Decisions and the Psy­chology of Choice,” Science 211 (1981): 453-58.

72. Comstock, Frauds Exposed, 128; US Congress, Frauds and Deceptions Affecting the Elderly: Investigations, Findings, and Recommendations (Washington, DC, 1965), 35-44.

73. Arthur H. Gleason, “The Modern Fairyland,” Collier’s 48 (March 12, 1912): 11.

74. Bogardus, “Saving the Country $200,000,000 a Year,” 792-93.

75. Edward Jerome Dies, “The Fine Art of Catching the Sucker,” Part III, Outlook 133 (1923): 674-78; Einar Barford, “Avoid This Fellow!” Collier’s 27 (Jan. 2, 1926): 34-35; Kenner, Fight for Truth in Advertising, 86-89.

76. Harrington, How ^,Tis Done, 12.

77. J. D. to Lawrence & Co., Nov. 21, 1878, reprinted in Comstock, Frauds Exposed, 58-59.

78. William R. Leach, Land of Desire: Merchants, Power, and the Rise of a New Amer­ican Culture (New York, 1994); T. J. Jackson Lears, Fables of Abundance: A Cultural His­tory of Advertising in America (New York, 1995).

79. On creative storytelling as mode of understanding, shaper of perceived interests, and prod to action, see Frederick W Mayer, Narrative Politics: Stories and Collective Ac­tion (New York, 2014). On the centrality of stories to economic deceit, see George Aker- lof and Robert Shiller, Phishingfor Phools: The Economics of Manipulation and Deception (Princeton, 2015), especially 45-46, 172-73.

Chapter Three: The Porousness of the Law

1. Phineas Taylor Barnum, The Life of P. T Barnum, Written by Himself (New York, 1854), 28-35, 39, 75-76, 85-86, 99.

2. Paul Erickson probes this literature in “Honest Weights and Full Measures? Or, Learning How to Cheat Customers in Antebellum America,” unpublished paper deliv­ered at the Annual Meeting of the Business History Conference, March 26, 2010, Ath­ens, Georgia.

3. The literature on Barnum's place in American society and culture mostly con­nects him to issues about race, urbanization, leisure/entertainment, the wider terrain of popular culture, and sectional identity. Barnum's role in accommodating consumers to the premises of caveat emptor receives extensive consideration in these writings. For the most part, however, these studies do not consider his significance for the long-term de­velopment of American legal or business culture. See: Neil Harris, Humbug: The Art of P. T. Barnum (Chicago, 1981); Bluford Adams, E Pluribus Barnum: The Great Showman and the Making of U.S. Popular Culture (Minneapolis, 1997); Benjamin Reiss, The Show­man and the Slave: Race, Death, and Memory in Barnums America (Cambridge, MA, 2001); James W Cook, The Arts of Deception: Playing with Fraud in the Age of Barnum (Cambridge, MA, 2001); Michael Pettit, The Science of Deception: Psychology and Com­merce in America (Baltimore, 2013), especially 9-12, 228-31.

4. This term seems to have first appeared in James Fenimore Cooper's 1838 novel Home as Found, becoming commonplace by the 1850s.

5. William Novak, “The Myth of the ‘Weak' American State,” AHR 113 (2008): 752-72; Harry Schieber, “Private Rights and Public Power: Law, Capitalism, and the Republican Polity in 19th Century America,” YLJ 107 (1997): 823-61; William J. Novak, The People’s Welfare: Law and Regulation in Nineteenth-Century America (Chapel Hill, 1996); Edward Balleisen, “Bankruptcy and the Entrepreneurial Ethos in Antebellum American Law,” Australian Journal of Legal History 8 (2004): 61-82.

6. Melville M. Bigelow, The Law of Fraud and the Procedure Pertaining the Redress Thereof, 2 vols. (Boston, 1877). On anti-fraud policies within America's commonwealth tradition, see Novak, The Peoples Welfare, 88-95.

7. Bigelow's Law of Fraud furnishes a comprehensive overview of these various actions.

8. Acts of the General Assembly of the State of Georgia (Milledgeville, 1834), 192. On criminal fraud law in this era, see Francis Wharton, A Treatise on Criminal Law, 8th ed., vol. 2 (Philadelphia, 1880), 43-134.

9. “An Ordinance Regulating Auctions in the Town of Fredericksburg,” Virginia Herald, Oct. 14, 1829, 3; “Auctioneers,” PPL, May 9, 1838, 2.

10. “An Act to License and Tax Pedlars,” Acts, Resolutions, and Memorials Passed... the General Assembly of the State of Iowa (Iowa City, 1848), 29-30; Public Laws and Reso­lutions... of the State of North Carolina (Raleigh, 1873), 234; C. C. Hine, The Insurance Statutes of the United States and Canada (New York, 1876).

11. Adam Chambers, The Revised Ordinances of the City of Saint Louis (St. Louis, 1843), 246-50; Peleg Chandler, The Charter and Ordinances of the City of Boston (Bos­ton, 1850), 430-44; A Digest of the Ordinances of the City Council of Memphis (Memphis, 1857), 133-37.

12. Thomas M. Cooley, The Compiled Laws of the State of Michigan, vol. 1 (Lansing, 1857), 385-402.

13. Casco Manufacturing Co. v. Dixon, 57 Mass. Reports 407 (Massachusetts Su­preme Court, 1849); James Kent, Commentaries on American Law, vol. 2 (9th ed., Bos­ton, 1858), 645-49.

14. Laidlaw v. Organ 15 U.S. 178 (1817); “Commonwealth v. Samuel W Hutchin­son,” Pennsylvania Law Journal 2 (Aug. 2, 1843): 241-46; “On False Pretences,” New York Legal Observer 5 (Nov. 1847): 401-06; Kent, Commentaries on American Law, 642-69; Bigelow, Law of Fraud, 1: 8-9, 11-12, 14, 18, 32, 66-67, 70; “Effect of Fraud on Subscrip­tions to Stock,” American Law Review 14 (Mar. 1880): 177-210; Morton J. Horwitz, The Transformation of American Law, 1776-1860 (Cambridge, MA, 1977), 263; Paula Dalley, “The Law of Deceit, 1790-1860: Continuity amidst Change,” American Journal of Legal History 39 (1995): 402-45; David M. Gold, “John Appleton of Maine and Commercial Law: Freedom, Responsibility, and Law in the Nineteenth-Century Marketplace,” LHR 4 (1986): 55-69; Pettit, Science of Deception, 26-28.

15. McFarland v. Newman, 9 Watts 55 (Penn. Supreme Court, 1839); Robert E. Mensel, “ ‘A Diddle at Brobdingnag': Confidence and Caveat Emptor during the Market Revolution,” University ofMemphis Law Review 38 (2007): 115-21.

16. Farrell v. Lovett, 68 Maine Reports 328 (1878). See also “Law Intelligence,” Al­bany Balance, Oct. 29, 1811, 348; “Caveat Emptor—The Rule of the Common Law,” American Jurist 12 (July 1834): 94-103.

17. Walter Hamilton, “The Ancient Maxim Caveat Emptor,” YLJ 40 (1931): 1133­53; Mensel, “ A Diddle at Brobdingnag,' ” 100-21.

18. Bigelow, The Law of Fraud, 1: 8-17; Wharton, Treatise on Criminal Law, 2: 45­56; “Miss Palmer Granted a New Trial,” Topeka Weekly Capital, Jan. 12, 1893, 7; “The Law,” Daily National Intelligencer, Nov. 25, 1834. A similar logic stymied proposals for more extensive regulation of marketing practices. See Joanna Cohen, “ ‘The Right to Purchase Is as Free as the Right to Sell': Defining Consumers as Citizens in the Auction­House Conflicts of the Early Republic,” Journal of the Early Republic 30 (2010): 41-59.

19. People v. Crissie and Harvey, 4 Denio 525 (New York Supreme Court, 1847). See, more generally, Wharton, A Treatise on Criminal Law, 101-06.

20. James Taylor, Boardroom Scandal: The Criminalization of Company Fraud in Nineteenth-CenturyBritain (New York, 2013), 28-34, 62-64, 132-34, 140-51.

21. Bigelow, Law of Fraud, 1: 9-10. In such contexts, jurists were more likely to em­brace the sort of “jurisprudence of the heart” stressed by the legal historian Peter Karsten. See his Heart versus Head: Judge-Made Law in Nineteenth-Century America (Chapel Hill, 1997).

22. Bowen v. State, 68 Tenn. 50 (Supreme Court, 1876); “The Law of False Pretences,” HMM 37 (July 1857): 61; “‘Ordinary Prudence' in False Pretenses,” ALJ 26 (Aug. 5, 1882): 105-07; Bigelow, The Law of Fraud, 1: 9, 280; Wharton, Treatise on Criminal Law, 560-61.

23. Taylor, Boardroom Scandal, 89-93, 98-100, 176-82.

24. Ibid., 16-22; H. G. Wood, “Misrepresentations as to Value,” ALJ 13 (Mar. 4, 1876): 160-62; Dalley, “The Law of Deceit,” 435-41.

25. James Kirke Paulding, The Merry Tales of the Three Wise Men of Gotham (New York, 1839), 114-65. No nineteenth-century commercial context was as shot through with misrepresentations as horse-dealing. See Steven M. Gelber, Horse Trading in the Age of Cars: Men in the Marketplace (Baltimore, 2008), 5-23.

26. On nineteenth-century republican citizenship, see Harry L. Watson, Liberty and Power: The Politics of Jacksonian America (New York, 1990); Daniel Rodgers, “Republi­canism: The Career of a Concept,” JAH 79 (1992): 11-38.

27. For instructive models of such empirical inquiry, see the following by Stewart Macaulay: “Non-Contractual Relations and Business: A Preliminary Study,” American Sociological Review 28 (1963): 55-69; Law and the Balance of Power: The Automobile Manufacturers and Their Dealers (New York, 1966); “Lawyers and Consumer Protection Laws: An Empirical Study,” Law & Society Review 14 (1979): 115-71.

28. People v. McCord, 46 N.Y. 470 (New York Court of Appeals, 1871), 473; Pettit, Science of Deception, 29-32.

29. “Employment Agencies,” NYH, Jan. 13, 1882, 9.

30. “Case of Fraud,” New York Spectator, Dec. 13, 1833, 3.

31. “Mock Auctions in New York,” NYTR, Aug. 7, 1862, reprinted in New Orleans Delta, Aug. 22, 1862, 3.

32. “An Important Law Case,” Charleston Courier, Aug. 6, 1803, 1; “Joseph Blount v. John Chester,” New Jersey Journal, June 11, 1811; Rose and Rogers v. Beatie, 2 Nott & Mc­Cord 538 (South Carolina Constitutional Court, 1819); “Fraud in Cotton,” Baltimore Patriot, Dec. 3, 1830, 2; “Miller v. Hemmingway,” NYH, Jan. 1, 1845, 2; “Buying and Selling Produce,” BS, Dec. 21, 1848, 1; “Legal Decision in Regard to Falsely Packed Cot­ton,” HMM 31 (Oct. 1854): 456; “On ‘Change,’ ” New Orleans Times, Aug. 21, 1868, 7; “Liability of Directors,” Banker’s Magazine 43 (Sept. 1888): 208-16; and the cases cited in Dalley, “Law of Deceit,” and Bigelow, Law of Fraud.

33. Ramsey & Parker v. J. B. Plauche & Co., Lapeyre, Harrope Co. v. Buchannon, Car­roll & Co., Decisions of the New Orleans Chamber of Commerce (New Orleans, 1857), 116-17, 319-20; Nott & Co. v. Kirkman et al., 19 Louisiana Reports 14 (Louisiana Su­preme Court, Eastern Dist., 1841); Clarke et al. v. Lockhart et al., 10 Louisiana Reports 5 (Louisiana Supreme Court, 1845); “Of Falsely Packed and Unmerchantable Cotton,” HMM 23 (July 1850): 111-12; Mure v. Donnell, 12 Louisiana Ann. 369 (Louisiana Su­preme Court, 1857).

34. “A Horse Bought and Sold,” Barre Gazette, Sept. 13, 1861, 1.

35. “Tricked for a Million,” CIO, Nov. 26, 1889, 1; “A Mighty Swindle,” LAT, Nov. 27, 1889, 4; “Wants Frederiksens Securities,” CT, Jan. 1, 1890, 6; “Frederiksen’s Dupes at Law,” CT, June 7, 1891, 3.

36. “Work of the Police,” BS, Mar. 5, 1868, 1; “Work of the Police,” BS, Apr. 3, 1868, 4; “Work of the Police,” BS, May 4, 1868, 1; “Police Operations,” BS, June 3, 1868, 1; “Ar­rests Made,” BS, Aug. 4, 1868, 1; Police Operations,” BS, Nov. 5, 1868, 1. From 1851 through 1853, New York City reported 434 arrests under the categories of “fraud” and “receiving goods under false pretences,” roughly one out of every three hundred arrests over that period. Eleventh and Twelfth Report of the Prison Association of New York for 1855 and 1856 (New York, 1857), 126.

37. “The Fraudulent Insurance Cases,” BET, Sept. 16, 1852, 2; “The Great Life Insur­ance Trial,” Flakes Galveston Bulletin, Feb. 5, 1870, 6; “Another Udderzook Affair,” The Independent 28 (Aug. 24, 1876): 28; “Louisville, Kentucky, Correspondence,” The Indica­tor 12 (Feb. 1893): 119. A survey of newspaper coverage of criminal false pretense cases in 1888, using the database Americas Historical Newspapers, generated 343 instances of criminal proceedings, of which 273 offered at least some details about the nature of the alleged fraud. Of these 273 instances, only 119, or 43.7 percent, clearly involved allega­tions of fraud against businesses, while 38, or 13.9 percent, involved allegations of fraud by retailers against nonpaying consumers, and 33, or 12.1 percent, resulted from con­flicts over nonpayment of personal loans.

38. Michael Hindus, “Black Justice under White Law: Criminal Prosecutions of Blacks in Antebellum South Carolina,” JAH 63 (1976): 590.

39. Annual Report of the Attorney General of the State of Michigan (Lansing, 1866); Annual Report of the Attorney General of the State of Michigan (Lansing, 1873). In 1865­66, there were 20 convictions from 65 false pretenses indictments and 504 convictions from 765 larceny indictments. In 1872-73, there were 14 convictions from 79 false pre­tenses indictments and 488 convictions from 799 larceny indictments.

40. “Frauds upon the Manhattan Gas Company,” Brooklyn Eagle, Sept. 29, 1853.

41. “Mock Auctions,” SEP, Aug. 25, 1838, 2; George G. Foster, New York in Slices (New York, 1849), 33-36; “How We Furnished Our House,” HW (Apr. 3, 1858): 209; “A Down Look,” SEP, Sept. 22, 1860, 4; “Trade Morality,” PI, Oct. 27, 1876, 4; Paul Prowler, “Glimpses of Gotham,” NPG, May 24, 1879, 14; Corey Goettsch, “ ‘The World Is but One Vast Mock Auction': Fraud and Capitalism in Nineteenth-Century America,” in Brian P. Luskey and Wendy A. Woloson, eds., Capitalism by Gaslight: Illuminating the Economy of Nineteenth-Century America (Philadelphia, 2015), 109-21.

42. The Alleged Mock Auction Frauds,” NYH, Feb. 14, 1866, 5; “Alleged Mock Auc­tion,” NYH, Feb. 15, 1866, 2; “Zeno Burnham, the Mock Auctioneer,” NYT, Feb. 17,

1866, 5.

43. “An Alleged Mock Auction Swindle,” NYT, Oct. 7, 1865, 3; “The Alleged Mock Auction Frauds,” NYH, Feb. 14, 1866, 5; “Alleged Mock Auction,” NYH, Feb. 15, 1866, 2; “The Case of Burnham, the Mock Auctioneer,” NYT, Feb. 16, 1866, 3.

44. “Burnham Case Again,” Brooklyn Eagle, May 21, 1866, 2; “The Pardon of Zeno Burnham,” NYT, May 25, 1866, 2; “Zeno Burnham again in Limbo,” NPG, Feb. 16, 1867, 3; “Carnival of Crime,” Brooklyn Eagle, Feb. 8, 1869, 1; “Furniture Funks,” NYT, Mar. 13, 1871, 12; “Why Did Fenton Pardon Zeno Burnham?” NYT, Oct. 3, 1872, 12; “The Mock Auction Business,” NYT, Oct. 18, 1879.

45. “An Extensive Swindle,” NYTR, Dec. 8, 1866, 8; “Conspiracy to Cheat and De­fraud,” NYT, Mar. 3, 1867, 6; “The Alleged Great Dry Goods Swindle,” NYH, Mar. 9,

1867, 8.

46. “Suit for $30,000 Damages for False Imprisonment,” NYH, Oct. 28, 1868.

47. “Who Is Doctor Langley?” Worcester Spy, Mar. 26, 1879, 4; “An Important Ar­rest,” New Haven Register, June 4, 1883, 3; “An Alleged Swindler,” Boston Journal, June 4, 1883, 3; “The King of Peter Funks,” NYT, June 4, 1883, 5; “The Boston Peter Funk,” CT, June 7, 1883, 4; “Fraudulent Land-Selling Scheme,” CT, July 21, 1888, 2; “He Was a Clever Swindler,” CT, July 22, 1888, 13; “Another Failure to Convict,” NYT, Oct. 10, 1888, 8; “‘Doc' Langley Arrested,” NYT, Nov. 11, 1896, 3; “Langley Loses His Appeal,” NYT, June 30, 1897, 3.

48. “Frauds upon Emigrants and Passengers,” New York Daily Tribune, Nov. 14, 1859, 5; “The Ticket Swindlers and Judge Russell,” NYT, Oct. 31, 1860, 8.

49. “Trial and Conviction of Dr. Dyott for Fraudulent Insolvency,” Daily National Intelligencer, June 7, 1839, 3; The Highly Interesting and Important Trial of Dr. T. W Dyott (Philadelphia, 1839).

50. “Fraudulent Bankers Imprisoned in New Jersey,” NYH, April 3, 1863, 5; “Justice,” HW (Dec. 22, 1877): 999; “Benjamin Noyes Found Guilty,” NYT, June 2, 1878, 2; “An Ex-Bank President in Prison,” NYH, July 3, 1883; “The Wreckers Held,” PI, Dec. 18, 1890, 3; “Banker Sawyer Is Guilty,” Kansas City Times, Dec. 12, 1893, 1.

51. “Bank of Maryland Trials at Bel-Air,” Niles’ Weekly Register 50 (May 21, 1836): 202. A complete trial transcript ran in the Baltimore Gazette from June through Septem­ber 1836. See also Robert E. Shalhope, The Baltimore Bank Riot: Political Upheaval in Antebellum Maryland (Urbana, 2009), 88-105. For later acquittals and decisions not to prosecute elites on fraud charges, see “Biddle, Cowperthwaite and Andrews Discharged,” PI, Apr. 30, 1842, 2; “Bank Trial at Philadelphia,” NYT, Dec. 22, 1858, 4; “Culver Trial,” NYTR, Feb. 11, 1867, 8; “Insurance Officers Acquitted,” NYT, Nov. 22, 1878, 5.

52. “Affair of the Schuylkill Bank,” PPL, May 18, 1842, 2; “How Rogues Go Scot Free,” NYT, Jan. 11, 1880, 12.

53. “No Cause for Action,” CIO, Dec. 30, 1893, 5.

54. “Why Rogues Go Scot Free.”

55. “Afraid of Wall Street,” NYT, April 5, 1877, 4; The Stock Market Rig: A Thorough Exposure of a Fascinating Fraud (Brooklyn, 1875), 10-12; Joseph E. King, A Mine to Make a Mine: Financing the Colorado Mining Industry, 1859-1902 (College Station, 1977); Cheryl Freeman, “Wanted: The Honorable William H. Cushman,” Colorado Mag­azine 49 (1972): 35-54; Roger Whitman, The Rise and Fall of a Frontier Entrepreneur: Benjamin Rathbun, “Master Building and Architect,” ed. Scott Eberle and David A. Ger­ber (Syracuse, 1996).

56. “City Gleanings,” PPL, May 11, 1841, 2; “Philadelphia,” BS, May 17, 1841, 4; “Dr. Dyott,” Albany Argus, reprinted in Vermont Gazette, May 18, 1841, 2; “Summary of News,” Farmer’s Register, May 13, 1841, 318.

57. Taylor, Boardroom Scandal.

58. Brian Luskey, “Central Intelligence Agencies: Negotiating Market Transactions and the Commodification of Labor in the Nineteenth-Century City,” unpublished paper delivered to the Business History Conference, Athens, Georgia, March 26, 2010.

59. “Underwood v. Fetter (New York Supreme Court),” New York Legal Observer 6 (Feb. 1848): 66-69; “Arrest of a Swindler,” Mobile Herald, Sept. 30, 1845, reprinted in NPG 1 (Oct. 11, 1845): 60; “Witnesses Spirited Away,” SFB, Apr. 10, 1860, 4; “A Compro­mise,” Daily National Intelligencer, Feb. 25, 1864, 3; “General Sessions,” NYT, June 28, 1873, 2; “Amicably Settled,” NYH, Apr. 8, 1886, 8. This dynamic parallels the creditor tactic of objecting to bankruptcy petitions as a way to extract payments from failed debtors. Edward J. Balleisen, Navigating Failure: Bankruptcy and Commercial Society in Antebellum America (Chapel Hill, 2001), 115-19.

60. “Falsely Packed Cotton,” Daily Alabama Journal, Sept. 12, 1853, 2.

61. “Rewards to Policemen,” NPG 2 (Aug. 21, 1847): 397; “A Baltimorean among the Peter Funks,” BS, Aug. 26, 1853, 1; “Frauds of Intelligence Offices,” NYT, Apr. 25, 1855, 8; “Mock Auctions in New York,” HMM 37 (Sept. 1857): 393-94; “Affairs in New York,” BS, Mar. 10, 1862, 4; “Contrite Swindlers,” CT, Jan. 20, 1883, 7; “An ‘Agent’ in Trouble,” Kalamazoo Gazette, Mar. 16, 1888, 4.

62. “On False Pretences,” 401; “Pittsburgh,” NPG, May 18, 1867, 3.

63. “Important Case,” Poulson’s American Daily Advertiser, Sept. 20, 1815, 3; “Cor­respondence of the Philadelphia North American” Charleston Southern Patriot, Sept. 11, 1845, 2; coverage of the fraud conspiracy by the boot and shoe dealer M. Frank Paige in the Boston Journal (Jan. 11, Feb. 24, Mar. 8, 1879).

64. “Federal Baseness,” New Hampshire Patriot and State Gazette, Feb. 6, 1838, 2; Peter J. Coleman, Debtors and Creditors in America: Insolvency, Imprisonment for Debt, and Bankruptcy, 1607-1900 (Madison, 1974).

65. William Blackstone, Commentaries on the Laws of England, 12th ed. (London, 1795), 4: 4-5.

66. Allen Steinberg, The Transformation of Criminal Justice: Philadelphia, 1800­1880 (Chapel Hill, 1989); Laura F. Edwards, The People and Their Peace: Legal Culture and the Transformation of Inequality in the Post-Revolutionary South (Chapel Hill, 2009).

67. “Another Falsehood of the Clarmont Eagle” New Hampshire Gazette, Feb. 6, 1838, 2; “Vermont Governor’s Address to the Legislature,” Niles Weekly Register 59 (Oct. 24, 1840): 115-16; “News Items,” Brattleboro Weekly Eagle, Oct. 23, 1851, 2; “A New Way to Pay Old Debts,” Ohio State Journal, Apr. 12, 1859, 2; “Abstract of New York Supreme Court,” ALJ 14 (Nov. 21, 1874): 332-33; “Extradition—Habeas Corpus” Central Law Journal, Mar. 28, 1884, 252-56.

68. “Fay and Collins v. Oatley and Blodgett,” 6 Wisconsin Reports 42 (1857).

69. Message of James A. Beaver to the General Assembly (Harrisburg, 1889), 53-54.

70. “Law of False Pretences,” PPL, June 19, 1847, 2; June 30, 1847, 2; Jan. 21, 1848, 7; “Frivolous and Vexatious,” CT, Sept. 3, 1857, 1; “Lecture upon Law,” PPL, July 29, 1859, 1; “Judge Cowings Charge,” NYT, June 6, 1882, 3.

71. “Law of False Pretences,” HMM, 63.

72. “Law Intelligence,” Albany Balance and State Journal, Oct. 29, 1811, 348; “A Righteous Verdict,” Connecticut Courant, Dec. 23, 1833, 2; “Obtaining Goods under False Pretences,” Daily National Intelligencer, Nov. 9, 1843, 3; “Obtaining Goods under False Pretenses,” SFB, Feb. 25, 1876, 2.

73. “Supreme Judicial Court,” Eastern Argus, May 19, 1825, 2; “William Livermore,” Eastern Argus, July 4, 1836, 3; “Commonwealth v. Hickey,” Pennsylvania Law Journal 3 (Jan. 2, 1844): 86-94; “Enormous Swindling Transactions,” NYH, Apr. 10, 1860, 4; “Wolf Case in the Criminal Court,” BS, Mar. 10, 1868, 1; “Acquitted of Conspiracy,” NYH, Dec. 6, 1884, 5.

74. Monthly Law Reporter 6 (Oct. 1848): 256-71.

75. On parallel tendencies of British creditors to pursue fraud allegations to obtain negotiating leverage, and of the British legal establishment to view such actions as per­versions of process, see Taylor, Boardroom Scandal, 97, 147.

76. “Court of Oyer and Terminar,” NYT, Feb. 6, 1866, 3; “Alleged Mock Auction,” NYH, Feb. 15, 1866, 2; “Zeno Burnham Pardoned,” NYH, May 16, 1866, 5; “Topics of Today,” Brooklyn Eagle, Dec. 5, 1867, 2.

77. Tougher quality standards also constrained the ability of poorer planters to find a market, while the integration of inspectorships into local patronage networks pro­duced grumbling about favoritism toward wealthy planters. Lynn Nelson and Peter Mancall, “Then the Poor Planter Hath Greatly the Disadvantage’: Tobacco Inspection, Soil Exhaustion, and the Formation of a Planter Elite in York County, Virginia, 1700­1750,” Locus 6 (1994): 119-41; Mary McKinney Schweitzer, “Economic Regulation and the Colonial Economy: The Maryland Tobacco Inspection Act of 1847,” Journal of Eco­nomic History 40 (1980): 551-69; Newton Jones, “Weights, Measures, and Mercantilism: The Inspection of Exports in Virginia, 1742 to 1820,” in Darren B. Rutman, ed., Old Dominion: Essays for Thomas Perkins Abernathy (Charlottesville, 1964), 122-34.

78. “Tobacco Inspection,” Baltimore Patriot, May 15, 1822, 2; “Tobacco Inspection,” Richmond Enquirer, Mar. 31, 1831, 3; “Tobacco Inspection,” Missouri Republican, Nov. 19, 1841, 2; “Tobacco Inspection,” Missouri Republican, Nov. 23, 1841, 2; “Increased To­bacco Inspections,” BS, Nov. 3, 1845, 4.

79. Jerome V C. Smith, Natural History of the Fishes of Massachusetts (Boston, 1843), 16-17.

80. B. U. Coles, “Improvements in the Cultivation of Wheat and Flour,” AF 2 (Feb. 2, 1821): 356-57; “Public Meeting,” BS, Jan. 28, 1834, 2; Agricultural,” NYT, Feb. 28, 1856, 3; “Flour Inspection,” NYTR, Mar. 25, 1856, 4; “Flour Inspection at Philadelphia,” CT, June 20, 1862, 4.

81. “O. Hunker,” “The Inspection Laws,” The Pathfinder, Mar. 25, 1843, 66; “The In­spection Laws,” NPG 1 (July 4, 1846): 364; “Report on Inspections,” AF 9 (Feb. 1854): 245-47; “Tobacco Inspection Laws of Maryland,” Monthly Journal of Agriculture 3 (July 1857): 5-9; “Inspection of Beef and Pork,” San Joaquin Republican, Mar. 24, 1860, 4; “Tobacco Inspection in Kentucky,” BS, Feb. 5, 1872, 2; Nicholas Parillo, Against the Profit Motive: The Salary Revolution in American Government, 1780-1940 (New Haven, 2013), 51-124.

82. “Inspection System,” BET, Nov. 12, 1847, 2; “Massachusetts Mackerel,” Glouces­ter Telegraph, July 22, 1848, 2; “Flour Inspection,” Daily Placer Times, Nov. 8, 1853, 2; “Great Complaint,” Alta California, Aug. 1, 1853, 7.

83. Moss et al. v. Mead et al., 1 Denio 378 (New York Supreme Court, 1845); “Flour and Provision Inspection,” Sandusky Journal, Mar. 18, 1856, 2; Gunther & Rodewald v. Atwell, 19 Maryland Reports 157 (Maryland Court of Appeals, 1862); “Flour Inspec­tion,” NOP, July 12, 1870, 2. The best account of political reactions against activist gov­ernment remains Louis Hartz, Economic Policy and Democratic Thought: Pennsylvania, 1776-1860 (Cambridge, MA, 1948).

84. “The Flour Inspection Ordinance,” CT, Dec. 1, 1863, 4.

85. “New Constitution of New York,” BS, Oct. 22, 1846, 1; Report of the Revisors of the Civil Code of Virginia (Richmond, 1847), 489; “Voluntary Inspection,” NOP, Jan. 8, 1852, 1; “Baltimore Board of Trade,” HMM 27 (Nov. 1852): 626-28; “New Inspection Law of Maryland,” HMM 31 (July 1854): 110-11; “Compulsory Inspection,” NOP, Feb. 13, 1856, 3; The General Statutes of the Commonwealth of Massachusetts (Boston, 1860), 256-80; “A Word about the Inspection of Flour,” NOP, Dec. 1, 1869, 2; Kelly Olds, “Pub­lic Export Inspections in the United States and Their Privatization,” Cato Journal 19 (1999): 17-37.

86. Debates and Proceedings in the New- York State Convention (Albany, 1846), 398­400; Proceedings and Debates of the Constitutional Convention (Albany, 1868), 1368; “State Tobacco Inspection System,” BS, Jan. 27, 1876, 2.

87. “Tobacco Inspection in Kentucky,” BS, Feb. 5, 1872, 2; “Tobacco Inspection in the Legislature,” Southern Planter and Farmer 36 (Feb. 1875): 113; “State Tobacco In­spection,” BS, Feb. 20, 1879, 2; “Tobacco Inspection,” BS, Jan. 14, 1884, 2.

88. General Statutes of the Commonwealth of Massachusetts, 256-80; “A Word about the Inspection of Flour,” NOP, Dec. 1, 1869, 2; “The Inspection of Fish Laws,” Boston Journal, Feb. 19, 1872, 4; J. Bryant Walker, The Law of Municipal Corporations in the State of Ohio (Cincinnati, 1871), 137-40.

89. “Zeno Burnham Again,” NYH, Feb. 26, 1867, 8; “Mrs. Moore's Purchases,” NYH, Sept. 25, 1879, 4. On threatened/imposed license revocations, see “New York,” BS, Jan. 25, 1858, 4; “Peter Funked,” NYH, Mar. 8, 1862, 3; “Municipal Affairs,” CIO, Feb. 21, 1875, 2; “A Consistent Mayor,” Omaha Herald, Feb. 16, 1888, 7.

90. “Mock Auctions,” Barre Gazette, Sept. 12, 1845, 2; “Mock Auctions,” NPG, Mar. 21, 1846, 248; “The Mayor and the Peter Funks,” NPG, Oct. 3, 1846, 29; “The Mayor and the Mock Auctioneers,” NPG, Jan. 23, 1847, 156. One New York auctioneer sought a court order to remove the warning sign outside his storefront, but lost his case. Gilbert v. Mickle, 4 Sandford 357 (New York Court of Chancery, 1846). On practice in London, see “Mock Auctions,” The Observer, Apr. 20, 1828, 3.

91. “Mock Auctioneers,” Jan. 24, 1862, 3; “Affairs in New York,” BS, Apr. 24, 1862, 4; “Officer Wells and Peter Funk,” NYTR, Nov. 11, 1862, 4.

92. “Affairs in New York,” BS, Apr. 19, 1862, 4; “The Last of the Peter Funks,” New Orleans Delta, Sept. 13, 1862, 1; “Peter Funk,” Lowell Citizen and News, June 10, 1863, 2.

93. “False Pretences,” Cincinnati Gazette, Dec. 6, 1867, 1; “Mock Auction Sales,” CT, July 4, 1874, 11; “The Newest Swindle,” NYT, Oct. 1, 1876, 16; “Mock Auction Sales,” NYT, Nov. 12, 1876, 5; “Mock Auction Swindles,” NYT, Nov. 26, 1876, 5; “Petty Swin­dling,” CT, Dec. 14, 1882, 8; “Auction Sale of Cigars,” AA 42 (Feb. 1883): 87; “A Mock Auction Store Closed,” NYT, Aug. 9, 1884, 8; “Plying His Old Trade,” KCS, July 28, 1992,

1.

94. “The Police Commissioners' Annual Report to the Board of Police,” NYH, Jan. 5, 1864, 5. See also Goettsch, “ ‘World Is but One Vast Mock Auction,' ” 122-26.

95. “Merchants Be on Your Guard,” Charleston City Gazette, June 12, 1817, 2; “Fraud in Cotton Detected,” Charleston City Gazette, Mar. 28, 1821, 2; “Fraud in Cotton,” Balti­more Patriot, Nov. 14, 1828, 2; Ralph Haskins, “Planter and Cotton Factor in the Old South: Some Areas of Friction,” Agricultural History 29 (1955): 1-4.

96. “Fraud in Packing Cotton,” Camden Southern Chronicle, Apr. 9, 1825, 1; “From the Mobile Register” Baltimore Patriot, Mar. 25, 1829, 2; “False Packing of Cotton Wool,” Manchester Guardian, Nov. 21, 1835, 2; A Digest of the Laws of the State of Alabama (Montgomery, 1836), 97.

97. “Frauds in Cotton Packing,” DeBow’s Review 1 (July 1851): 70; John Wrigley and Sons, “Letter to the Editor,” Manchester Guardian, May 14, 1853, 8; “Sanded and Adul­terated Cotton,” Manchester Guardian, Oct. 5, 1859, 3; Annual Report... of the Chamber of Commerce of the State of New York (New York, 1860), 90-92; “Cotton,” Southern Cul­tivator, 18 (May 1860): 147-48.

98. Judith Schafer, “ ‘Guaranteed against the Vices and Maladies Prescribed by Law': Consumer Protection, the Law of Slave Sales, and the Supreme Court in Antebellum Louisiana,” American Journal of Legal History 31 (1987): 306-21; Dalley, “Law of Deceit,” 430-32.

99. Harris, Humbug, 10-20; David Jaffee, “Peddlers of Progress and the Transforma­tion of the Rural North, 1760-1860,” JAH 78 (1991): 511-35; Joseph Rainer, “The ‘Sharper' Image: Yankee Peddlers, Southern Consumers, and the Market Revolution,” Business and Economic History 36 (1997): 27-44; Schafer, “‘Guaranteed against the Vices' ”; Malcolm J. Rohrbough, The Land Office Business: The Settlement and Adminis­tration of American Public Lands, 1789-1837 (New York, 1968); Peter R. Decker, For­tunes and Failures: White-Collar Mobility in Nineteenth-Century San Francisco (Cam­bridge, MA, 1978), 43-56; Daniel Pope, “Advertising as a Consumer Issue: An Historical View,” Journal of Social Issues 47 (1991): 41-56; Wendy A. Woloson. “Wishful Thinking: Retail Premiums in Mid-Nineteenth-Century America,” Enterprise & Society 13 (2012): 790-831.

100. Balleisen, Navigating Failure, 95-96, 106-113; Susan Strasser, Satisfaction Guar­anteed: The Making of the American Mass Market (Washington, DC, 1989); Stephen Mihm, A Nation of Counterfeiters: Capitalists, Con Men, and the Making of the United States (Cambridge, MA, 2007).

101. Robert Sobel, The Big Board: A History of the New York Stock Market (New York, 1965); King, Mine to Make a Mine; Glenn Vent and Cynthia Birk, “Insider Trading and Accounting Reform: The Comstock Case,” Accounting Historians Journal 20 (1993): 67-82; Mark Wahlgren Summers, The Era of Good Stealings (New York, 1993).

102. Moritz Busch, Wanderungen zwischen die Hudson und Mississippi 1851 und 1852 (Stuttgart, 1854), 107. See also Charles Dickens, American Notes for General Circu­lation, vol. 2 (London, 1842), 290-91; Foster, New York in Slices, 36.

Chapter Four: Channels of Exposure

1. On the economics of deception, see: Vincent-Antonin Lepinay and Ellen Hertz, “Preconditions of Economic Deception,” in Caroline Gerschlager, ed., Deception in Mar­kets: An Economic Analysis (New York, 2005), 269-96.

2. “False Packing,” NOP, May 21, 1851, 2; “False Packed Cotton,” Daily True Delta, Apr. 2, 1859, 2; “On ‘Change,’ ” New Orleans Times, Aug. 21, 1868, 7.

3. “Sacking a Mock Auctioneer,” Newport Mercury, Apr. 11, 1846, 2; “New York Mock Auctions,” MT, Aug. 19, 1851, 4; “Peter Funk,” Ohio Statesman, June 29, 1860, 1.

4. Robert Shalhope, The Baltimore Bank Riot: Political Upheaval in Antebellum Maryland (Urbana-Champaign, 2009), 61-87; E. P. Thompson, “The Moral Economy of the English Crowd in the Eighteenth Century,” Past and Present 50 (1971): 76-136.

5. “Credit Obtained for Goods by Alleged Fraud,” HMM 27 (1852): 205.

6. Rowena Olegario, A Culture of Credit: Embedding Trust and Transparency in American Business (Cambridge, MA, 2006); Vincent P. Carosso, Investment Banking in America: A History (Cambridge, MA, 1970); Alfred D. Chandler, Henry Varnum Poor: Business Editor, Analyst, and Reformer (Cambridge, MA, 1956); Susan Strasser, Satisfac­tion Guaranteed: The Making of the American Mass Market (Washington, DC, 1989); Richard S. Tedlow, New and Improved: The Story of Mass Marketing in America (New York, 1990); Nancy F. Koehn, Brand New: How Entrepreneurs Gained Customers Trust from Wedgwood to Dell (Cambridge, MA, 2001).

7. Steven C. Bullock, “A Mumper among the Gentle: Tom Bell, Colonial Confi­dence Man,” William & Mary Quarterly 3rd Ser., 55 (1998): 231-58.

8. Rathbun’s forgeries attracted coverage from New York papers and national jour­nals; the Schuyler forgeries, like the Credit Mobilier scandal and the life-insurance frauds of the 1870s, consumed the work of journalists for months.

9. James Taylor, Boardroom Scandal: The Criminalization of Company Fraud in Nineteenth-Century Britain (New York, 2013).

10. “An Attempt to Swindle the Government,” NPG, Nov. 21, 1846, 84; “Alleged Frauds in Certificates of Bank Shares,” NYT, March 5, 1853, 6; “Robbing Merchants,” NYT, May 14, 1874; “Forged Bonds on the Market,” NYT, March 5, 1875, 8; “Swindling Devices,” NYT, Dec. 18, 1876, 8; “Stranger Than Fiction,” NPG, Nov. 6, 1880. See also

Wendy Woloson, “Wishful Thinking: Retail Premiums in Nineteenth-Century Amer­ica,” Enterprise and Society 13 (2012): 811.

11. Examples include: John Morgan, A Warning against Quackery (Boston, 1851); Henry William Herbert, Tricks and Traps of New York City (Boston, 1857); Henry Wil­liam Herbert, Tricks and Traps of Chicago (New York, 1859); J. H. Holton, The Rogues and Rogueries of New York (New York, 1865); James K. Medbury, Men and Mysteries of Wall Street (New York, 1870); The Swindlers of America: Who They Are and How They Work (New York, 1875); Bates Harrington, How ^,Tis Done: A Thorough Ventilation of the Numerous Schemes Conducted by Wandering Canvassers (Chicago, 1879); William W Fowler, Twenty Years of Inside Life in Wall Street (New York, 1880); Anthony Comstock, Frauds Exposed; or, How the People Are Deceived and Robbed, and Youth Corrupted (New York, 1880); Joseph C. Grannan, Grannans Warning against Fraud (Cincinnati, 1889); Peter R. Earling, Whom to Trust: A Treatise on Mercantile Credit (Chicago, 1890); E. G. Redmond, The Frauds of America: How They Work and How to Foil Them (Chicago, 1896); S. James Weldon, Twenty Years a Fakir (Omaha, 1899).

12. Joseph E. King, A Mine to Make a Mine: Financing the Colorado Mining Industry, 1859-1902 (College Station, 1977), 44-46; Chandler, Henry Varnum Poor, 35-36; Wolo- son, “Wishful Thinking,” 811-12; James Harvey Young, The Toadstool Millionaires: A Social History of Patent Medicines in America before Federal Regulation (Princeton, 1961), 76-88. For a mid-nineteenth-century critique of American newspapers as aiders and abettors of fraud, see Lambert A. Wilmer, Our Press Gang: or, A Complete Exposition of the Corruptions and Crimes of the American Newspapers (Philadelphia, 1859), 148-65, 340-52.

13. Mark Twain, Roughing It (New York, 1872), 306-11.

14. Mark Wahlgren Summers, The Era of Good Stealings (New York, 1993), 82-85; Richard White, “Information, Markets, Corruption: Transcontinental Railroads in the Golden Age,” JAH 90 (2003): 19-43; Steven Fraser, Every Man a Speculator: A History of Wall Street in American Life (New York, 2005), 77-217.

15. Henry A. Boardman, The Bible in the Counting-House (Philadelphia, 1853), 25, 30-31.

16. For illustrations of such reporting in the National Police Gazette, see “Robert Sutton, alias Bob the Wheeler,” Oct. 16, 1845, 1; “Dodger's ‘Expositions,' ” Aug. 10, 1867, 2; “A Female Fraud,” Dec. 14, 1878, 10; “A Woman's Financial Scheme,” Oct. 16, 1880, 2; “A Clever Adventuress,” Nov. 17, 1894, 6.

17. Michael Pettit, “The Unwary Purchaser: Consumer Psychology and the Regula­tion of Commerce in America,” Journal of the History of the Behavioral Sciences 43 (2007): 379-99.

18. “Beware of Fraud!” Baltimore Patriot, Jan. 1, 1815, 4; “Blake's Fire Proof Patent Paint,” NPG, Nov. 2, 1850, 4; “The Ostermoor Patent Electric Felt Mattress,” Ladies Home Journal 18 (May 1901): 17; Strasser, Satisfaction Guaranteed, 42-88.

19. “Flour Inspection,” NYT, Feb. 13, 1856, 8; “Agricultural,” NYT, Feb. 14, 1856, 6; “Flour Inspectors,” NYT, Feb. 14, 1856, 3; “Market Reports,” NYT, Feb. 25, 1856, 6; “An­other Meeting about Flour Inspection,” NYT, Feb. 28, 1856, 6; “Flour Inspection Meet­ing,” NYT, Mar. 17, 1856, 3; “Eastern View of the Flour Inspection Reform,” NYT, Mar. 21, 1856, 3; “Western View of the Flour Reform,” NYT, Apr. 12, 1856, 3.

20. “Critical Notices,” Southern Quarterly Review (Jan. 1855): 273; “Barnum's and Greeley's Biographies,” Christian Examiner 23 (1855): 246, 257; “Lessons of Barnum's Life,” NYT, Dec. 16, 1854; “The English on Barnum,” British Advertiser, reprinted in Ohio Statesman, Apr. 5, 1859, 1; Wilmer, Our Press Gang, 152-54; Neil Harris, Humbug: The Art of P. T Barnum (Chicago, 1981), 152-54.

21. “Barnum Exploded,” unnamed Albany paper, reprinted in New Albany Ledger, Feb. 12, 1856, 1; “Barnum Out-Barnumed,” Charleston Mercury, Feb. 18, 1856, 2; “The Utter Failure of Mr. Barnum,” Wisconsin Free Democrat, Mar. 26, 1856, 2; “The Barnum Correspondence,” NYH, June 5, 1856, 4; “Financial and Political State of the Times,” NYH, Sept. 10, 1857, 4.

22. P. T. Barnum, Life of P. T Barnum; “A Distinction and a Difference,” NYTR, Mar.

19, 1856, 4.

23. P. T. Barnum, Humbugs of the World: An Account of Humbugs, Delusions, Im­positions, Quackeries, Deceits, and Deceivers Generally, in All Ages (New York, 1865), 21, 239.

24. Fowler, Twenty Years of Inside Life in Wall Street; Henry Clews, Twenty- Eight Years in Wall Street: Fraud and Fair Dealing in Stocks! An Expose (New York, 1888), 88. See also Michael Pettit's discussion of Thomas Lawson's 1905 expose, Frenzied Finance, in The Science of Deception: Psychology and Commerce in America (Baltimore, 2013), 46. These arguments dovetailed with the attacks that the era's defenders of speculation lev­eled against gambling. See Ann Fabian, Card Sharps, Dream Books, and Bucket Shops: Gambling in Nineteenth-Century America (Ithaca, NY, 1990).

25. Stephen Mihm, A Nation of Counterfeiters: Capitalists, Con Men, and the Making of the United States (Cambridge, MA, 2007), 209-55.

26. Typical articles in Scientific American include: “Scoundrelism in Patent Agents,” Sept. 16, 1854, 5; “The Keely Motor Deception,” July 17, 1875, 33; “Glucosed Leather,” Sept. 6, 1884, 147.

27. Joris Mercelis, “Stages of Openness in the Development of Photographic Tech­nology in Nineteenth-Century America,” unpublished paper delivered to the Annual Meeting of the Business History Conference, March 14, 2014, Frankfurt, Germany.

28. Journals such as The American Journal of Pharmacy, The Boston Medical and Surgical Journal, and Medical and Surgical Reporter published hundreds of such articles in the nineteenth century; see also Young, Toadstool Millionaires, 144-67.

29. See, for example, The American Bee Journal 14 (1878): 29, 65, 130, 180, 211, 275, 352.

30. “Review,” American Journal of Dental Science 12 (1879): 382.

31. “The Crystal Honey Fraud,” The American Bee Journal 14 (Mar. 1878): 65.

32. John Tower, “Frauds in Guano and Other Manures,” The Genesee Farmer 16 (1855): 242.

33. “The Golden Bee-Hive,” Gleanings in Bee Culture 14 (Mar. 1, 1886): 179; “The Golden Bee-Hive,” Gleanings in Bee Culture 14 (July 1, 1886): 330. One sees here the sort of sociable institutions identified by Yochai Benkler. See his “Law, Policy, and Coopera­tion,” in Edward J. Balleisen and David A. Moss, eds., Government and Markets: Toward a New Theory of Regulation (New York, 2009), 299-334.

34. “A Fraud,” Railroad Gazette, March 16, 1883, 167; “The Moral Effect of a Techni­cal Education,” Iron Age, Nov. 8, 1894, 804-05. The Railroad Gazette paid close attention to swindles by employees. See “A Pass Swindler,” June 8, 1883, 370; “Underbilling,” April

20, 1888, 249; “Another Fraud,” Feb. 10, 1893, 103.

35. “Engineers' and Geologists' Reports,” EMJ, April 15, 1876, 365-66; “Our Course Endorsed,” EMJ, May 11, 1878, 323; “The Engineering and Mining Journal for 1879,” EMJ, Dec. 21, 1878, 431; “Decline of the Mining Stock Market,” EMJ, July 15, 1893, 50; “Growing Interest in Mining Investments,” EMJ, Oct. 18, 1878; “Editorial Announce­ments,” EMJ, Feb. 17, 1894, 146.

36. “Wild Cat,” Jan. 26, 1878, 53; The Dauphin Island Scheme,” Nov. 18, 1893, 516; “The Stephens Process,” Oct. 22, 1898, 482.

37. Lewis Tappan to Lewis Tappan Stoddard, Feb. 6, 1843, quoted in Bertram Wyatt- Brown, Lewis Tappan and the Evangelical War against Slavery (Cleveland, 1969), 232.

38. “New York Swindles,” NYT, Oct. 12, 1872, 6; “The Quack Gang,” NPG, March 27, 1880, 2.

39. “Life Insurance,” NYT, March 7, 1873, 2; “New York Swindles”; “A Warning,” SEP, April 24, 1869, 3.

40. Mihm, Nation of Counterfeiters, 248-53.

41. “Fraud or No Fraud,” Dec. 19, 1874, 6.

42. For an illustration of such pressure brought to bear on the Engineering and Min­ing Journal, see the coverage on the Poorman Mines of Silver City, Idaho, throughout 1894.

43. “Sundry Humbugs,” AA 31 (Jan. 1872): 39.

44. “Editorial Announcements,” EMJ, March 7, 1903; “The Poorman Consolidated,” EMJ, July 7, 1894, 2.

45. On the problem of modern economic gatekeepers, see Susan P. Shapiro's articles “The Social Control of Impersonal Trust,” American Journal of Sociology 93 (1987): 623­58; and “Collaring the Crime, Not the Criminal: Reconsidering the Concept of White­Collar Crime,” American Sociological Review 55 (1990): 346-65. The concept of “reputa­tion mining” has salience here. See George Akerlof and Robert Schiller, Phishing for Phools: The Economics of Manipulation and Deception (Princeton, 2015), 23-35.

46. “Adulterations in Food and Drugs,” HMM 41 (1859): 654; “Guano,” The New England Farmer 7 (1855): 333. For a similar observation, see Walter A. Friedman, Birth of a Salesman: The Transformation of Selling in America (Cambridge, MA, 2004), 53-55.

47. NPG, July 2, 1887, 14; Oct. 27, 1888, 14.

48. Mihm, Nation of Counterfeiters, 209-59; on bogus counterfeit detectors, see also “A New Swindle,” SEP, Dec. 29, 1860.

49. Fowler, Twenty Years of Inside Life in Wall Street, 298-311.

50. King, Mine to Make a Mine, 38-39, 48-49; Dan Plasak, A Hole in the Ground with a Liar at the Top: Fraud and Deceit in the Golden Age of American Mining (Salt Lake City, 2006).

51. King, Mine to Make a Mine, 88-139; Donald Chaput, “Fraud at Fresno?,” Pacific Historian 29 (1985): 47-58; William T. Jackson, “Dakota Tin: British Investors at Harney Peak,” North Dakota History 33 (1966): 33-63; Clark C. Spence, British Investments and the American Mining Frontier, 1860-1901 (Ithaca, NY, 1958), 22-72, 122-38.

52. “On the Valuation of Mines,” Oct. 13, 1877, 272-73; “Growth ofthe Engineering and Mining Journal,” April 14, 1877, 231; “What Is Needed to Float a Mine,” April 4, 1878; 233-34, all in EMJ.

53. “The Secrets of Stock Jobbing,” NYT, Mar. 9, 1857, 1; “History of a Stock Bubble,” NYT, Mar. 26, 1857, 1; “What Is a Historian,” NYT, Mar. 28, 1857, 4.

54. “The Equitable Ring and Its Hirelings of the Press,” New York Sunday Mercury, Apr. 7, 1872, 4.

55. “An Unfortunate Speculator,” Wall Street Daily News, Dec. 19, 1879, 1. For typi­cal fraud coverage, see the same paper for “A New Swindle,” Apr. 28, 1880, 1; “The Ele­vated Railroad Swindle,” Oct. 17, 1881, 1.

56. On the parallel roles of British financial journals as both fraud monitors and boosters, see Ian Klaus, Forging Capitalism: Rogues, Swindlers, Frauds, and the Rise of Modern Finance (New Haven, 2014), 177-203.

57. “Newspaper Reports on Mines,” EMJ, May 5, 1877, 292.

58. “New York Swindles,” NYT, Oct. 12, 1872, 4.

59. Ibid.; “The Natural History of Swindles,” July 10, 1875, 17.

60. “New York Swindles”; “New York Stock Broker,” Fraud and Fair Dealing in Stocks, 14, 35-36.

61. Jurgen Habermas, The Structural Transformation of the Public Sphere: An Inquiry into a Category of Bourgeois Society, translated by Thomas Burger (Cambridge, MA, 1989).

62. “Life Insurance Frauds,” NYT, Jan. 30, 1877, 4; “Latest Revelation,” NYT, July 14, 1877, 4.

63. Barnum, Life of P. T. Barnum, 28, 39, 48-49, 74-76, 85-87, 93-105; “The Way the Company Managed the Affair,” NYT, Dec. 8, 1872, 1; “False Packing,” MT, Apr. 2, 1869, 2; Fowler, Twenty Years of Inside Life in Wall Street, 30-35, 260, 332-37, 460-61.

64. On this point, see Pettit, Science of Deception, 34-38.

65. “Scoundrelism in Patent Agents,” Scientific American, Sept. 16, 1854, 5; “Sundry Humbugs” and “Going Right On,” American Agriculturist 34 (April 1875): 126-27, quoted in Woloson, “Wishful Thinking,” 827; Fowler, Twenty Years of Inside Life in Wall Street, 392-93; “Overcapitalization,” The Railroad Gazette, March 16, 1888, 166; “Gold for Seawater,” July 30, 1898; “False Pretences of Quacks,” Medical and Surgical Reporter, Sept. 3, 1870, 196; “Glimpses of Gotham,” NPG, Jan. 24, 1880, 14.

66. “Robbing Merchants,” NYT, May 14, 1874; “Commercial Chronicle and Review,” HMM 35 (1856): 589; “Mining Speculation,” London Mining Journal, reprinted in Scien­tific American, Feb. 24, 1872, 128; “A Bill for the Prevention of Fraud in the Organization of Mining and Other Companies,” EMJ, July 22, 1876, 53; “New York Stock Broker,” Fraud and Fair Dealing in Stocks, 62-69; “A Watch Night Sermon,” EMJ, Dec. 31, 1898, 782.

67. Manchester Times, Nov. 11, 1837, quoted in Taylor, Boardroom Scandal, 59.

68. Edward Youmans, “A Foreign Lesson and a Domestic Application,” Popular Sci­ence Monthly 5 (1974): 112.

69. “Humbugs,” Boston Advertiser, Dec. 6, 1865, 2; “Library Table,” The Round Table 11 (Nov. 18, 1865): 164. For a similar point, see Akerlof and Schiller, Phishingfor Phools, 149-50.

70. “Barnum Tending Bar,” BET, May 10, 1856, 1.

71. “Look out for Humbugs, AA 19 (Nov. 1860): 324; Edward Crapsey, “Nether World of New York,” Galaxy 11 (1871): 659; “Frauds and Fools,” NPG, Nov. 6, 1880, 7; “Protection for Fools,” NPG, Nov. 6, 1880, 2; “Inside View of Western Mining Invest­ments,” EMJ, Jan. 20, 1877, 38; “Secrecy in Corporate Management,” Commercial and Financial Chronicle, Sept. 20, 1879, 289; “Railroad Accounts,” Railroad Gazette, March 23, 1888, 191-92; Steven Usselman and Richard R. John, “Protecting Small Savers: The Political Economy of Economic Security,” in Richard R. John, ed., Ruling Passions: Politi­cal Economy in Nineteenth-Century America (University Park, 2006), 130-34.

72. Taylor, Boardroom Scandal, 159-248.

73. “Life Insurance Failures,” NYT, Dec. 15, 1876, 4; “Bank Examiners and the Pa­cific Bank of Boston,” Commercial and Financial Chronicle, March 29, 1884, 372-73.

74. See generally, Summers, The Era of Good Stealings. Anthony Comstock was a conspicuous exception to this tendency. As a governmental official charged with inves­tigating swindlers, he evinced great confidence in the state and pleaded for both stricter laws and more expansive enforcement efforts.

75. “Mining Speculation.”

76. This constraint suggests an extension to Akerlof and Schillers notion of a “phishing equilibrium” in Phishing for Phools. Even if informational gaps and psycho­logical vulnerabilities ensure some deception in capitalist markets, at some point rank duplicity imposes such great costs as to heighten popular suspicions.

77. Holly Cutting Baker, “Patent Medicine in Pennsylvania before 1906: A History through Advertising,” Pennsylvania Folklife 26 (1977): 20-33; John G. Franzen, “Com­fort for Man or Beast: Alcohol and Medicine Use in Northern Michigan Logging Camps, 1880-1940,” Wisconsin Archeologist 7 (1995): 294-337; Joanna Cohen, “‘The Right to Purchase Is as Free as the Right to Sell': Defining Consumers as Citizens in the Auction­House Conflicts of the Early Republic,” Journal of the Early Republic 30 (2010): 56-59; Philip Scranton, “The Horrors of Competition: Innovation and Paradox in Rhode Is­land's Jewelry Industry, 1860-1914,” Rhode Island History 55 (1997): 47-55.

78. Steven M. Gelber, Horse Trading in the Age of Cars: Men in the Marketplace (Bal­timore, 2008), 5-23.

79. Wendy Woloson stresses this point in “Wishful Thinking.” See especially 824-28.

Chapter Five: The Beginnings of a Modern Administrative State

1. On the economic theory of politics, see: Anthony Downs, An Economic Theory of Democracy (New York, 1957); James M. Buchanan and Gordon Tullock, The Calculus of Consent: Logical Foundations of Constitutional Democracy (Ann Arbor, 1962); Man- cur Olson, The Logic of Collective Action (New York, 1971); George Stigler, “The Eco­nomic Theory of Regulation,” Bell Journal of Economics 2 (1971): 3-21; Sam Peltzman, “Toward a More General Theory of Regulation,” Journal of Law and Economics 19 (1976): 211-40. For critiques, see Jessica Leight, “Public Choice: A Critical Reassess­ment,” in Edward J. Balleisen and David A. Moss, eds., Government and Markets: Toward a New Theory of Regulation (New York, 2010), 213-55.

2. On bureaucratic entrepreneurship, see Daniel P. Carpenter, The Forging of Bu­reaucratic Autonomy: Reputations, Networks, and Policy Innovation in Executive Agen­cies, 1862-1928 (Princeton, 2001).

3. Edward Balleisen, “The Prospects for Effective Coregulation in the United States: A Historian's View from the Early Twenty-First Century,” in Balleisen and Moss, eds., Government and Markets, 444-81.

4. For an incisive theoretical conceptualization of social movements, see Craig Calhoun, “ ‘Social Movements' of the Early Nineteenth Century,” Social Science History 17 (1993): 385-42.

5. On regulatory change in this era, see: Morton Keller, Affairs of State: Public Life in Late Nineteenth Century America (Cambridge, MA, 1977); Morton Keller, Regulating a New Economy: Public Policy and Economic Change in America, 1900-1933 (Cam­bridge, MA, 1990); Marc Allen Eisner, Regulatory Politics in Transition, 2nd ed. (Balti­more, 2000).

6. “Army Frauds in Pennsylvania,” CT, Oct. 23, 1861, 2; “American Contractors,” Manchester Guardian, Jan. 29, 1862, 3; “Government Contracts,” NYT, Feb. 6, 1862, 2; Stuart D. Brandes, Warhogs: A History of War Profits in America (Lexington, KY, 1997), 70-91; Mark Wilson, The Business of Civil War: Military Mobilization and the State, 1861-1865 (Baltimore, 2006), 19-25, 149-56.

7. “Defrauding the Government,” BS, June 4, 1861, 1; “Frauds upon the People,” New Hampshire Patriot, Jan. 1, 1862, 2; “Republican Frauds,” Wisconsin Daily Patriot, Feb. 19, 1862, 2.

8. Wilson, Business of Civil War, 154-55.

9. “Secretary of War,” NYTR, Oct. 17, 1861, 7; “Shame! Shame!” Sandusky Register, Feb. 11, 1862, 2.

10. “Leeches,” HW (Jan. 25, 1862): 53; Henry Morford, The Days of Shoddy (Phila­delphia, 1863).

11. Brandes, Warhogs, 100; Wilson, Business of Civil War, 151; “Doom of Swindling Contractors,” NYT, Jan. 18, 1862, 4.

12. War Claims at St. Louis, U.S. HR Exec. Doc. 94, 37th Cong., 2nd Sess. (1862); Report of the Commission on Ordnance and Ordnance Stores, U.S. Sen. Exec. Doc. 72, 37th Cong., 2nd Sess. (1862); Wilson, Business of Civil War, 108-10, 127-29, 164-65, 184-85.

13. John F. Callan, The Military Laws of the United States (Philadelphia, 1863), 547-50.

14. Wilson, Business of the Civil War, 183-87; “An Army Swindler Fitly Punished,” NYT, Nov. 23, 1863, 4; Charles A. Dana, Recollections of the Civil War (New York, 1899), 162-64.

15. Dana, Recollections of the Civil War, 163-64; J. Matthew Gallman, Mastering Wartime: A Social History of Philadelphia during the Civil War (New York, 1990), 289-90.

16. “Grades of Grain and Rules of Inspection,” Chicago Daily Commercial Bulletin, Aug. 17, 1871, 2; Guy Lee, “The Historical Significance of the Chicago Grain Elevator System,” Agricultural History 11 (1937): 27-30; Harold Woodman, “Chicago Business­men and the ‘Granger’ Laws,” Agricultural History 36 (1962): 18-22.

17. Reports Made to the General Assembly of Illinois (Springfield, 1872), 465-69; Re­ports Made to the General Assembly of Illinois (Springfield, 1877), x-xi; Seventh Annual Report of the Railroad and Warehouse Commission (Springfield, 1877), 31-44; J. C. F. Merrill, “Classification of Grain into Grades,” AAPS 38 (1911): 58-62; Benjamin F. Goldstein, Marketing: A Farmer’s Problem (New York, 1928), 181; Woodman, “Chicago Businessmen,” 23-24.

18. “Editorial,” CT, Sept. 3, 1879, 4; “Grain Inspection,” CT, May 30, 1879, 6.

19. “Grain Inspection,” CT, June 26, 1880, 11; “Grain Receivers,” CT, Jan. 30, 1881, 6; “On the Witness Stand,” CT, Feb. 18, 1881, 6; “Grain Inspection,” CT, July 6, 1883, 7; Frank Drake, “A Mean Attack,” CT, June 12, 1885, 9; “To Improve Grain Inspection,” NYT, Mar. 14, 1887, 1.

20. “Our Grain Inspection,” CT, Mar. 15, 1885, 1; “State Inspection of Grain,” Mar. 16, 1887, 4; “Our Grain Inspection,” Mar. 21, 1887, 8; “St. Louis Men in Arms,” CT, May 18, 1889, 5; “Civil Service Demanded,” CIO, Sept. 23, 1896, 12; Annual Report of the Railroad and Warehouse Commission of Minnesota (St. Paul, 1895), 39-41.

21. “Grain Interests Stirred”; CT, Feb. 11, 1897, 12; Report of the United States Indus­trial Commission on Transportation, vol. 2 (Washington, DC, 1901), 257; W Scott Cowen, “Grain Inspection in Illinois,” AAPS 38 (1911): 78-82.

22. “Frauds in Artificial Manures,” Genesee Farmer 18 (Mar. 1857): 75; Ninth Annual Report of the Secretary of the Maine Board of Agriculture (Augusta, ME, 1864), 96.

23. “Inspectors of Guano,” Southern Planter 10 (May 1850): 150; Report of the Com­missioner of Patents, PartII: Agriculture, U.S. HR Doc. 102, 32nd Cong., 1st Sess. (1852), 298; “History of Guano,” DeBow’s Review 13 (Dec. 1852): 627; “Cheating the Farmer,” Pennsylvania Farm Journal 4 (Mar. 1854): 82; “Maryland Guano Inspection Law,” HMM 31 (Aug. 1854): 232-33; Baltimore Board of Trade, Ninth Annual Report (Baltimore,

1858), 30-32; First Report of Philip T. Tyson, State Agricultural Chemist (Annapolis, 1860), 102-03; “Peruvian Guano,” Southern Planter and Farmer 1 (May 1867): 107; “Spe­cial Manures,” New England Farmer (May 1867): 216.

24. First Report of Philip T Tyson, 132; James B. Chynoweth and William H. Bruck­ner, American Manures; and Farmers’ and Planters’ Guide (Philadelphia, 1871), 132.

25. First Annual Report of Philip T Tyson, 132; Chynoweth and Bruckner, American Manures, 28.

26. Chynoweth and Bruckner, American Manures, 259-60; Samuel W. Johnson, “Agricultural Experiment Stations of Europe,” Annual Report of the Sheffield Scientific School of Yale College (New Haven, 1875), 25-26. Fertilizer regulation thus reflected a transatlantic borrowing of the sort discussed by Daniel T Rodgers in his Atlantic Cross­ings: Social Politics in a Progressive Age (Cambridge, MA, 2000).

27. Samuel W Johnson, Essays on Peat, Muck, and Commercial Manures (Hartford,

1859) ; Samuel W Johnson, “Report on Commercial Fertilizers,” Annual Report of the Ohio Board of Agriculture (Columbus, 1869), 375-89.

28. “Inspection of Fertilizers,” Germantown Telegraph, reprinted in AF 2 (Nov.

1860) : 155; N. A. Pratt, Ashley River Phosphates (Philadelphia, 1868), 41; “Agricultural Society of Philadelphia,” Boston Journal of Chemistry 2 (1867): 11-12.

29. P. B. Wilson, “Is It Needed?” AF (Feb. 1878): 47-48; Fourteenth Annual Report of the Secretary of the Maine Board of Agriculture (Augusta, ME, 1870), 207-20.

30. “Inspection of Fertilizers,” AF (Mar. 1870): 43; Camm Patteson, “Commercial Fertilizers,” Southern Planter and Farmer 7 (Sept. 1873): 3-5; John Carter, “Regulating the Sale of Fertilizers,” AF (Mar. 1878): 85-86; “Commercial Fertilizers,” Maine Farmer (Jan. 11, 1883): 1. On agrarian Populism, see: Lawrence Goodwyn, Democratic Promise: The Populist Moment in America (New York, 1976); Michael Kazin, The Populist Persua­sion: An American History (New York, 1995), 27-48; Charles Postel, The Populist Vision (New York, 2009), 137-72.

31. On arrangements in Georgia and elsewhere, see Revised Statutes of Connecticut (Hartford, 1875), 527; “An Act to Prevent Fraud in the Manufacture and Sale of Com­mercial Fertilizers,” Act of the General Assembly of the Commonwealth of Kentucky (Frankfort, 1880), 96-97; A Supplement to the Code of Georgia (Macon, 1878), 53-56; National Fertilizer Association, The Fertilizer Movement during the Season 1882-83 (Baltimore, 1883), iii-lxxxiii.

32. “Importance of Analyses of Fertilizers,” Southern Cultivator 39 (Sept. 1881): 334; John A. Myers, “Report of State Chemist,” Biennial Report of the... Agricultural and Mechanical College of Mississippi (Jackson, MS, 1885), 72-73; “Fertilizer Control and the Trade during 1887,” Tenth Annual Report of the North Carolina Agricultural Experiment Station (Raleigh, 1888), 28-31; “Professor J. W Sanborn on Fertilizers,” Popular Garden­ing and Fruit Growing 3 (May 1888): 184; Forty-First Annual Report of the Indiana State Board of Agriculture (Indianapolis, 1892), 183; Fifth Annual Report of the West Virginia Agricultural Experiment Station (Fairmount, WV, 1897), 6.

33. “Analysis of Fertilizers,” Ohio Farmer 12 (Nov. 1883): 312; Myers, “Report of State Chemist,” 72-78; W S. Dewolf, “How Frauds in Fertilizers Are Prevented,” MT, Feb. 20, 1885, 7; Tenth Annual Report of the West Virginia Agricultural Experiment Sta­tion (Fairmount, WV, 1897), 62; Alan Marcus, “Setting the Standard: Fertilizers, State Chemists, and Early National Commercial Regulation,” Agricultural History 61 (1987): 48-49.

34. “The Legislature and the Department of Agriculture,” AC, Sept. 18, 1883, 4; Maine Farmer 52 (June 12, 1884): 1; “Report for 1887 on the Agriculture of North Caro­lina,” Diplomatic and Consular Reports on Trade and Finance, No. 340 (London, 1889), 2; “The Fertilizer Trade,” AA 48 (Dec. 1889): 654.

35. MT, Mar. 19, 1881, 4; Nineteenth Annual Meeting ofthe Vermont Dairymen’s As­sociation (Montpelier, 1889), 30. See also “Matfield Fertilizer,” Maine Farmer 44 (May 27, 1876): 4; “Bowker's Hill and Drill Phosphate,” Ohio Farmer 90 (Mar. 11, 1882): 177; “Orchilla Guano,” Southern Planter 46 (Jan. 1885): 61; “Cumberland Bone Co.,” Maine Farmer 53 (Apr. 16, 1885): 4.

36. “Fertilizers,” Southern Cultivator 32 (Apr. 1874): 157; P. B. Wilson, “Errors in Fertilizer Analysis,” AF 5 (Apr. 1876): 109-11; National Fertilizer Association, The Fer­tilizer Movement, 6-8; Marcus, “Setting the Standard,” 53-64.

37. Proceedings of the Convention of Agricultural Chemists (Raleigh, 1884), 6; Meth­ods of Analysis of Commercial Fertilizers (Washington, DC, 1886); Proceedings of the Ninth Annual Convention of the Association of Official Agricultural Chemists (Washing­ton, DC, 1892), 4-6; Proceedings of the Eleventh Annual Convention ofthe Association of Official Agricultural Chemists (Washington, DC, 1894), 7-10.

38. Marcus, “Setting the Standard,” 52-53, 70-72.

39. John Panzar and Robert Willig, “Economies of Scope,” American Economic Re­view 71 (1981): 268-72; Praveen Nayyar and Robert Kazanjian, “Organizing to Attain Potential Benefits from Information Asymmetries and Economics of Scope in Related Diversified Firms,” Academy of Management Review 18 (1993): 735-59.

40. Report of the Pennsylvania State Dairymen’s Association, 1885 (Harrisburg, 1885), 13; Proceedings of the Sixth Annual Convention of the Association of Official Agri­cultural Chemists (Washington, DC, 1890), 11.

41. Mitchell Okun, Fair Play in the Marketplace: The First Battle for Pure Food and Drugs (DeKalb, 1986), 138-84.

42. James Harvey Young, The Toadstool Millionaires: A Social History of Patent Med­icines in America before Federal Regulation (Princeton, 1961), 226-51; James Harvey Young, Pure Food: Securing the Federal Food and Drug Act of 1906 (Princeton, 1989); Okun, Fair Play in the Marketplace.

43. Charles W Dabney, Proceedings ofthe Convention of Agricultural Chemists, Held at Atlanta, Ga., May 15th, 16th, 1884 (Raleigh, 1884), 29-30; “Commercial Fertilizers,” Twenty Third Annual Report of the Indiana State Board of Agriculture (Indianapolis, 1884), 187.

44. “National Grain Grading,” CT, July 29, 1892, 4; “Farmers Robbed by Inspection,” Grand Forks Herald, Mar. 31, 1904, 1; “Federal Grain Inspection,” WSJ, July 30, 1908, 2; “Grain Grades Not Satisfactory,” DNT, Sept. 27, 1908, 11; “Hed Stop Grain Frauds,” KCS, Jan. 2, 1909, 5; John O’Laughlin, “Charges Combine of Elevator Men Rules Grain Mart,” CT, Mar. 4, 1914, 13; Alson Secor, “Standard Grades Needed,” Successful Farming (July 1916): 12.

45. “Oppose National Grain Inspection,” DNT, Jan. 7, 1904, 2; “Federal Grain In­spection,” DMN, Dec. 27, 1908, 14; Fifty Sixth Annual Report of the Commercial Ex­change OfPhiladelphia (Philadelphia, 1910), 69.

46. “Federal Grades,” Chicago Daily Tribune, Aug. 22, 1913, 12; Uniform Grading of Grain, U.S. HR Agriculture Committee Hearings, 63rd Cong., 3rd Sess., Vol. 1 (Wash­ington, DC, 1915), 4-10; Agriculture Appropriation Bill, U.S. HR Agriculture Committee Hearings, 64th Cong., 1st Sess. (Washington, DC, 1916), 1-68.

47. “U. S. Grain Standards Act,” San Jose Mercury, Aug. 26, 1916, 6; “Prepare for Federal Grain Inspection,” KCS, Oct. 17, 1916, 14; “Federal Grain Standards Act,” CLR 17 (1917): 177-80.

48. “Give Grain Inspectors Tests,” Cleveland Plain Dealer, Nov. 10, 1916, 6; “Grain Men Study Grading Problems,” The Oregonian, Feb. 15, 1917, 20; “Need Experts for Grain Inspectors,” Grand Rapids Press, Sept. 29, 1919, 10; “Forty Take Grain Course,” Perry Republican, June 1, 1922, 1.

49. “5 Grain Inspectors Face Fraud Charges,” Fort Worth Star-Telegram, June 3, 1918, 10; “Federal Supervisors to Demonstrate Grain Grading,” Lexington Herald, Aug. 25, 1919, 13; “U. S. Grain Grades Get O. K. of Dealers,” Fort Worth Star-Telegram, Mar. 22, 1922, 5.

50. Gerald Nash, “Government and Business: A Case Study of State Regulation of Corporate Securities, 1850-1933,” BHR 38 (1964): 147-50.

51. The following account draws on “Mining on the Pacific Coast,” Overland Monthly 7 (Aug. 1871): 151-58; “Rights of Stockholders,” San Francisco Evening Bulletin, Dec. 29, 1871, 2; “Stock Speculation versus Legitimate Mining,” Salt Lake Tribune, May, 5, 1877, 13; “Mining Mysteries and Iniquities,” Springfield Republican, Aug. 26, 1879, 3; “Mining Interests and the Gorley Bill,” San Francisco Evening Bulletin, Feb. 26, 1880, 2; “New York Mining Investments,” NYTR, Mar. 15, 1880, 4; “Provisions of the Bill to Pro­tect Mining Stockholders,” San Francisco Evening Bulletin, April 13, 1880, 1; Nash, “Gov­ernment and Business,” 153-54; Glenn Vent and Cynthia Birk, “Insider Trading and Accounting Reform: The Comstock Case,” Accounting Historians Journal 20 (1993): 67-82.

52. “The Nether Side of Life Insurance,” Scribner’s Magazine 14 (July 1877): 382-86; “The Last of the New Jersey Mutual Life,” The Independent 29 (Oct. 18, 1877): 28; Julius Wilcox, “The Wrecking of Life Insurance Companies,” International Review 9 (1880): 83-100.

53. “New Insurance Laws,” The Independent 3 (Oct. 27, 1881): 24.

54. State of New York, Annual Report of the Superintendent of the Insurance Depart­ment (Albany, 1882), li-lii.

55. Morton Keller, “The Judicial System and the Law of Life Insurance,” BHR 35 (1961): 317-35; William Lehrman, “Diversity in Decline: Institutional Environment and Organizational Failure in American Life Insurance,” Social Forces 73 (1994): 613-17.

56. Herbert Wolfe, “Present Supervision of Life Insurance Companies,” NAR 181 (1905): 11-19; “The Insurance Investigation,” The Independent 59 (Nov. 23, 1905): 1233; Report of the Joint Committee of the Senate and Assembly of the State of New York Ap­pointed to Investigate the Affairs of Life Insurance Companies (Albany, 1906); Burton Hendrick, “The Story of Life Insurance I,” McClure’s Magazine (May 1906): 36-49.

57. “Insurance Reforms,” NYT, Dec. 6, 1906, 9; William H. Price, Life Insurance Re­form in New York (Cambridge, MA, 1909).

58. Morton Keller, The Life Insurance Enterprise, 1885-1910: A Study in the Limits of Corporate Power (Cambridge, MA, 1963), 254-64.

59. Keyes Winter, “State Regulation of Corporations by Policing Sales of Securities,” AAPS 129 (Jan. 1927): 149-55; Louis Loss and Edward M. Cowett, Blue Sky Law (Bos­ton, 1958), 7-10; Daniel Holt, “Acceptable Risk: Law, Regulation, and the Politics of American Financial Markets, 1878-1930,” Ph.D. diss., University of Virginia, 2008, 173-98.

60. John A. McCall, The Regulation of Life Insurance in the United States and Foreign Countries (New Haven, 1904), 16-18; Maurice Robinson, “Government Regulation of Insurance Companies,” American Economic Association Publications 8 (1907): 137-44; William C. Johnson, “The Principles Which Should Govern the Regulation of Life In­surance,” American Economic Association Publications 8 (1907): 155-88.

61. James Holbrook, Ten Years among the Mail Bags (New York, 1856), 258-66; “Operations of a Mayor's Police,” Weekly Wisconsin Patriot, June 8, 1858, 2; “How the Credulous Are Swindled,” New York Evangelist, June 2, 1864, 3; J. H. Holton, The Rogues and Rogueries of New York (New York, 1865), 9-12, 27-31, 96-101; Matthew Hale Smith, Sunshine and Shadow in New York (New York, 1870), 694-704.

62. “Gift Enterprise Swindles Broken Up,” New York Ledger, Apr. 10, 1858, 4; “A Grand Swindle Exposed,” PI, Nov. 20, 1860, 1; “The Cheap Watch Humbug,” AA 21 (May 1862): 133; “Gift Enterprises,” NYT, Mar. 30, 1866, 5.

63. “More Swindles Exposed,” Albany Journal, June 8, 1858, 2; “A Swindle,” Sandusky Register, Apr. 11, 1862, 2; “Facts for Fortune Hunters,” NYT, Mar. 1, 1866, 8.

64. “Lottery Fraud,” Lowell Daily Citizen, June 8, 1858, 2; Edward Crapsey, “The Circular Swindle,” The Galaxy 11 (May 1871): 652-60.

65. “Bogus Lotteries,” Pittsfield Sun, Apr. 22, 1858, 2; “A Caution against Gift Enter­prises,” NYT, Mar. 31, 1869, 10.

66. “Sundry Humbugs,” AA 25 (1866): 244; “How the Verdant Are Swindled,” NYTR, Jan. 7, 1868, 7; “Letter of the Solicitor of the Post Office,” U.S. Sen. Doc. No. 57, 39th Cong., 1st Sess. (Feb. 14, 1866), 2.

67. D. D. T. Leech, List of the Post Offices in the United States (Washington, DC, 1857), 48; “More Swindles Stopped,” New Albany Ledger, May 26, 1858, 2; “Mayor Tie- mann's Police,” Milwaukee Sentinel, June 18, 1858, 2.

68. “Powers of Postmasters,” Cleveland Plain Dealer, June 12, 1858, 2; “An Important Opinion,” Easton Gazette, Oct. 13, 1860, 1; “Case of Emory & Co.,” Official Opinions of Attorneys General of the United States, vol. 9 (Washington, DC, 1869), 454-55.

69. “Post Office Department,” Daily National Intelligencer, Dec. 8, 1864, 2; “An Im­portant Post Office Bill,” Cincinnati Enquirer, Feb. 5, 1866, 3; Letter of the Solicitor of the Post Office Department; “Frauds by Means of the Post Office,” PI, Feb. 19, 1866, 4; “Facts for Fortune Hunters,” NYT, 8.

70. “Illegal Use of the Mails,” Philadelphia Age, Mar. 10, 1866, 2; “Lottery Tickets,” AA 25 (Mar. 1866): 86; “A Wise Law,” New York Evangelist 39 (Aug. 27, 1868): 1.

71. “Revision of the Postal Law,” NYT, Dec. 8, 1870, 5; “An Act to Revise, Consoli­date, and Amend the Statutes Relating to the Post Office Department,” United States Congress, June 8, 1872, Sects. 300, 301; Dorothy Ganfield Fowler, Unmailable: Congress and the Post Office (Athens, GA, 1977), 55-65.

72. Anthony Comstock, “Suppression of Vice,” NAR 135 (Nov. 1882): 484-89; Mar­shall Cushing, The Story of Our Post Office (Boston, 1893), 614-21; Nicole Kay Beisel, Imperiled Innocents: Anthony Comstock and Family Reproduction in Victorian America (Princeton, 1997): 25-53; Andrea Tone, Devices and Desires: A History of Contraceptives in America (New York, 2001), 5-28; Gaines M. Foster, Moral Reconstruction: Christian Lobbyists and the Federal Legislation of Morality, 1865-1920 (Chapel Hill, 2002), 119-30.

73. “Our New York Letter,” PI, Apr. 19, 1877, 3.

74. “Anthony Comstock,” Cincinnati Gazette, Nov. 11, 1880, 4; Cushing, Story of Our Post Office 505-605.

75. “Killing of Lotteries,” PI, Oct. 14, 1895, 8; Annual Report of the Postmaster Gen­eral (Washington, DC, 1896), 59; “Frauds in Postal Affairs,” Omaha World Herald, Nov. 7, 1897, 7; “Vigilance of Postal Inspectors,” Brooklyn Eagle, Oct. 2, 1898, 15; Cushing, Story of Our Post Office, 619-21.

76. “Scientific Swindlers,” NYT, Sept. 17, 1875, 8; Letterfrom the Postmaster General in Reply to a Resolution of the House, U.S. HR Doc. 22, 46th Cong., 2nd Sess. (Washing­ton, DC, 1880), 1-17; “Day of Reckoning at Hand,” Omaha World Herald, Dec. 9, 1893, 1; Cushing, Story of Our Post Office, 505-65; “After Patent Medicine Frauds,” NYT, Nov. 10, 1894, 5; “Fake Concerns under the Ban,” WP, Feb. 26, 1895, 6.

77. “An Unfortunate Speculator,” Wall Street Daily News, Dec. 19, 1879, 1; “Millions Made by Fraud,” NYTR, Dec. 30, 1879, 2; “Sundry Humbugs,” AA 39 (Mar. 1880): 89.

78. “An Unfortunate Speculator”; “Millions Made by Fraud”; “Great Swindle Stopped,” NYT, Dec. 31, 1879, 2; “Details of the Swindle,” WP, Dec. 31, 1879, 2.

79. “Great Swindle Stopped”; “Bogus Brokers in New York,” BS, Jan. 1, 1880, 4; Let­ter from the Postmaster General, 17-25.

80. “ ‘Fund W' Finished,” CT, Dec. 8, 1883, 7; “Swindlers Convicted,” Arkansas Ga­zette, Dec. 8, 1883, 1; “The ‘Fund W' Frauds,” Boston Journal, 1883, 2; United States v. Flemming et al., 19 Federal Reporter 908 (US Dist. Court for Northern Illinois).

81. “Using the Mails for Swindling Purposes,” NYT, Feb. 9, 1879, 7; “More Fraud,” Brooklyn Eagle, Apr. 7, 1885, 6; “A Great Swindle Stopped”; Annual Report of the Post­master General (Washington, DC, 1890), 41; “Lottery and the Mails,” Cincinnati Com­mercial Tribune, July 11, 1890, 1; Cushing, Story of Our Post Office, 521-25, 551-59; “Wanted Here for Swindling,” Brooklyn Eagle, Aug. 28, 1897, 12; “Swindler Algernon Granville Convicted,” Pharmaceutical Era 21 (May 25, 1899): 699.

82. “Easy Life in Jail,” CT, July 27, 1884, 13; “How Swindlers Were Freed,” NYT, Mar. 1, 1885, 1; Alfred Andreas, History of Chicago, vol. 3 (Chicago, 1886), 271-72.

83. “Lottery Traffic,” SFB, May 16, 1885, 3; Cushing, Story of Our Post Office, 553.

84. “Swindling Devices,” NYT, Dec. 18, 1876, 8; “Gambling for Farmers,” AA 42 (July 1883): 347; “An Unequal Fight,” AA 43 (Mar. 1884): 131; Patrick Woodward, The Secret Service of the Post-Office Department (Hartford, 1886), 437-40; “It's a Ten-Dollar Swindle,” Omaha World Herald, Mar. 1, 1891, 1; Cushing, Story of Our Post Office, 523­34; “Defrauded by Fake Jewelers,” CT, Dec. 16, 1894, 2; “Big Swindling Scheme Ex­posed,” NYH, Mar. 27, 1895, 6.

85. Cushing, Story of Our Post Office, 527-28, 538-39, 562-65; “Lottery Business Abroad,” NYT, Nov. 27, 1894, 16; Report of the Postmaster General of the United States (Washington, DC, 1896), 59-61.

86. “Used the Mail for Lottery Fraud,” CT, Sept. 1, 1893, 3; “Crowding the Lottery Sharks,” CT, Feb. 14, 1894, 5; John L. Thomas, Lotteries, Frauds, and Obscenities in the Mails (Columbia, MO, 1903), 343-44.

87. Fowler, Unmailable, 79-87; Foster, Moral Reconstruction, 124-27; Carpenter, Forging of Bureaucratic Autonomy, 109-10.

88. On action against bond investment firms: “A Glance at the Office of the Chief Post-Office Inspector,” Kalamazoo Gazette, Jan. 9, 1890, 6; “Bond Investments Checked,” PI, May 15, 1895, 3. On action against quackery: “Patent Medicines and the Post Office,” Outlook, June 4, 1904, 240; “Uncle Sam Takes a Hand,” Ladies’ Home Journal 21 (Sept. 1904): 1; The Nostrum Evil (New York, 1905). On action against oil promotions: “Fraud Cases Set Record,” LAT, May 16, 1920, V5; “Sees Oil Swindlers in Texas Dwindling,” WP, July 15, 1923, 5; Roger M. Olien and Diana Davids Olien, Easy Money: Oil Promoters and Investors in the Jazz Age (Chapel Hill, 1990).

89. Holbrook, Ten Years among the Mail Bags, 270-74; “How Postmasters Are Tempted,” AA 43 (Jan. 1884): 39.

90. “Facts for Fortune Hunters”; “Frauds. The Official List of Them,” NYTR, Nov. 27, 1880, 2; “A New Fraud,” Printer’s Ink 6 (June 1892): 758.

91. Anthony Comstock, Frauds Exposed: or, How the People Are Deceived and Robbed, and Youth Corrupted (New York, 1880). See also Comstock’s “The Suppression of Vice,” NAR 85 (Nov. 1882): 484-89; “How I Came to Enter upon My Work,” Christian Advocate 63 (May 17, 1888): 327; “Lotteries,” Christian Advocate 65 (May 29, 1890): 343-44; “Lotteries and Gambling,” NAR 154 (Feb. 1892): 217-24.

92. Comstock, Frauds Exposed, 571; “Fraud Orders,” The Youth’s Companion 78 (May 5, 1904): 222. The American Antiquarian Society’s database, “America’s Historical Newspapers,” contains only seven stories with the phrase “fraud order” up to 1894; over the next six years, the number rises to 192; from 1901-1910, it goes to 667.

93. See the complaints in In Re Artic Refrigerator Company of Cincinnati, Fraud Order Cases, Entry 50, Box 12-3, Case 1310; In Re Rockwell & Hammond, and In Re National Necktie Company of Philadelphia, Fraud Order Cases, Box 8, Cases 1017, 1019­20; In Re Mack Belting Company and United States Canvas and Rubber Co. of Cleveland, Fraud Order Cases, Box 55, Case 3687; Annual Report of the Postmaster General (Wash­ington, DC, 1916), 71.

94. “Swindlers Who Use the Mails,” NYT, Sept. 27, 1883, 4; Cushing, Story of Our Post Office, 522.

95. Comstock, Frauds Exposed, 5; Woodward, Secret Service of the Post-Office De­partment, 421.

96. Annual Report of the Post Office Department (Washington, DC, 1913), 90; Win­field Fell, “It Keeps Uncle Sam Busy,” Trenton Times, May 10, 1914, 13.

97. Charles McCurdy, “Justice Field and the Jurisprudence of Government-Business Relations: Some Parameters of Laissez-Faire Constitutionalism,” JAH 61 (1975): 980-81; Michael Les Benedict, “Laissez-Faire and Liberty: A Re-Evaluation of the Meaning and Origins of Laissez-Faire Constitutionalism,” LHR 3 (1985): 305-06, 327-31.

98. Charles McCurdy, “American Law and the Marketing Structure of the Large Corporation, 1875-1890,” Journal of Economic History 38 (1978): 631-49; State v. Agee, 83 Alabama Reports 110 (Ala. Supreme Court, 1887); In Re Schechter, 63 Fed. Cases 595 (Circuit Court for the District of Minnesota, 1894). On deceptions by nursery agents, see: “Tricks of Tree Peddlers,” AA 42 (May 1883): 259; Edson Goddard, “Marketing Trees and Plants,” Transactions of the Northern Iowa Horticultural Society (Des Moines, 1890), 371-79.

99. Ex Parte Jackson, 96 U.S. 727 (1878); Dauphin v. Key, 1 McArthur & Mackay 203 (Supreme Court of the Dist. of Columbia, 1880); U.S. v. Loring, 91 Fed. Cases 881 (U.S. Dist. Court for the Northern Dist. of Illinois, 1884); U.S. v. Finney, 45 Fed. Cases. 41 (Dist. Court for the Dist. of Eastern Missouri, 1890); Durland v. U.S., 161 U.S. 306 (1896); Public Clearing House v. Coyne, 194 U.S. 497 (1904); Thomas, Lotteries, Frauds, and Obscenity in the Mails, 227-351.

100. Munn v. Illinois, 94 U.S. 113 (1877); “Valid State Laws Incidentally Affecting Foreign and Inter-State Commerce,” Central Law Journal 28 (Apr. 12, 1889): 337; An­thony Comstock, “Police Power,” Christian Advocate 65 (Oct. 23, 1890): 697-98; Patap- sco Guano Co. v. Board of Agriculture, 52 Fed. Cases 690 (U.S. Circuit Ct. for the Eastern District of North Carolina, 1892); Lewis Hochheimer, “The Police Power,” Central Law Journal 44 (Feb. 19, 1897): 158-62.

101. Michael Pettit, The Science of Deception: Psychology and Commerce in America (Chicago, 2013), 121-32.

102. McCurdy, “American Law and the Marketing Structure of the Large Corporation.”

103. Woodward, Secret Service of the Post-Office Department, 445-48.

Chapter Six: Innovation, Moral Economy, and

the Postmaster General's Peace

1. Alfred D. Chandler, The Visible Hand: The Managerial Revolution in American Business (Cambridge, MA, 1977); Susan Strasser, Satisfaction Guaranteed: The Making of the American Mass Market (New York, 1989); Richard S. Tedlow, New and Improved: The Story of Mass Marketing (New York, 1990); William Leach, Land of Desire: Merchants, Power, and the Rise of a New American Culture (New York, 1993); Pamela Walker Laird, Advertising Progress: American Business and the Rise of Consumer Marketing (Baltimore, 1998); Nancy F. Koehn, Brand New: How Entrepreneurs Earned Consumers’ Trust from Wedgwood to Dell (Cambridge, MA, 2001).

2. Boris Emmet and John E. Jeuck, Catalogues and Counters: A History of Sears, Roebuck and Company (Chicago, 1950), 63-64.

3. Telegram from Inspector Stuart to Chief Inspector M. D. Wheeler, Dec. 21, 1894, In Re Sears, Roebuck et al., Fraud Order Cases, Box 3, Cases 659-60.

4. E. H. Gordon to Post Office Department, March 5, 1895, In Re Sears, Roebuck & Co. et al.

5. Louis E. Asher and Edith Heal, Send No Money (Chicago, 1942), 62-69; Emmet and Jeuck, Catalogues and Counters, 42-104.

6. Asher and Heal, Send No Money, 20-22, 31-46; Cecil C. Hoge, Jr., The First Hun­dred Years Are the Toughest: What We Can Learn from the Century of Competition be­tween Sears and Wards (Berkeley, 1988), 30-39.

7. Richard W Sears to Assistant Attorney General for the POD, Dec. 22, 1894, In Re Sears, Roebuck et al.

8. Emmet and Jeuck, 64, 110-14, 247-50.

9. Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, 4th ed., vol. 1 (London, 1806), 177.

10. Joseph A. Schumpeter, Capitalism, Socialism, and Democracy (London, 1943), 72-86, 121-30. See also Max Weber, The Protestant Ethic and the Spirit of Capitalism (New York, 1920, reprinted 1976), esp. 47-78.

11. Everett Dick, The Lure of the Land: A Social History of the Public Landsfrom the Articles of Confederation to the New Deal (Lincoln, NE, 1970); Stephen Mihm, A Nation of Counterfeiters: Capitalists, Con Men, and the Making of the United States (Cambridge, MA, 2007); Dan Plazak, A Hole in the Ground with a Liar at the Top: Fraud and Deceit in the Golden Age of American Mining (Salt Lake City, 2006); Roger M. Olien and Diana Davids Olien, Easy Money: Oil Promoters and Investors in the Jazz Age (Chapel Hill, 1990).

12. J. H. Holton, The Rogues and Rogueries of New York (New York, 1865), 96-106; “Local Agencies,” American Agriculturist 48 (Aug. 1889): 417.

13. “Extracts from the Memorial of the Auctioneers of New-York,” Patron of Indus­try, Jan. 20, 1821, 2; Asa Greene, The Perils of Pearl Street: Including a Taste of the Dan­gers of Wall Street (New York, 1834), 52-55; “Tricks of Trade,” Charleston Southern Pa­triot, Nov. 10, 1837, 2.

14. “Another Fraudulent Life and Health Insurance Company,” Sandusky Register, Feb. 16, 1853, 2; “Extensive Insurance Swindle,” BS, Sept. 6, 1854, 1; “Bogus Insurance Companies,” BET, July 13, 1855, 2; “A Bogus Insurance Company,” Wisconsin Free Dem­ocrat, Sept. 26, 1855, 2; “Bogus Insurance Companies,” NYH, June 3, 1860, 4.

15. In Re The Bank Depositors Insurance Company, of Washington, D.C. et al., Fraud Order Cases, Box 36, Case 3002; Fraud Order Cases, Box 38, Case 3207; “Post Office Fraud Order Issued against Wedderburn & Company,” Scientific American 77 (Nov. 20, 1897), 323; George B. Cortelyou, “Financial Frauds: The Story of ‘Fund W,' ” 47 Colliers (April 22, 1911): 34.

16. “Salesmen,” Minneapolis Journal, Feb. 5, 1898, 7; “Salesmen,” The Oregonian, April 24, 1898, 7; “Salesmen,” Birmingham Age Herald, Sept. 4, 1898, 8; “Agents,” Spring­field Republican, Mar. 19, 1899, 3; “Salesmen,” Trenton Evening Times, June 17, 1899, 5; “100 Weekly and Expenses,” Literary Digest 19 (July 15, 1899), 87.

17. Homer Canfield to D. W Canfield, April 1, 1899; Memorandum from Assistant Attorney General James N. Tyner, July 12, 1899; Report from Harvey Wiley, Bureau of Chemistry, Department of Agriculture, Sept. 12, 1899; all in In Re Artic Refrigerating Co., Fraud Order Cases, Box 12-13, Case 1310.

18. “Artificial Ice,” Scientific American 40 (June 28, 1879): 405; “Domestic Refrigera­tion,” The Century Magazine 28 (Aug. 1884): 637; “The Cold Storage System,” MT, Oct. 24, 1888, 5; Edward Nichols, “The Production of Artificial Cold,” The Chautauquan 11 (Apr. 1890): 42-47; “The Ice Man's Foe,” Kalamazoo Gazette, Aug. 22, 1893, 3; “Coolness to Order,” CIO, July 7, 1895, 12.

19. “A Career of Fraud Stopped,” NYT, Apr. 3, 1884, 1; “Still Looking Them Up,” CT, July 23, 1887, 15; “Mr. Unverzagt's Aladdin's Lamp,” NYH, Dec. 11, 1893, 3; “Still Undis­mayed,” The Independent 46 (Jan. 18, 1894): 23; “A Monte Sharp's Bluff",” Traveler’s Record 30 (Jan. 1895): 3; “Twenty Miles of Gold,” Munsey’s Magazine 45 (June 1911): 408-09; “Gold Put on Sale at $4.50 an Ounce,” Morning Oregonian, Sept. 5, 1921, 15; In Re Charles H. Unversagt et al., Fraud Order Cases, Entry 50, Box 77, Case 4612.

20. David Hochfelder, “ ‘Where the Common People Could Speculate': The Ticker, the Bucketshop, and the Origins of Popular Participation in Financial Markets, 1880­1920,” JAH 93 (2006): 335-58.

21. Hugh R. Conyngton, Financing an Enterprise, Vol III: The Financing (New York, 1923), 540-41.

22. Edward H. Smith, Confessions of a Confidence Man: A Handbook for Suckers (New York, 1923), 275.

23. Colin Camerer and Dan Lavallo, “Overconfidence and Excess Entry: An Experi­mental Approach,” American Economic Review 89 (1999): 306-18.

24. Orange Smalley, “Market Entry and Economic Adaptation: Spiegel's First De­cade in Mail Order,” BHR 35 (1961): 380-86.

25. “Something for Nothing,” Knoxville Journal, Jan. 12, 1894, 8; “Fraudulent Shoe Scheme,” Albuquerque Citizen, Jan. 24, 1900, 4; John Olson, “Combating Mail Order Competition,” Salesmanship 9 (Oct. 1907): 116; “Mail Order Fakes,” Idaho Falls Times, Nov. 12, 1907, 13; George H. Powell, Powell’s Practical Advertiser: A Practical Work for Advertising Writers and Business Men (New York, 1908), 125-26; POD, Annual Report for the Fiscal Year Ended June 30, 1910 (Washington, DC, 1911), 49-55; “Mail Order Houses Offer Enticing Bait,” San Jose Mercury News, May 26, 1915, 6; Arthur Jerome Eddy, The New Competition, 4th ed. (New York, 1920), 65-67; Saul Engelbourg, Power and Morality: American Business Ethics, 1840-1914 (Westport, CT, 1980), 75.

26. Smalley, “Market Entry and Economic Adaptation,” 397-98.

27. Clowry Chapman, The Law of Advertising and Sales and Related Business Law, vol. 1 (Denver, 1908), 71; Earnest Elmo Calkins and Ralph Holden, Modern Advertising (New York, 1905), 257-59.

28. Gene Gressley, “The French, Belgians, and Dutch Come to Salt Creek,” BHR 44 (1970): 498-519; Earl Zarbin, “Dr. A. J. Candler: Practitioner in Land Fraud,” Journal of Arizona History 36 (1995): 173-88; William Warren Rogers, “The Power of the Written Word and the Spoken Word in the Rise and Fall of William Lee Popham,” Florida His­torical Quarterly 76 (1998): 265-96; Plazak, A Hole in the Ground with a Liar at the Top, 132-45.

29. “Misleading Brands Discussed by Bar,” NYT, Apr. 6, 1923, 28; “Drive against Fake Names for Fur,” WP, July 18, 1926, S11; H. J. Kenner, The Fightfor Truth in Adver­tising (New York, 1936), 240-47.

30. George Akerlof, “The Market for Lemons: Quality Uncertainty and the Market Mechanism,” Quarterly Journal of Economics 84 (1970): 488-500.

31. “Grangers Beware!” CT, Nov. 8, 1873, 3; “Montgomery, Ward, & Co.,” CT, Nov. 10, 1873, 3; “Montgomery Ward,” Sioux City Journal, Nov. 13, 1873, 2; “Montgomery, Ward & Co.,” Chicago Tribune, Dec. 24, 1873, 5. See also the uproar over oleomargarine: Henry Bannard, “The Oleomargarine Law: A Study in Congressional Politics,” Political Science Quarterly (1887): 545-55; Geoffrey Miller, “Public Choice at the Dawn of the Special Interest State: The Story of Butter and Margarine,” California Law Review 77 (1989): 83-131.

32. Richard Brief, “Nineteenth-Century Accounting Error,” Journal of Accounting Error 3 (1965): 12-21; Brief, “The Origin and Evolution of Nineteenth-Century Asset Accounting,” BHR 40 (1966): 1-6; Engelbourg, Power and Morality, 42-46; Richard White, “Information, Markets, and Corruption: Transcontinental Railroads in the Gilded Age,” JAH 90 (2003): 19-43.

33. “Railway Reform for the West and the East,” Milwaukee Journal of Commerce, Oct. 21, 1874, 2; “The English Association of American Bond and Share Holders,” Lon­don Times, Mar. 17, 1885, 11; “The Mysteries of American Railway Accounting,” NAR 128 (Feb. 1879): 135-47; Alfred D. Chandler, Henry Varnum Poor: Business Editor, Ana­lyst, and Reformer (Cambridge, MA, 1956), 168-71.

34. “Capitalizing Fictitious Railroad Profits,” Railway Times 21 (June 12, 1869): 191; “Report of the Massachusetts Railroad Commissioners,” Van Nostrand’s Eclectic Engi­neering Magazine 14 (Apr. 1876): 343-48; Thomas Greene, “Railway Accounting,” Politi­cal Science Quarterly 7 (1892): 598-612.

35. “The Management of Railways,” Merchant’s Magazine and Commercial Review, June 1, 1870, 415; “Railroad Securities,” New York Herald Tribune, Mar. 19, 1877, 4; “The Week,” The Nation 53 (Oct. 8, 1891): 269; White, “Information, Markets, and Corrup­tion,” 34-35.

36. In Re Modelle Miller, Fraud Order Cases, Box 3, Case 696; In Re Madame C. J. Walker, Fraud Order Hearings, June 17, 1919, Entry 55, Box 39, Case 131; In Re Crown Motor Car and Hercules Motorcar Companies, Fraud Order Hearings, Nov. 24, 1914, Box 23, Case 60.

37. In Re Charles H. Young, Fraud Order Hearings, May 7-8, 1927, Box 39, Case 137, 145-75.

38. “Instructions for Branch Managers,” In Re Modelle Miller. On creative marketing by early beauty entrepreneurs, see Kathy Peiss, Hope in a Jar: The Making of America’s Beauty Culture (New York, 1998), 60-96.

39. On moral opposition to such methods, see “An Endless Chain, Indeed,” Zion’s Herald 76 (July 20, 1898): 29; “Fraudulent Shoe Scheme,” Albuquerque Citizen, Jan. 24, 1900, 4; “Something for Nothing,” Colman’s Rural World 54 (July 10, 1901): 8; “Swindlers by Mail Often Exposed,” Montgomery Advertiser, Aug. 24, 1902, 2.

40. J. Owen Stalson, Marketing Life Insurance: Its History in America (Cambridge, MA, 1942), 482-537; “Hosiery Sales Plan Pronounced Legal by Court,” NYT, July 26, 1925, 29.

41. In Re Charles H. Young, 135-37; Richard W. Sears to John L. Thomas, July 18, 1895, In Re Sears, Roebuck.

42. Report of Postal Inspector William McMechen, In Re Orphan Boy Extension Mine et al., Fraud Order Cases, Box 5, Case 752. See also In Re White Swan Mines Co, and Letson Balliet, Fraud Order Cases, Box 18, Case 1790.

43. J. Overton Paine to Post-Office Solicitor Lamar, Sept. 16, 1916, In Re J. Overton Paine and the Paine Statistical Corporation, Fraud Order Hearings, Box 36, Case 120, 4-12.

44. “The Outlook,” 73 Zions Herald (Sept. 11, 1895): 1. “Something for Nothing,” 54 Colman’s Rural World (July 10, 1901): 8; Daniel Carpenter, The Forging of Bureaucratic Autonomy: Reputations, Networks, and Policy Innovation in Executive Agencies, 1862­1928 (Princeton, 2001), 84-87.

45. “Getting Something for Nothing,” CT, June 3, 1891, 4; “Fraud Run to Earth,” CT, Dec. 10, 1893, 6; “Federal Offenses,” Central Law Journal 38 (May 4, 1894): 393; In Re State Mutual Insurance Company, Fraud Order Cases, Box 1, Case 555.

46. In Re The Interstate Tracer et al., Fraud Order Cases, Box 8, Case 1042; In Re The Merchants’ National Union, Fraud Order Cases, Box 8, Case 1044.

47. James and Walter Brown to John L. Thomas, March 26, 1895, In Re Mrs. E. E.

Mercer et al., Fraud Order Cases, Box 3, Case 682; J. Overton Paine to Solicitor Lamar, In Re Paine Statistical Corporation et al., 5-6.

48. W S. Daily to Postmaster General, Dec. 31, 1894; John S. Dillon to John L. Thomas, May 31, 1895; G. E. McAllister to John L. Thomas, Dec. 21, 1895; R. L. Beatty to John L. Thomas, May 1, 1896; all in In Re Sears, Roebuck et al. On legal definitions shaping social perceptions and identities, see Robert Gordon, “Critical Legal Histories,” Stanford Law Journal 36 (1984): 57-125.

49. POD, “Report of the Assistant Attorney General,” Annual Reports for the Fiscal Year Ended June 30, 1907 (Washington, DC), 69-71.

50. Sidney Morse, The Siege of University City: The Dreyfus Case of America (Univer­sity City, MO, 1912); George Graham Rice, My Adventures with Your Money (New York, 1911); “Promoter E. G. Lewis, 81, Who Made Millions, Dies,” LAT, Aug. 11, 1950, 26; Plazak, Hole in the Ground, 253-86.

51. Morse, The Siege of University City, 298-336; “Bank Was a Fraud,” WP, July 10, 1905, 1. See also the extensive Los Angeles Times coverage of Lewis's bankruptcy and mail fraud trial from 1925 through 1928.

52. “Millions in Margins Gone at Scheftels,” NYT, Oct. 1, 1910, 9; “Brokers Had Squawk Sheet,” WP, Nov. 15, 1911, 1; Louis Guenther, “The Pirates of Promotion: George Graham Rice,” 36 WW (Oct. 1918): 584-91; “Rice's Conviction as Tipster Up­held,” NYT, Nov. 5, 1929, 20.

53. Morse, The Siege of University City, 284-85, 391-95, 405-11, 478-79, 635-40; Edwin C. Madden, The U.S. Government’s Shame: The Story of the Great Lewis Case (De­troit, 1908), 151-64, 177-78.

54. Rice, My Adventures with Your Money, 271, 290-307; “‘Tex' Rickard Testifies,” LAT, Jan. 20, 1912, 19; “Graham Rice Assails Prosecutor,” NYT, Jan. 16, 1920, 3; “Rice Resumes Stock Promotions,” 50 WW (June 1925): 137-38.

55. For an example of such contrition, see Frank Arbuckle to Postmaster General Wilson, May 21, 1895, and Report of Inspector William McMechen, May 21, 1895, In Re Orphan Boy Extension Mine et al.

56. Richard W Sears to John L. Thomas, Jan. 23, 1895, In Re Sears, Roebuck et al.

57. Morse, The Siege of University City, 165-66, 385-89, 441, 495, 673-74; “Millions in Margins Gone at Scheftels”; “Rice Resumes Stock Promotions”; “Rice to Face Trial on Fraud Charges,” NYT, July 16, 1927, 22.

58. In Re Charles H. Young, May 7-8, 1927 Hearing, 113-39; “Will Shield Him No More,” NYH, Nov. 11, 1894, 7; News coverage of Rice's legal woes frequently noted his youthful criminality. See for example, “Nat Goodwin's Wicked Partner,” NYT, Feb. 5, 1911, B4.

59. In Re Charles H. Young, May 7-8, 1927 Hearing, 14-44, 173-201.

60. Richard W Sears to R. W Haynes, July 18, 1895, In Re Sears, Roebuck et al.; Modelle Miller to Postmaster General, April 16, 1895; B. F. Shively to Postmaster Gen­eral, May 15, 1895, In Re Modelle Miller; Senator Palmer to Postmaster General, Jan. 6, 1896; Representative Cannon to Postmaster General, Jan. 9, 1896, In Re Interstate Tracer et al.

61. On social networks in American business, see Pamela Walker Laird, Pull: Net­working and Success since Benjamin Franklin (Cambridge, MA, 2006). On pardon cul­ture, see Karin A. Shapiro, A New South Rebellion: The Battle against Convict Labor in the Tennessee Coal Fields, 1871-1896 (Chapel Hill, 1998), 47-78; on the significance of con­nections to post-bankruptcy commercial careers, see Edward J. Balleisen, Navigating Failure: Bankruptcy and Commercial Society in Antebellum America (Chapel Hill, 2001), 165-201.

62. J. T. Hanna to Acting Postmaster General F. H. Jones, July 14, 1894, In Re State Mutual Life Insurance Company of Illinois et al.; In Re Laura Thomas, Fraud Order Cases, Box 3, Case 674.

63. Guenther, “Pirates of Promotion: George Graham Rice,” 590; “Graham Rice As­sails Prosecutor,” NYT, Jan. 16, 1920, 3; “Trial of Rice Opens on Fraud Charges,” NYT, Nov. 15, 1928, 18.

64. Morse, The Siege of University City, 354-56, 571-80, 664-65; Madden, The U.S. Government’s Shame, 13, 19-21.

65. Lewis, Order Number 10, 9-13; Madden, The U.S. Government’s Shame, 19-21; Rice, My Adventures with Your Money, 308-09, 322-23, 354; “Scheftels's Counsel Speaks of Enemies,” NYT, Nov. 14, 1911, 7; “What Delaney Said,” LAT, Nov. 14, 1911, I13.

66. Morse, The Siege of University City, 326-29, 364-84; “Cortelyou on Stand,” WP, Feb. 10, 1912, 4.

67. “Curb Lambs Caught by Ely Central,” NYT, Nov. 10, 1909, 3; Rice, My Adven­tures with Your Money, 301-40; “Business Bureau Reports on Frauds,” NYT, March 9, 1926, 32; BBB of New York City, “Special Bulletin No. 16: George Graham Rice Sen­tenced,” Jan. 14, 1929.”

68. A. S. Burrell to John L. Thomas, Dec. 26, 1896, In Re Interstate Tracer et al.; A. S. Burrell to Thomas, Jan. 23, 1897, In Re National Mercantile Union, Fraud Order Cases, Box 8, Case 1044. On the role of D. H. Conley in shutting down his competitors in the mail-order cosmetics business, see James & Walter Brown to John L. Thomas, March 4, 1895, In Re E. E. Mercer, Fraud Order Cases, Box 3, Case 692.

69. “Charge Fraud against N. Y. Cotton Exchange,” NYT, Jan. 3, 1907, 1.

70. D. E. Christiansen to John L. Thomas, July 3, July 12, 1895, July 27, 1895, In Re Sears, Roebuck et al.

71. Richard W Sears to John L. Thomas, April 3, July 18, Oct. 12, 1895, May 8, 1896, In Re Sears, Roebuck.

72. Rice is more easily characterized as unabashedly criminal. See Plazak, Hole in the Ground, 253-86.

73. “How the Mails Are Used to Catch the Unwary,” NYT Magazine, Sept. 12, 1909, 8; Lewis, Order Number 10, 17-21.

74. Allen Steinberg, The Transformation of Criminal Justice: Philadelphia, 1800­1880 (Chapel Hill, 1989); Laura F. Edwards, The People and Their Peace: The Reconstitu­tion of Governance in the Post-Revolutionary South (Chapel Hill, 2009).

75. Cortelyou, “Frauds in the Mails,” 810.

76. Craig Muldrew, “The Culture of Reconciliation: Community and the Settlement of Economic Disputes in Early Modern England,” The Historical Journal 39 (1996): 915­42; Cynthia B. Herrup, The Common Peace: Participation and the Criminal Law in Seventeenth-CenturyEngland (Cambridge, UK, 1987); Max Gluckman, The Judicial Pro­cess among the Barotse of Northern Rhodesia (Glencoe, IL, 1955); June Starr, Dispute and Settlement in Rural Turkey: An Ethnography of Law (Leiden, 1978); Laura Nader, Har­mony Ideology: Justice and Control in a Zapotec Mountain Village (Stanford, 1990).

77. Chandler, The Visible Hand, 230-32.

78. “Sears, Roebuck, & Co. Charged with Fraud,” Wilkes-Barre Times, Dec. 13, 1907, 12; “Great Firm Accused of Slick Ways,” Olympia Record, March 6, 1918, 1; Strasser, Satisfaction Guaranteed, 216-17.

79. In Re Charles H. Young, 137.

Chapter Seven: The Businessmen’s War to End All Fraud

1. For typical notices of the previous week’s radio fraud topics in the summer of 1933, see Dallas BBB Bulletin, July 28, 1933, NYSE Archives, New York City.

2. Stephen Fox, The Mirror Makers: A History of Advertising and Its Creators (New York, 1984); Roland Marchand, Advertising the American Dream: Making Way for Mo­dernity, 1920-1940 (Berkeley, 1985); Pamela Walker Laird, Advertising Progress: Ameri­can Business and the Rise of Consumer Marketing (Baltimore, 1998); Inger L. Stole, Ad­vertising on Trial: Consumer Activism and Corporate Public Relations in the 1930s (Urbana, 2006).

3. My point is not to challenge these venerable interpretations of business­government relations, laid out in key works such as: Robert H. Wiebe, Businessmen and Reform: A Study of the Progressive Movement (Cambridge, MA, 1962); Gabriel Kolko, The Triumph of Conservatism: A Re-Interpretation of American History, 1900-1916 (New York, 1963); Ellis W Hawley, The Great War and the Search for a Modern Order: A His­tory of the American People and Their Institutions, 1917-1933 (New York, 1979); Morton Keller, Regulating a New Economy: Public Policy and Economic Change in America, 1900-1933 (Cambridge, MA, 1990). Powerful business interests did frequently and vo­ciferously oppose regulatory action, especially with regard to labor conditions; they did, especially after the cooperative experience of World War I, frequently seek government assistance in facilitating industrywide standard-setting; they did sometimes fervently desire governmental regulation, as with the creation of the Federal Reserve. In addition, “business” almost always contained fault lines, with industries and firms taking different sides of regulatory issues. I seek not a new framework for “lumping,” but rather some additional “splitting” about regulatory aspirations and the extent to which they bore institutional fruit.

4. “Financial Crime Loss Is Three Billions Yearly,” NYT, July 6, 1924, H5; “Debit 3 Billions a Year to Crooks,” Current Opinion, Oct. 1, 1924, 510; “War on the White Collar Bandits,” Literary Digest, Mar. 6, 1926, 11-12; E. Jerome Ellison and Frank W Brock, The Run for Your Money (New York, 1935), 3-4.

5. Edward H. Smith, “Profit in Loss,” SEP, Feb. 5, 1921, 14-15, 59-70; Edward H. Smith, “The Credit Trimmers,” SEP, May 13, 1922, 88-100; NACM, Commerce and the Credit Crook (New York, 1925).

6. Louis Guenther, “Pirates of Promotion: Market Manipulation and Its Part in the Promotion Game,” WW 37 (1919): 393-98; Edward Jerome Dies, “The Fine Art of Catching the ‘Sucker,’ ” Outlook, Mar. 28, Apr. 4 and 11, 1923, 590-93, 631-33, 674-78; Edward H. Smith, Confessions of a Confidence Man: A Handbook for Suckers (New York, 1923); “Tipster Publications Direct Investors’ Money into Specially Prepared Channels,” Special Bulletin No. 10, New York City BBB, Aug. 15, 1924; “Boston Curb Exchange,” Special Bulletin of the NBBB, Mar. 17, 1927.

7. William Wright, The Oil Regions of Pennsylvania (New York, 1865), 207-26; “Spouters Are Rare,” Deming Herald, Oct. 15, 1901, 5; Paul Lucier, Scientists and Swin­dlers: Consulting on Coal and Oil in America, 1820-1890 (Baltimore, 2008), 249-59; Roger M. Olien and Diana Davids Olien, Easy Money: Oil and Promoters in the Jazz Age (Chapel Hill, 1990).

8. Lewis Guenther, “The Pirates of Promotion: Methods of the Industrial Promot­ers,” WW 37 (Jan. 1919): 317-18; “Caution! Trial of Southern Motors Case,” NBBB Spe­cial Bulletin, Dec. 22, 1926.

9. Marshall D. Beuick, “Who Pays for Credit Frauds?” CM 28 (May 1926): 9; George Alger, “Unpunished Commercial Crime,” American Lawyer 12 (Sept. 1904): 380.

10. H. J. Kenner, The Fight for Truth in Advertising (New York, 1936), x; Merle Sidener, “Patrolling the Avenues of Publicity,” WW 35 (1918): 638; “Advertising as Power for Good,” Utica Daily Press, Mar. 12, 1924, in HCF; R. S. Sharp, “A Suggestion for Curb­ing the Pirates of Promotion,” WW 45 (1919): 354-56; The Boston Better Business Com­mission (Boston, 1922), 1-2; “The Financial Situation,” Commercial and Financial Chronicle (Feb. 11, 1922), in Cromwell Scrapbooks, vol. 2, NYSE Archives; “Caution! Trial of Southern Motors Case.”

11. H. J. Kenner, “Letter to the Editor,” Printer’s Ink, May 8, 1924; “Fighting Frauds and Fakes,” Wilmington Journal, July 3, 1926, both in HCF; “Stock Frauds Seen as Spur to Bolshevism,” NYT, Feb. 22, 1919, in Stock Fraud Scrapbook, NYSE Archives.

12. J. H. Tregoe, Pioneers and Traditions of the National Association of Credit Men (New York, 1946); Kenner, Fightfor Truth in Advertising; Julia Ott, “The ‘Free and Open' ‘People's Market': Public Relations and the New York Stock Exchange, 1913-1929,” Busi­ness and Economic History Online 2 (2004): 1-42; Rowena Olegario, A Culture of Credit: Embedding Trust and Transparency in American Business (Cambridge, MA, 2006).

13. Robert N. Mayer, The Consumer Movement: Guardians of the Marketplace (Bos­ton, 1989); Lisabeth Cohen, A Consumer’s Republic: The Politics of Mass Consumption in Postwar America (New York, 2003); Stole, Advertising on Trial.

14. James K. Medbury, Men and Mysteries of Wall Street (Boston, 1870), 18; “The New York Stock Exchange,” International Review 2 (Nov. 1875): 822; Jonathan Lurie, The Chicago Board of Trade, 1859-1905: The Dynamics of Self-Regulation (Urbana, 1979), 209.

15. Medbury, Men and Mysteries of Wall Street, 83-138, 197-99; The Stock Privilege Rig: A Thorough Exposure of a Fascinating Fraud (Brooklyn, 1875); Fraud and Fair Deal­ing in Stocks! (New York, 1880); Henry Clews, Twenty-Eight Years in Wall Street (New York, 1887), 19-24, 201-08, 213-22, 700-10.

16. “No Quarter,” CIO, Feb. 7, 1878, 6; “Broker Billups Brings Suit against the Cot­ton Exchange,” NYH, Feb. 2, 1884, 8; “Expelled by the Board of Trade,” CT, June 17, 1891, 3; “Edward Morton Expelled,” Boston Advertiser, Apr. 4, 1895, 1.

17. “Packing Cotton,” MT, Aug. 13, 1869, 4; “False Packed Cotton,” Galveston Tri­Weekly News, Dec. 17, 1869, 4; “Cotton Exchange Convention,” Cincinnati Gazette, June 12, 1874, 5.

18. “To Prosecute Fraudulent Failures,” BS, Dec. 10, 1897, 10; “To Fight Fraud,” BS, July 6, 1899, 10; “Tregoe the Busy Man,” WP, June 4, 1905, F6; “J. H. Tregoe Dead,” NYT, Oct. 6, 1935, 47.

19. “Boosters Rule at Devils Lake,” Aberdeen Weekly American, Mar. 12, 1913, 4; “Would Discard ‘Caveat Emptor,'” DNT, Feb. 3, 1915, 12; “Truth Is the Rule in Ads,” Kansas City Times, Nov. 10, 1915, 5; “Kenner Acts as a Watchman,” DNT, Feb. 8, 1920, 9; James C. Auchincloss, The Better Business Bureau: Its Growth and Work (New York,

1927), 7-8; Kenner, Fight for Truth in Advertising, 44-59; “H. J. Kenner,” NYT, Jan. 9, 1973, 42.

20. Daniel Nelson, Frederick W Taylor and the Rise of Scientific Management (Madi­son, WI, 1980); Paul J. Miranti, Accountancy Comes of Age: The Development of an Amer­ican Profession, 1886-1940 (Chapel Hill, 1990); John Duffy, The Sanitarians: A History of American Public Health (Urbana, 1992); Regina G. Kunzel, Fallen Women, Problem Girls: Unmarried Mothers and the Professionalization of Social Work, 1890-1945 (New Haven, 1993); Andrea Tone, The Business of Benevolence: Industrial Paternalism in Pro­gressive America (Ithaca, 1997).

21. “Advertising Imperils Consumer Confidence,” NVC Bulletin, July 17, 1925; “Salesman’s Statements and Advertising Claims,” NBBB Bulletin, Sept. 15, 1927; Alger, “Unpunished Commercial Crime,” 379; Edward Roberts, “How to End Stock Swin­dling,” Bangor Maine News, Dec. 15, 1923, in Cromwell Scrapbooks, vol. 2, NYSE Ar­chives; “Ignorance Supports Financial Fraud,” NBBB Bulletin, July 1929.

22. “Share Fakers Set a Record,” New York Sun, May 23, 1920, in Stock Fraud Scrap­book, NYSE Archives; AACW, The Most Dangerous Enemy of the Oil Industry (New York, 1919?); Charles S. Dewey, Federal Cooperation to Prevent Fraud (St. Louis, 1926), 2-4; “Are You an Easy Mark,” Kansas City BBB, Better Business Bulletin (May 31, 1926); J. H. Tregoe, “Credit Protection and Financial Statements,” CM 28 (Feb. 1926): 23; Cir­cular to Exchange Employees, May 3, 1927, Records of the New York City BBB, NYSE Archives.

23. E. H. H. Simmons, Security Frauds: A National Business Liability (New York, 1927), 7; Edwin Lawrence, “Swindling through the Post Office,” Outlook 79 (Jan. 14, 1905): 121-26; E. D. Hulbert, “Advertising Ethics and the General Welfare,” Survey 22 (1909): 325-26; Harry New, “The Use of the Mail for Fraudulent Purposes,” AAPS 125 (May 1926): 58-59.

24. Alger, “Unpunished Commercial Crime,” 381; Maurice W Sloan, “Prosecution of Fraudulent Debtors,” BNACM 9 (1909): 348; Andre Tridon, “The Post Office: Guard­ian Angel to the ‘Easy,’ ” HW 56 (Nov. 6, 1910): 12; John K. Barnes, “Harvest Time for the Get-Rich-Quick Promoter,” WW 35 (Dec. 1917): 158-59; E. H. H. Simmons, “Security Frauds,” Independent 114 (Dec. 1925): 731.

25. Kenner, Fightfor Truth in Advertising, 3-15; Editorial, BNACM 14 (Mar. 1914): 143; “Some Observations Suggested by a Study of Fraud Cases,” BNACM 21 (June 1919): 346-47; Jules Hart, “Compromise with Fraud Always Poor Business,” CM 25 (Aug. 1923): 34-35; Keyes Winter, “Fools and Their Money,” Harper’s Magazine 151 (Aug. 1927): 371.

26. Tregoe, Pioneers and Traditions; C. H. Arnold, “False Statements,” BNACM 6 (Oct. 1906): 36-37; Otis A. Pease, The Responsibilities of American Advertising: Private Control and Public Influence, 1920-1940 (New Haven, 1958), 44-48; Michael E. Parrish, Securities Regulation and the New Deal (New Haven, 1970), 4-40.

27. Gerard C. Henderson, The Federal Trade Commission: A Study in Administrative Law and Procedure (New York, 1924), 16-26; Tony Allan Freyer, Regulating Big Business: Antitrust in Great Britain and America, 1880-1990 (New York, 1992), 154-58.

28. “May Stop ‘Ad’ Frauds,” WP, Nov. 24, 1915, 2; FTC, Annual Report (Washington, DC, 1924), 24; Henderson, Federal Trade Commission, 167-200; Milton Handler, “False and Misleading Advertising,” YLJ 39 (Nov. 1929): 42-43; Carl F. Taeusch, Policy and Eth­ics in Business (New York, 1931), 402-31; C.D.P., “Federal Trade Commission—False and Misleading Advertising,” MLR 31 (1933): 804-17; Richard Tedlow, “From Competi­tor to Consumer: The Changing Focus of Federal Regulation of Advertising, 1914­1938,” BHR 40 (1981): 38-48.

29. Louis Guenther, “The Pirates of Promotion: The Wreckage,” WW37 (Mar. 1919): 512; “Preventing Stock Frauds,” Cheyenne Tribune, Jan. 28, 1923, in Cromwell Scrap­books, vol. 2, NYSE Archives.

30. Bernard G. Priestly, “Checkmating the Get-Rich-Quick Promoter,” Bankers’ Magazine 111 (Mar. 1925): 317-23; “War Declared!” Buffalo BBB Bulletin, Aug. 12, 1925; Edward L. Greene, Activities of the National Better Business Bureau, 1927-28 (New York,

1928), 15-16; Kansas City BBB, Protecting Legitimate Business and the Public: Annual Report (Kansas City, 1928): 15-19; Columbus BBB, Annual Report (Columbus, 1929), 1; BBB of Los Angeles, Second Annual Report (Los Angeles, 1931).

31. BBB of St. Louis, Telling the Public (St. Louis, 1926).

32. “Making Loss Prevention a Systematic Business,” Rhode Island Hospital Trust Company, The Netopian, Mar. 1 1927; “The Road to Safe Investment,” Newark Call, Jan. 13, 1924; Edson B. Smith, “Investors Must Learn to Patronize Reliable Firms,” Boston Traveler, Mar. 30, 1924, all in HCF.

33. William Gregg, “Help the Doctor! Increasing the Curative Work of Credit Pro­tection Fund,” CM 28 (1926): 9; J. H. Tregoe, “A Dozen Rules for Sound Credit,” Bankers’ Magazine 112 (Mar. 1926): 384; Affiliated BBBs, A Guide for Retail Store Advertising (Boston, 1932).

34. Dorchester Mapes, Why I Am a Member! (New York, 1900); John Field, Person­ality: An Address to the 5th Annual Convention of the NACM (New York, 1900): 8-9; Herbert Houston, “The New Morals of Advertising,” WW 28 (1914): 384-88; “Cromwell Says Blue Sky Laws Easily Evaded,” Rochester Post Express, Oct. 13, 1922, in Cromwell Scrapbooks, vol. 2, NYSE Archives.

35. Richard Maxwell Brown, Strains of Violence: Historical Studies of American Vio­lence and Vigilantism (New York, 1975); Cindy Higgins, “Frontier Protective and Social Network,” Journal of the West 42 (2003): 63-73; Stephen Mihm, A Nation of Counterfeit­ers: Capitalists, Con Men, and the Making of the United States (Cambridge, MA, 2007), 300-02; Nicole Kay Beisel, Imperiled Innocents: Anthony Comstock and Family Repro­duction in Victorian America (Princeton, 1997): Andrea Tone, Devices and Desires: A History of Contraceptives in America (New York, 2001), 4-25.

36. Garrett W. Cotter, “New Styles in Credit Crime,” CM 27 (Feb. 1925): 44; Elaine Abelson, When Ladies Go A-Thieving: Middle-Class Shoplifters in the Victorian Depart­ment Store (New York, 1992), 145-46; Michael Willrich, City of Courts: Socializing Jus­tice in Progressive Era Chicago (New York, 2003), 133-71.

37. “Report of the Investigation and Prosecution Committee,” BNACM 21 (1919): 630-40; Commerce and the Credit Crook, 8-9; “The Campaign Starts!,” CM 31 (Feb.

1929) : 15-16; Tregoe, Pioneers and Traditions, 71-90; Auchincloss, Better Business Bu­reau, 8; Carl H. Getz, “Fighting the Wildcat Advertiser,” Bankers’ Magazine 106 (1923): 70-74; John Richardson, “Business Policing Itself through Better Business Bureaus,” Harvard Business Review 10 (1931): 69-73.

38. “Sees Public Faith Growing through More Honest Ads,” New York Daily News, Mar. 9, 1923; G. F. Olwin, “Advertising Censor Guards the Public,” Indianapolis Star, Jan. 2, 1922, both in HCF; “Guide for Boston Better Business Shoppers,” Box 11, Folder A- 9-10-2, Kirstein Papers.

39. “Making Loss Prevention a Systematic Business”; Boston Better Business Com­mission, Our Accomplishments in 1924: Third Annual Report (Boston, 1924), 5.

40. J. H. Tregoe, “General Letters to Members,” Aug. 1, 1924, Baker Library, Harvard Business School; W A. Williams, “Keep Crooks out of Business,” CM 30 (Mar. 1928): 7-8, 24; BNACM 14 (Dec. 1914): 980.

41. “Credit Protection Counsels,” CM 28 (Sept. 1928): 36; “A New Rogues Gallery,” CM 30 (1928): 32; Simmons, Security Frauds, 14. For a typical nationwide investigation, see the 1928 correspondence between Henry Jay Case, of the NYSE Committee on Re­cords and Investigations, and W. P. Collis, of the New York BBB, in Records of the New York City BBB, NYSE Archives.

42. New York City BBB, Safeguarding the Integrity of Business (New York, 1928), 9; NACM, About the National Fundfor Credit Protection (New York, 1925), 7; “Suppressing Credit Crime,” CM 27 (Jan. 1925): 8.

43. “Would Broaden Work of Better Business Bureaus,” Printer’s Ink, Sept. 11, 1924, in HCF; Kansas City BBB, Protecting Legitimate Business and the Public: 1928 Annual Report (Kansas City, 1928), 3-5, 10-11; New York City BBB, Facts, Then Action: A Mer­chandise Report, 1925-1930 (New York, 1930). This graduated approach to disciplinary action represents an early example of “responsive regulation.” See Ian Ayres and John Braithwaite, Responsive Regulation: Transcending the Deregulation Debate (New York, 1995); John Braithwaite, Restorative Justice and Responsive Regulation (New York, 2001).

44. Ralph M. Hower, The History of an Advertising Agency: N. Th Ayer & Sons at Work, 1869-1949 (Cambridge, MA, 1949), 503; Boris Emmet and John E. Jeuck, Cata­logues and Counters: A History of Sears, Roebuck and Company (Chicago, 1950), 595.

45. Abelson, When Ladies Go A-Thieving, 142; “Shoplifters Are Bane of Stores,” LAT, Dec. 11, 1910, IIIE; “Halycon Days of Shoplifters Gone,” WP, July 9, 1916, E9; “Thwart­ing the Shoplifter,” WP, Mar. 29, 1925, 75; Theodore D. Irwin, “Guarding the Nation's Railroads,” WP, Dec. 14, 1930, SM2.

46. FTC, Annual Report (Washington, DC, 1930), 24-25.

47. Tregoe, “General Letters to Members”; “When Guerilla Efforts Failed,” CM 27 (1925): 9; “The Fight against Commercial Crime,” CM 27 (Apr. 1925): 10; Simmons, Securities Frauds, 15-16. On the era's public health campaigns, see Duffy, The Sanitari­ans; Margaret Humphreys, Yellow Fever and the South (New Brunswick, NJ, 1992); Mar­garet Humphreys, Malaria: Poverty, Race, and Public Health in the United States (Balti­more, 2001).

48. “Vigilantia and Fidelitas: The Credit Man's 1926 Resolution,” CM 28 (Jan. 1926): 20-21; H. J. Kenner, “The Bureau's Purpose,” Kansas City BBB Bulletin, Feb. 2, 1927; Boston BBB, “How Frauds Hurt Business,” Bulletin 1 (Oct. 3, 1929); Buffalo BBB, “De­tective Agency Decision Reversed,” Bulletin, May 13, 1931; Oklahoma City BBB, Report of Better Business Bureau Activities (Oct. 1930), 6; Auchincloss, Better Business Bureau,

14.

49. “The National Policeman,” CM 28 (May 1926): 9.

50. “President Coolidge on Truth-in-Advertising,” Accuracy 2 (Nov. 1926): 7; “Anti­Fraud Campaign Has Coolidge Support,” NYT, Sept. 22, 1924, HCF; “Herbert Hoover Approves,” CM 27 (Apr. 1925): 10; “ ‘Deserving of the Support of the Business Public,' ” CM 27 (Apr. 1925): 11; “A. W Mellon to W. H. Pouch,” CM 31 (Mar. 1929): 13; “Honor­able Charles H. Tuttle,” Accuracy 3 (Apr. 1927): 1.

51. “Mattuck to Direct War on Swindlers,” NYT, Oct. 5, 1925, 5; “Heads Stock Fraud

Bureau,” NYT, Feb. 12, 1929, 18; “Schwab's Bureau of Investigation,” NYT, Oct. 24, 1926, E7; “Credit Protection Counsels,” 36; “Credit Men Meet,” NYT, June 21, 1937, 30; “Buck­ner to Fight Business Frauds,” NYT, Mar. 19, 1925, 23; “Florida Facts for New Yorkers,” Member News Bulletin No. 43, New York City BBB, June 9, 1926; “Better Business in Securities,” Wall St. News, Apr. 5, 1927; “Fighting Frauds,” Xenia [OH] Republican, Apr. 23, 1927, both in HCF.

52. “Credit Men's Dinner,” NYT, Apr. 23, 1897, 2; “Dinner to Fraud Fighters,” NYT, Feb. 6, 1906, 7; “Investors Put on Right Track,” Brooklyn Eagle, Mar. 3, 1924; “Would Broaden Work of Better Business Bureaus,” Printers’ Ink, Sept. 11, 1924; “National Busi­ness Group Convention,” Indianapolis Star, Sept. 21, 1925, all in HCF; “Noted Visitor Coming,” Charlotte Observer, Dec. 12, 1913, 6; “Suppressing Credit Crime,” CM27 (Jan. 1925): 8; Edward F. Lamb, “An Honest Commerce Crusade,” CM 28 (Aug. 1926): 18; John E. Norvell, “Forward for the Fund!” CM 28 (Sept. 1926): 19.

53. St. Louis BBB Bulletin, June 18, 1941.

54. Craig Calhoun, “ ‘New Social Movements' of the Early Nineteenth Century,” So­cial Science History 17 (1993): 385-427; Frederick Mayer, Narrative Politics: Stories and Collective Action (New York, 2014), 101-41.

55. On communitarian versus individualistic/market framing, see Dan Ariely, Pre­dictably Irrational: The Hidden Forces That Shape Our Decisions (New York, 2009), 67-88.

56. Butler D. Shaffer, In Restraint of Trade: The Business Campaign against Competi­tion, 1918-1938 (Lewisburg, PA, 1997).

57. G. Cullom Davis, “The Transformation of the Federal Trade Commission, 1914­1929,” Mississippi Valley Historical Review 49 (1962): 437-55; Morton Keller, “The Plu­ralist State: American Economic Regulation in Comparative Perspective, 19O0-193O,” in Regulation in Perspective: Historical Essays, ed. Thomas K. McCraw (Cambridge, MA, 1981), 56-94.

58. Seymour Cromwell's scrapbooks at the NYSE Archives furnish abundant evi­dence of the Exchange's antagonism to “blue-sky” proposals. The creation of the New York City BBB followed a 1921 wave of failures among marginal brokerage firms, which heightened pressure for tougher oversight of Wall Street. AACW, Most Dangerous Enemy, 4.

59. Ellis Hawley, “Three Facets of Hooverian Associationalism: Lumber, Aviation, and Movies, 1921-1930,” in Regulation in Perspective, ed. McCraw, 95-123; H. J. Kenner, BusinessSelf-Discipline (New York, 1927), 1.

60. On the politics of Southern segregation, see J. Morgan Kousser, The Shaping of Southern Politics: Suffrage Restriction and the Establishment of the One-Party South, 1880-1910 (New Haven, 1974); Glenda Elizabeth Gilmore, Gender and Jim Crow: Women and the Politics of White Supremacy in North Carolina, 1896-1920 (Chapel Hill, 1996); J. Douglas Smith, Managing White Supremacy: Race, Politics, and Citizenship in Jim Crow Virginia (Chapel Hill, 2002).

61. Keller, “The Pluralist State”; Tony Allan Freyer, Regulating Big Business: Antitrust in Great Britain and America (New York, 1992); Gerald Berk, “Communities of Com­petitors: Open Price Associations and the American State, 1911-1929,” Social Science History 20 (1996): 375-400.

62. Jones, Collector of Revenue, v. Better Business Bureau of Oklahoma City, 123 Fed. 2nd 767 (U.S. Court of Appeals for the 10th Circuit, 1941).

63. H. J. Kenner, You and the Integrity of Business: An Address to the Rotary Club of New York (New York, 1929).

64. Boston BBB, “No Libel Action Lost,” Bulletin, Nov. 7, 1929; Richardson, “Busi­ness Policing Itself,” 74; Kenner, Fight for Truth in Advertising, 264-65; Auchincloss, Better Business Bureau, 6; Artloom Corporation v. National Better Business Bureau et al., 48 Fed. 2nd 897 (U.S. District Court for the Southern District of New York, 1931); Mc­Cann v. New York Stock Exchange et al., 107 Fed. 2nd 908 (U.S. Court of Appeals for the 2nd Circuit, 1939).

65. William F. Egelhofer, “Credit and Commercial Crime,” Central Law Journal 21 (1928): 28; Elmer Leslie McDowell, “No Quarter for Creditors,” NAR 236 (1933): 148; “Credit Men at Seattle Discuss War on Fraud,” NYT, June 13, 1928, 31; “Fraud Fight Convicts 734,” NYT, June 17, 1929.

66. “Trade Honesty Gain Reported,” Christian Science Monitor, Feb. 3, 1927, in HCF; “Periodical Men Act to Curb Ad Frauds,” NYT, Oct. 10, 1928, 31; “Magazines Rejected $2,000,000 in Ads,” NYT, Jan. 5, 1930, 2; New York City BBB, Facts, Then Ac­tion; Buffalo BBB, “New Codes of Advertising Practices,” Bulletin 2 (May 31, 1933); “New Frauds Court Called a Success,” NYT, July 21, 1923, 5; Phillip Ives, “Prompt Pros­ecution of Commercial Fraud,” CM 25 (Apr. 1923): 15; “Sees Speedy Trials Best Curb on Fraud,” NYT, Jan. 22, 1929, 51.

67. E. B. Moran, “Facts, Not Opinions,” CM 25 (July 1925): 30; “Avoided Loss of $920,” CM 27 (Feb. 1925), 13; “Department Store Has Accuracy Meeting,” Accuracy 1 (Sept. 1925): 1; Kansas City BBB, “Cooperates with Bureaus,” Bulletin, Nov. 29, 1926; Kenner, Fight for Truth in Advertising, 167-68.

68. “The Campaign Starts!,” CM 31 (Feb. 1929): 16; Tregoe, “General Letters to Members,” June 1, 1926; Philadelphia BBB, “Protecting the Commercial Reputation of Philadelphia,” Bulletin 443, Dec. 1931; Kenner, Fight for Truth in Advertising, 169-70; Oklahoma City BBB, Report of Better Business Bureau Activities, 6. The businessmen’s war on fraud thus generated what John Braithwaite and Peter Drahos refer to as regula­tory “webs of dialogue” and regulatory “webs of reward and coercion.” Global Business Regulation (New York, 2000), 553-59.

69. Cuthbert Greig, “All in the Same Boat,” CM 30 (Nov. 1928): 5-6; Louis Kirstein, “Better Business Bureaus and How They Serve,” Manuscript text of speech before the Incorporated Association of Retail Distributors, London, Apr. 21, 1925, Kirstein Papers; Victoria de Grazia, Irresistible Empire: Americas Advance through Twentieth-Century Eu­rope (Cambridge, MA, 2005), 15-74, 130-83.

70. Edward F. Lamb, “Ten Months of the Fund,” CM 28 (June 1926): 51; “One Out of 117 Wanted to Prosecute,” CM 30 (July 1928): 3; Elizabeth Frazer, “The Dynamiters,” SEP 201 (Nov. 17, 1928): 16-17, 52, 54, 56; “Getting Rich by Going Broke,” Literary Di­gest 101 (Apr. 27, 1929): 65-67; Richardson, “Business Policing Itself,” 71-72; New York City BBB, Blocking the Return of the Stock Swindler (New York, 1933); McDowell, “No Quarter for Creditors”; Ellison and Brock, Run for Your Money, 3-4; Kenner, Fight for Truth in Advertising, 202-04.

71. “Wallbrook Presbyterians,” BS, Jan. 14, 1898, 10; “Tregoe the Busy Man”; “Booze Worst Foe to Business,” Kansas City Times, Jan. 18, 1917, 2; “Warns of Alien Bandits in Trade,” PI, Oct. 11, 1920, 18; “Tregoe Rebukes Gompers,” NYT, June 13, 1922, 4.

72. Sidener, “Patrolling the Avenues of Publicity,” 638.

73. Williams, “Keep Crooks out of Business,” 8; Smith, “The Credit Trimmers,” 92;

C. D. West, “Commercial Crook Meets His Waterloo,” CM 25 (1923): 32; Edward F. Lamb, “An Honest Commercial Crusade,” CM 28 (Aug. 1926): 18. On public health ex­perts’ antagonism toward immigrants, see Alan M. Kraut, Silent Travelers: Germs, Genes, and the “Immigrant Menace” (Baltimore, 1995).

74. Ferdinand Pecora, Wall Street under Oath: The Story of Our Modern Money Changers (New York, 1939); John Kenneth Galbraith, The Great Crash (New York, 1955); Forrest McDonald, Insull (Chicago, 1962); and John Brooks, Once in Golconda: A True Drama of Wall Street, 1920-1938 (New York, 1969).

75. “The Better Business Bureau and Investment Trusts,” Journal of Commerce, July 20, 1927, in HCF. Although the Journal of Commerce printed Kenner’s retraction, it also asserted that the previous story reflected “the explicit and reiterated assurances” from the quoted employee that “he was an officer of that organization and authorized to speak for it.” On investment trust frauds, see “Trust Heads Indicted,” WSJ, Jan. 18, 1930, 6; “Investment Trust Faces Fraud Writ,” NYT, July 18, 1930, 18; “U. S. Indicts Bob for $7,000,000,” CT, Apr. 29, 1931, 2; Watson Washburn and Edmund S. De Long, High and Low Financiers: Some Notorious Swindlers and Their Abuses of the Stock-Selling System (New York, 1932), 229-49.

76. “Business Bureau Elects,” NYT, June 20, 1930, 44. On Whitney’s fall from grace, see Galbraith, The Great Crash, 161-65.

77. Quoted in “Department Store Has Accuracy Meeting.”

Chapter Eight: Quandaries of Procedural Justice

1. Official Despotism,” Pomeroy’s Democrat, Apr. 4, 1874, 2; “Anthony Comstock,” Pomeroy’s Democrat, Apr. 11, 1874, 1; “Bravely Done,” Pomeroy’s Democrat, Apr. 20, 1878, 2.

2. D. M. Bennett, The World’s Sages, Thinkers, and Reformers (New York, 1876), 1072-73; D. M. Bennett, The Champions of the Church: Their Crimes and Persecutions (New York, 1878), 1010-11; “Letter from Alfred E. Giles,” in Benjamin Tucker, Proceed­ings of the Indignation Meeting Held in Faneuil Hall (Boston, 1878), 57; Letter from “A New York Pastor,” NYTR, Feb. 12, 1880, in Anthony Comstock, Frauds Exposed: Or How the People Are Deceived and Robbed, and Youth Corrupted (New York, 1880), 541; Alfred E. Giles, Societies for the Suppression of Vice: Are They Beneficial or Injurious? (Boston, 1883).

3. “Spy System,” New York Commercial Advertiser, April 10, 1837, 2; “Beauties of the Credit System,” Circular 5 (Aug. 14, 1856): 120; “Commercial Black Lists,” PPL, Feb. 20, 1860, 2; “Commercial Agencies,” NYH, Apr. 5, 1869, 5; “Commercial Agencies,” Pomeroy’s Democrat, June 29, 1870, 4; Thomas Francis Meagher, The Commercial Agency “System” of the United States and Canada Exposed: Is the Secret Inquisition a Curse or a Benefit? (New York, 1876); Scott A. Sandage, Born Losers: A Cultural History of Failure in America (Cambridge, MA, 2005), 106-08, 171-84; Rowena Olegario, A Culture of Credit: Embedding Trust and Transparency in American Business (Cambridge, MA, 2006), 70; Marc Flandreau and Gabriel Geisler Mesevage, “The Untold History of Trans­parency: Mercantile Agencies, Law, and the Lawyers (1851-1916),” Enterprise and Soci­ety 15 (2014): 222-25.

4. Edward T. Freedley, Money: How to Get, How to Keep, and How to Use It (Lon­don, 1853), 79.

5. Bernard Bailyn, The Ideological Origins of the American Revolution (Cambridge, MA, 1992); Harry L. Watson, Liberty and Power: The Politics of Jacksonian America (New York, 1990); Michael F. Holt, The Political Crisis of the 1850s (New York, 1983).

6. Olegario, Culture of Credit, 71, 74-76.

7. Comstock, Frauds Exposed, 526-39, 547-48; “The Suppression of Vice,” NYT, Jan. 21, 1885, 5.

8. “The Mercantile Agency,” HMM 24 (1851): 46-53; “Money Market and Com­mercial News,” The Independent (Apr. 26, 1855): 334-35; “The Mercantile Agency Sys­tem,” Bankers’ Magazine 12 (1858): 545-49; Commercial and Statistical Review of the City of Burlington, Iowa (Burlington, 1882), 106.

9. “Mercantile Agencies,” ALJ (Aug. 2, 1873): 65-66; “Credit Organizations and Meddlesome Legislation,” Commercial and Financial Chronicle 18 (Apr. 4, 1874): 338­39; “Malice Necessary to a Libel,” NYT, Mar. 6, 1884, 8; Louis Greeley, “What Publica­tions of Commercial Agencies Are Privileged,” American Law Register 35 (Nov. 1887): 681-93; Flandreau and Mesevage, “Untold History of Transparency,” 240-46.

10. “Exposure of Fraud and Crime,” New York Evangelist 52 (Jan. 13, 1881): 4; Charles Norton, “Professional Swindling,” Christian Union 23 (Feb. 23, 1881): 177-78; “Fools and Knaves,” Boston Advertiser, Jan. 25, 1881, 2; “Anthony Comstock’s Law,” NYT, May 18, 1888, 3.

11. “‘In Purity There Is Power,’” Boston Journal, Mar. 28, 1879, 1; “Suppression of Vice,” Cincinnati Gazette, May 6, 1879, 8; “Suppression of Vice,” Christian Advocate 45 (Jan. 29, 1880): 69; “A Year’s Work in Suppressing Vice,” NYTR, Jan. 23, 1884, 2; “An­thony Comstock Vindicated,” Christian Union 37 (Jan. 26, 1888): 116; Northern Chris­tian Advocate, Jan. 29, 1891, 36; “Year’s Fight with Vice,” NYT, Jan. 23, 1896, 9.

12. “An Attempt to Kill A. J. Comstock,” NYTR, Nov. 2, 1874, 12; Comstock, Frauds Exposed, 294-306; “Anthony Comstock Arrested,” NYT, Sept. 17, 1881, 3; “Anthony Comstock Victorious,” New Haven Register, Oct. 22, 1881, 1; “A Suit against Anthony Comstock,” New York Herald-Tribune, May 4, 1896, 13.

13. “Fraud Orders Held Back,” NYH, Feb. 2, 1895, 4; “No Early Decision in Lottery Cases,” St. Louis Republic, Jan. 6, 1896, 8; Annual Reports of the Post-Office Department (Washington, DC, 1897), 38.

14. J. T Hanna to F. H. Jones, Acting Postmaster General, In Re State Mutual Life Insurance Company of Illinois, Fraud Order Cases, Entry 50, Box 1, Case 555; “Post­Office Despotism,” Printer’s Ink 6 (Apr. 27, 1892): 541-42; John Irving Romer, “A Hypo­critical Fraud,” NYT, Oct. 9, 1892, 12; “Our Post Office,” Advertisers’ Guide, reprinted in Printer’s Ink 17 (Dec. 23, 1896): 29.

15. “Linsey & Co. Want to Enjoin the Postal Department,” CIO, Sept. 23, 1896, 11; “Judge Grosscup Takes up the Fraud Order Cases,” CIO, Oct. 21, 1896, 11.

16. Amy Dru Stanley, From Bondage to Contract: Wage Labor, Marriage, and the Market in the Age of Slave Emancipation (New York, 1998), 98-137; Mary Ellen Curtin, Black Prisoners and Their World: Alabama, 1865-1900 (Charlottesville, 2000), 42-61; Lucy E. Salyer, Laws Harsh as Tigers: Chinese Immigrants and the Shaping of Modern Im­migration Law (Chapel Hill, 1995).

17. “New Fraud Order Policy,” Wilkes-Barre Times, June 25, 1897, 3; “Report of the Postmaster General,” Post Office Annual Reports (Washington, DC, 1905), 29.

18. “Less Mail Swindling,” Tacoma News, Oct. 11, 1898, 6.

19. Report of the Fourth Assistant Postmaster-General J. L. Bristow on the Investiga­tion of Certain Divisions of the Post-Office Department (Washington, DC, 1903), 36-69; “New Indictments in Postal Frauds,” LAT, Oct. 6, 1903; “Miller and Johns Appear in Court,” LAT, Oct. 9, 1903, 3. For extensive coverage of the Tyner-Barrett trial, see the Springfield Republican, the Kansas City Star, and the Washington Post in May 1904.

20. “Senator Burton Is Indicted for Accepting Bribe,” San Antonio Express, Jan. 24, 1904, 1; “Jury Convicts Him,” DMN, Mar. 29, 1904, 1; “Senator Burton Sentenced to Jail,” Current Literature 36 (May 1904): 488-89.

21. “Kansas Oil Men's Burden,” KCS, Mar. 12, 1906, 1; “Uncle Sam Mail Released,” KCS, May 31, 1907, 1; Memorial of the Uncle Sam Oil Company Relating to Its Business Transactions with the Standard Oil Company, U.S. Sen. Doc. 503, May 18, 1908, 60th Cong., 1st Session, 4-12; “Espouses Cause of Oil Concern,” DMN, May 23, 1908, 3; “Says Standard Controls Post-Office Department,” Tulsa Daily World, Jan. 15, 1911, 1.

22. For correspondence between Lewis and Goodwin and a purported affidavit by a private detective sent by Lewis to assess Goodwin's willingness to take on mail fraud cases, see Edwin C. Madden, The U.S. Government’s Shame: The Story of the Great Lewis Case (Detroit, 1908), 279-98.

23. Edward G. Lewis, Order Number Ten: Being Cursory Comments on Some of the Effects of the Great American Fraud Order (St. Louis, 1911), 40-41, 58, 108; Sidney Morse, The Siege of University City: The Dreyfus Case of America (University City, MO, 1912), 411-18, 430-35, 466-68, 633-34; Madden, U.S. Government’s Shame, 166-74.

24. “Postal Law Reform,” Health 59 (May 1909): 213-14.

25. The Public 6 (July 18, 1903): 227-28; Franklin Pierce, Federal Usurpation (New York, 1908), 359-62; Edward F. Browne, Socialism or Empire: A Danger (Omaha, 1906), 2, 197. See also “Autocracy at the Post Office,” Review of Reviews 36 (Oct. 1907): 407; Harry E. Byrd, “The Decay of Personal Rights and Guarantees,” Report of the Thirteenth Annual Meeting of the Maryland State Bar Association (Baltimore, 1908), 24-37.

26. “Mob Law Discussed,” Colorado Springs Gazette, Mar. 31, 1904, 1; “Crumpack­er's Speech,” Montgomery Advertiser, Feb. 25, 1905, 10; Speech of Rep. Crumpacker, Apr. 11, Congressional Record 40 (1906): 4103; “Fraud Order Legislation,” Morning Olympian, Jan. 2, 1907, 2; “Czar-Like Power,” AC, Mar. 11, 1908, 2.

27. Lewis Publishing Company, House Committee on Expenditures in the Post Of­fice Department (Washington, DC, 1913); Uncle Sam Oil Co., House Committee on Ex­penditures in the Post Office Department (Washington, DC, 1912); “Finds Post Office Abuses,” NYT, June 16, 1912, 9.

28. Henry Castle, “Defects and Abuses in Our Postal System, II” NAR 175 (July 1902): 122-23; Edwin Lawrence, “Swindling through the Post Office,” Outlook 83 (Jan. 14, 1905): 121; Annual Reports of the Post-Office Department (Washington, DC, 1905), 28-30; Annual Reports of the Post-Office Department (Washington, DC, 1906), 28-30; Memorandum by the Assistant Attorney General for the Post- Office Department on Postal ‘Fraud Order’ Law (Washington, DC, 1906). George Cortelyou, “Fraud in the Mail: Fraud Orders and Their Purposes,” NAR 184 (Apr. 19, 1907): 809-15; Post-Office De­partment Annual Reports (Washington, DC, 1907), 68-70.

29. “Fraud Orders,” Youths Companion 78 (May 5, 1904), 222-23; “Patent Medicine and Postal Department,” Medical News 84 (June 11, 1904): 1133-34; “Postal Fraud Laws,” Outlook 83 (Jan. 14, 1905): 111; John Callan O'Laughlin, “Crumpacker Bill Shown as Menace,” CT, Jan. 14, 1907, 1; “Big Power,” NYT, Jan. 26, 1907, 8; “The People vs. the Swindlers,” Outlook (Jan. 12, 1907): 48-49; “Losing Sixteen Millions a Year,” LAT, Nov. 30, 1908, 11.

30. American School of Magnetic Healing v. McAnnulty, 187 U.S. 94 (1902); Public Clearing House v. Coyne, 194 U.S. 497 (1904).

31. Missouri Drug Co. v. Wyman, 129 Fed. Cases 623 (Circuit Ct. for the E.D. of Mis­souri, 1904); People’s United States Bank v. Gilson et al., 140 Fed. Cases 1 (E.D. of Mis­souri, July 19, 1905); Hall v. Wilcox, 225 Fed. Cases 333 (Circuit Ct. for S.D. of New York, 1906); Appelby et al. v. Cluss, 160 Fed. Cases 984 (Circuit Ct. for Dist. of New Jersey, 1908); People’s United States Bank v. Gilson, 161 Fed. Cases 286 (Circuit Ct. for E.D. of Missouri, 1908); Putnam v. Morgan, 172 Fed. Cases 450 (Circuit Ct. for S.D. of New York, 1909), Degg v. Hitchcock, 35 App. D.C. 219 (DC Court of Appeals, 1910); Jed S. Rakoff, “The Federal Mail Fraud Statute (Part I),” Duquesne Law Review 18 (1980): 771-822.

32. “Will Review Postal Frauds,” Charlotte Observer, Jan. 8, 1907, 1; “To Stop Fraud Orders,” NYT, Jan. 8, 1907, 14; John Callan O’Laughlin, “Thaw Case Evils Shock Roose­velt,” CT, Feb. 12, 1907, 4; “Bills Sent to Next Congress,” DMN, Feb. 26, 1907, 8; Dorothy Ganfield Fowler, Unmailable: Congress and the Post Office (Athens, GA, 1977), 94-95.

33. Annual Report ofthe Postmaster- General (Washington, DC, 1910), 12-13; “We’ll Put Mail Swindlers behind Bars,” NYTMagazine, Nov. 27, 1910, 8; “Reaching after Stock Swindlers,” PI, Nov. 27, 1910, 8.

34. “Postal Raids Show Vast Stock Frauds,” NYT, Nov. 22, 1910, 1; “New York Men Charged with Huge Swindle,” DNT, Nov. 22, 1910, 2; “Mr. Hitchcock’s War upon Swin­dlers,” The Independent 69 (Dec. 1, 1910): 1221; “Watching Uncle Sam’s Mails,” Ana­conda Standard, Feb. 12, 1911, 1. The category of Nolle Prosequi refers to cases that postal prosecutors chose to discontinue.

35. Franklin Escher, “The Government and the Get Rich Quick Industry,” HW (Oct. 12, 1910): 30; “ ‘We’ll Put Mail Swindlers behind Bars’: American Medical Association Publishes ‘Nostrums and Quackery,’ ” NYT Sunday Magazine, Jan. 14, 1912, 7.

36. Annual Report of the Postmaster General (Washington, DC, 1912), 27.

37. Annual Report of the Postmaster-General (Washington, DC, 1910), 77; Annual Report of the Postmaster-General (Washington, DC, 1912), 63.

38. Annual Report of the Postmaster-General (1912), 63.

39. “Indictments Expected,” LAT, Jan. 9, 1914, I12; “$239,000,000 Lost in Mail Frauds,” Biloxi Daily Herald, Oct. 20, 1915, 3; “Spending Thousands to Avenge Hun­dreds’ Loss,” LAT, Jan. 9, 1916, II1.

40. Annual Report of the Postmaster General (Washington, DC, 1913), 36-37; “Plan to Stop Mail Swindles,” LAT, Jan. 5, 1914, I3; “Indictments Expected,” WP, Jan. 9, 1914, I12.

41. Annual Report of the Postmaster General (Washington, DC, 1913), 64-65; “Mail Swindlers Get $351,000,000,” NYT Magazine, Feb. 14, 1915, 19.

42. Frank Koester, The Price of Inefficiency (New York, 1913), 27-29; George S. Coleman, “Public Service Commissions,” in Some Legal Phases of Corporate Financing, Reorganization, and Regulation (New York, 1916), 363.

43. Annual Report of the Postmaster General (Washington, DC, 1915), 44, 85-88; AMA, Medical Mail Order Frauds (Chicago, 1915); “Merchant Gets Two-Year Sentence in Fraud Case,” Bulletin of the NACM 16 (Jan. 1916): 18; Merle Sidener, “Patrolling the Avenues of Publicity,” World’s Work 35 (Apr. 1918): 640.

44. Annual Report of the Postmaster General (Washington, DC, 1916), 71; Annual Report of the Postmaster General (Washington, DC, 1919), 112.

45. Warren Waite and Ralph Cassady, Jr., The Consumer and the Economic Order (New York, 1939), 111-14.

46. “Report on the Better Business Bureaus,” Foreman's National Detective Agency, in J. L. Foreman to F. J. Schlink, June 10, 1932; “National Businessmen's Protective Council to Secretary,” Consumers Research, Jan. 6, 1931; both in Box 170, Consumers Research Papers.

47. Frank Dalton O'Sullivan, Rackets: An Expose of the Methods and Practices of the Better Business Bureaus (Chicago, 1933), 21-29, 41-42, 59-61; Edwin C. Riegel, The In­dictment of the Better Business Bureau Conspiracy (New York, 1931), 10-16; Manhattan Board of Commerce, Do Better Business Bureaus Better Business? (New York, 1930).

48. O'Sullivan, Rackets, 40; “ ‘Shoppers' as Snoopers,” The Lance 1 (June 1933): 8.

49. Acid Truths about the Better Business Bureau of Saint Louis (St. Louis, 1930); O'Sullivan, Rackets, 90-91, 122-25; “Self-Appointed Censors of Business,” The Lance 1 (June 1933): 11; Riegel, Indictment of the Better Business Bureau Conspiracy, 2-3, 7, 34-42.

50. George Graham Rice, My Adventures with Your Money (New York, 1911), 358­59; “G. G. Rice Runs Foul of the Law,” NYT, Jan. 6, 1926, 25; “Rice Put on Trial,” NYT, Nov. 14, 1928, 16; NBBB, “Tipster Sheets,” Bulletin, Sept. 30, 1928; “Prosecutor's Raid Uncovers Conspiracy,” The Detroit Better Business Bureau Factfinder, June 1932.

51. H. J. Kenner, You and the Integrity of Business (New York, 1929), 12-13; James C. Auchincloss, The Better Business Bureau: Its Growth and Work (New York, 1927), 6; “Mr. Riegel Comes to St. Louis,” St. Louis BBB Bulletin 4 (July 9, 1931); “Prosecutor's Raid Uncovers Conspiracy.”

52. Columbus BBB, The Pig Squeals! (Columbus, 1934?); “ ‘War' Declared on Better Business Bureaus!” Report of the Chicago Better Business Bureau 2 (Nov. 30, 1930): 1-2; H. J. Kenner, The Fightfor Truth in Advertising (New York, 1936), 131-34; 264-65; Elli­son and Brock, Run for Your Money, 252-54.

53. “R. H. Macy & Co. Calls Attention to Their Own Make of Gentlemen's Shirts,” Puck 7 (May 5, 1880): 159; The Record: Recounting the Advertising Price Claims of R. H. Macy & Company, Inc., and the Position of the Better Business Bureau of New York City, Inc., in Respect Thereto (New York, 1926), 1-9; Tom Mahoney, The Great Merchants (New York, 1955), 165.

54. Percy Straus to Bayard Dominick, Apr. 21, 1926, in The Record, 10-14.

55. Straus to Dominick, in The Record, 14-17.

56. “Store War,” Time, Oct. 12, 1931, 58-59; Kenneth Barnard, “Personal and Confi­dential Memorandum to the Affiliated Better Business Bureaus,” Nov. 26, 1930, Box 8, Bell Papers; Milton Handler to F. J. Schlink, Oct. 6, 1931, Box 170, File 12, Consumers Research Papers; A Guide for Retail Store Advertising (Boston, 1932), 6; Ruth P. Mack, Controlling Retailers: A Study of Cooperation and Control in the Retail Trade with Special Reference to the NRA (New York, 1936), 41-42; H. J. Kenner, The Fight for Truth in Ad­vertising (New York, 1936), 205-09.

57. Th e Record, 3-4.

58. “New Code of Advertising Practices Adopted by National Advertisers,” Buffalo BBB Bulletin 2 (May 31, 1933): 1.

59. “Outline of National Better Business Bureau Activities, 1931,” NBBB Bulletin, Dec. 31, 1931.

60. “Advertising Field to Have ‘High Court,' ” NYT, Dec. 11, 1932, 29; “Ad Review Board to Enforce Ethics,” NYT, Feb. 2, 1933, 33; “Acts to Enforce Advertising Code,” NYT, Apr. 13, 1933, 31; “Consider Two Plans for Ad Censorship,” NYT, Dec. 9, 1934, N15; Alfred McClung Lee, The Daily Newspaper in America (New York, 1937), 332-33.

61. New York City BBB, Helping Business and the NRA (New York, 1933), 4-7; “Ex­pert Is Sent Here to Avert Code Cheating,” WP, Aug. 13, 1933, 3; “Accord on Code Is Now Indicated,” NYT, Aug. 25, 1933, 10; “H. J. Kenner Aids Board,” NYT, Nov. 18, 1933, 6; “Better Business Bureau Will Act as NRA Mediator,” CT, Dec. 4, 1933, 15; Mack, Con­trolling Retailers, 217, 258-61; H. J. Kenner, “The Search for NRA's Successor,” Nations Business 25 (Nov. 1937): 33.

62. FTC, Annual Report (Washington, DC, 1916), 6-12; John L. Meachum, “Proce­dure and Practice before the Federal Trade Commission,” MLR 21 (1922): 127-40; Ger­ald C. Henderson, The Federal Trade Commission: A Study in Administrative Law and Procedure (New York, 1924), 49-55, 61, 70-77.

63. Henderson, Federal Trade Commission, 58-60, 62-65.

64. Ibid., 83-84.

65. FTC, Annual Report (Washington, DC, 1917), 8; Henderson, Federal Trade Commission, 86-90.

66. Huston Thompson, “Protecting the Public by Informing the Investor,” Address to the Thirteenth Annual Meeting of Life Insurance Presidents, Dec. 5, 1919, Speeches of Commissioner Huston Thompson, FTCL; Henderson, Federal Trade Commission, 175­76, 232-34.

67. “Trade Commission Adopts Policy of Greater Secrecy,” AC, May 1, 1925, 4; Silas Bent, “Trade Commission Has Adopted New Methods,” NYT, May 3, 1925, XX12; FTC, Annual Report (Washington, DC, 1925), 110-11; William Humphrey, “A New Spirit in Federal Trade Cases,” Nations Business 15 (July 1927): 30-31.

68. William Humphrey, “Address before the National Petroleum Association,” At­lantic City, Sept. 17, 1926, in Speeches of Commissioner William Humphrey, FTCL; Wil­liam Humphrey, “We Quit Playing Tag with Fraud,” Nations Business 18 (Jan. 1930): 39-42.

69. James Young, “Sales Policies and the Federal Trade Commission,” AAPS 115 (1924): 22; Henderson, Federal Trade Commission, 78-82, 244; “Seeks to Check Fraud in Selling,” NYT, Aug. 15, 1926, E14; “Dishonest Advertising,” WP, June 15, 1928, 6; “American Business Widens Self-Rule,” NYT, Dec. 10, 1928, 8; “Trade Rules Parley,” WSJ, June 24, 1931, 3; Annual Report of the Federal Trade Commission (Washington, DC, 1939), 93-97.

70. FTC, Annual Report (Washington, DC, 1929), 55-56; FTC, Annual Report (Washington, DC, 1931), 111-13; C. D. P., “Federal Trade Commission,” 816-17.

71. Humphrey, “Address to the National Petroleum Association.”

72. Henry Ward Beer, “The FTC and Its Due Process of Law,” Notre Dame Lawyer 7 (1932): 170-84.

73. Albert Venn Dicey, Lectures Introductory to the Study of the Law of the Constitu­tion (London, 1886), 174.

74. Daniel Ernst, “Ernst Freund, Felix Frankfurter, and the American Rechtsstaat: A Transatlantic Shipwreck,” Studies in American Political Development 23 (Oct. 2009): 171-75, 185-86.

75. Ernst, “Ernst Freund, Felix Frankfurter,” 184-85, 187-88; James Willard Hurst, The Growth of American Law: The Law Makers (Boston, 1950), 419-36; Ernst, “The Poli­tics of Administrative Law: New York's Anti-Bureaucracy Clause and the O'Brien- Wagner Campaign of 1938,” LHR 27 (2009): 338-39.

76. On the lawyerly impulse to sustain the Constitutional principle of checks and balances, see James Willard Hurst, Law and Markets in United States History: Different Modes of Bargaining among Interests (Madison, 1982), 96-98; Edward A. Purcell, Litiga­tion and Inequality: Federal Diversity Jurisdiction in Industrial America, 1870-1958 (New York, 1992).

77. E. P. Thompson, Whigs and Hunters: The Origin of the Black Act (New York, 1975), 219-69; Clive Emsley, “Repression, ‘Terror' and the Rule of Law in England dur­ing the Decade of the French Revolution,” English Historical Review 100 (1985): 801-25; Rande Kostal, “A Jurisprudence of Power: Martial Law and the Ceylon Controversy,” Journal of Imperial and Commonwealth History 28 (2000): 1-34; Richard Horowitz, “In­ternational Law and State Transformation in China, Siam, and the Ottoman Empire during the Nineteenth Century,” Journal of World History 15 (2004): 445-86; Sally Falk Moore, “Treating Law and Knowledge: Telling Colonial Officers What to Say to Africans about Running ‘Their Own' Native Courts,” Law & Society Review 26 (1992): 11-46; Edward Berenson, The Trial of Madame Caillaux (Berkeley, 1993); Eugenia Lean, Public Passions: The Trial of Shi Jianqiao and the Rise of Popular Sympathy in Republican China (Oakland, 2007), 106-40; Thomas Dubois, “Rule of Law in a Brave New Empire,” LHR 28 (2008): 287-317.

78. H. L. A. Hart, The Concept of Law (New York, 1961), 20-32; Lon L. Fuller, The Morality of Law, revised edition (New Haven, 1969), 33-94; John Rawls, A Theory of Justice (New York, 1971), 235-43.

79. My thinking along these lines has been shaped by discussions with Jonathan Ocko and David Gilmartin.

Chapter Nine: Moving toward Caveat Venditor

1. Franklin D. Roosevelt, “Message to Congress,” March 29, 1933, available at Ger­hard Peters and John T. Woolley, The American Presidency Project: http://www.presi dency.ucsb.edu/ws/?pid=14602.

2. These two phrases only appeared regularly in the New York Times from 1933. A Google Books “Ngram” also indicates initial usage then, with exponential growth in the 1960s, reflecting the wave of consumerism.

3. Julia C. Ott, When Wall Street Met Main Street: The Quest for an Investors’ De­mocracy (Cambridge, MA, 2011).

4. Robert Reed, “ ‘Blue Sky' Laws,” AAPS 88 (1920): 177-87; Robert Reed and Les­ter Washburn, Blue Sky Laws: Text and Analysis (New York, 1921), ix-xvi; “Blue Sky Laws,” CLR 24 (1924): 79-86; Harper Leech, “Take-a-Chance Men Built U.S.,” CT, Sept. 26, 1924, 29; Michael E. Parrish, Securities Regulation and the New Deal (New Haven, 1970), 1-20; Daniel Holt, “Acceptable Risk: Law, Regulation, and the Politics of Ameri­can Financial Markets, 1878-1930,” Ph.D. diss. (University of Virginia, 2008), 188-246.

5. Annual Report of the Attorney General of the State of New York (Albany, 1926), 9-11; “State Starts War on Stock Frauds,” NYT, Jan. 18, 1923, 1.

6. Annual Report of the Attorney General of the State of New York (Albany, 1931), 30-35; Watson Washburn, “Control of Securities Selling,” MLR 31 (1933): 768-84.

7. Keyes Winter, “Fools and Their Money,” Harper’s Monthly Magazine (Aug. 1, 1927): 363-71; “George Graham Rice Enjoined,” WSJ, Feb. 21, 1927, 12; Keyes Winter, “Parasites of Finance,” NAR 224 (Nov. 1929): 516-21; “Market Corner Held as Fraud,” WSJ, Jan. 4, 1930, 14; “Stricter Curb Asked on Investing Trusts,” NYT, Dec. 26, 1930, 15.

8. Samuel Untermeyer, “The Farcical Martin Act,” NYT, July 20, 1923, 12; Annual Report of the Attorney General of the State of New York (Albany, 1930), 29; Annual Report of the Attorney General of the State of New York (Albany, 1931), 34; Lawrence P. Simpson, “The New York Blue Sky Law and the Uniform Act,” New York University Law Quarterly Review 8 (1930): 465-80.

9. Forrest McDonald, Insull (Chicago, 1962), 280-95, 320-28.

10. John Kenneth Galbraith, The Great Crash: 1929 (New York, 1961), 78-86; John Brooks, Once in Golconda: A True Story of Wall Street, 1920-1938 (New York, 1968), 65-74; Joel Seligman, The Transformation of Wall Street: A History of the Securities and Exchange Commission and Modern Corporate Finance, 3rd ed. (New York, 2003), 16-22.

11. John T. Flynn, Investment Trusts Gone Wrong! (New York, 1930); John T. Flynn, “The Investment Trusts and the Suckers,” New Republic 95 (June 15, 1938): 158-59; Gal­braith, Great Crash, 52-69.

12. Brooks, Once in Golcanda, 186-90; Seligman, Transformation of Wall Street, 34; Steven Fraser, Every Man a Speculator: A History of Wall Street in American Life (New York, 2005), 428-31.

13. Vincent Carosso, Investment Banking in America: A History (Cambridge, MA, 1970), 264-65; Seligman, Transformation of Wall Street, 28.

14. SEC, Twenty-Fifth Annual Report (Washington, DC, 1959), xv-xviii; Carosso, Investment Banking in America, 278-79, 330-31; Seligman, Transformation of Wall Street, 24-27.

15. Hamilton Ward, “Address,” New York State Bar Association Bulletin 1 (1929): 389.

16. Thomas W. Lawson, Frenzied Finance: The Crime of Amalgamated (New York, 1905); George Graham Rice, My Adventures with Your Money (New York, 1911); Edwin Lefevre, Reminiscences of a Stock Operator (New York, 1923); William Z. Ripley, Main Street and Wall Street (Boston, 1927); John T. Flynn, “Dishonest Business,” Forum 82 (Dec. 1929): 351-55; Flynn, Investment Trusts Gone Wrong!.

17. Galbraith, The Great Crash, 161-63; Carosso, Investment Banking in America, 325-35; Seligman, Transformation of Wall Street, 12-38; Michael Perino, The Hellhound of Wall Street: How Ferdinand Pecoras Investigation of the Great Crash Forever Changed American Finance (New York, 2010).

18. Louis Loss, Securities Regulation (Boston, 1951); Michael E. Parrish, Securities Regulation and the New Deal (New Haven, 1970), 108-44; Seligman, Transformation of Wall Street, 39-100.

19. Emmanuel Stein, Government and the Investor (New York, 1941), 144-46; Paul S. Grant, “The National Association of Securities Dealers: Its Origins and Operation,” Wisconsin Law Review (1942): 597-609; Seligman, Transformation of Wall Street, 183-89.

20. “The Investment Company Act,” CLR 41 (1941): 269-85; Chelcie Bosland, “The Investment Company Act of 1940,” Journal of Political Economy 49 (1941): 477-529; E. L. Kohler, “Protection for Investors,” The Accounting Review 15 (1940): 446-52; H. Lawrence Wilsey, “The Investment Advisers Act of 1940,” Journal of Finance 4 (1949): 286-94.

21. In Re Cady, Roberts, & Co. 40 SEC 907 (1961); SEC v. Texas GulfSulphur, 401 F. 2d 833 (2nd Circuit, 1968); Alan Bromberg, Securities Law: Fraud-Rule 10b-5 (New York, 1967); Manuel F. Cohen, “The Development of Rule 10b-5,” BL 23 (April 1968): 593-98.

22. Thomas McCraw, “With Consent of the Governed: The SEC's Formative Years,” Journal of Policy Analysis and Management 1 (1982): 346-70; Thomas K. McCraw, Prophets of Regulation: Charles Francis Adams, Louis D. Brandeis, James M. Landis, Al­fred E. Kahn (Cambridge, 1986), 169-203; Seligman, Transformation of Wall Street, 112-23, 167-79.

23. Richard Jennings, “Self-Regulation in the Securities Industry: The Role of the Securities and Exchange Commission,” Law and Contemporary Problems 29 (1964): 663-90.

24. FTC, Digest of Decisions (Washington, DC, 1940); FTC, Trade Practice Submit­tals (Washington, DC, 1925); Carl F. Taeusch, Policy and Ethics in Business (New York, 1931); Frank Chapman Sharp and Philip G. Fox, Business Ethics: Studies in Fair Competi­tion (New York, 1937); Annotation and Cases on What Constitutes False, Misleading, or Deceptive Advertising or Promotional Practices (Rochester, 1959).

25. “The Extent of the Jurisdiction of the Federal Trade Commission,” CLR 23 (1923): 758-61; C. D. P., “Federal Trade Commission: False and Misleading Advertis­ing,” MLR 31 (1933): 812-16.

26. FTC v. Standard Education Society et al., 302 U.S. Reports 112 (1937). In 1941, the Supreme Court curbed the FTC's authority by ruling that it lacked jurisdiction over deception in intrastate trade: FTC v. BunteBros., 312 U.S. Reports 349.

27. Richard Tedlow, “From Competitor to Consumer: The Changing Focus of Fed­eral Regulation of Advertising, 1914-1938,” BHR 55 (1981): 35-58.

28. Barney Lefferts, “Good Cop,” Barron’s National Business 32 (Dec. 29, 1952): 5, 10; “Trade Rules and Trade Conferences: The FTC and Business Attack Deceptive Prac­tices, Unfair Competition, and Antitrust Violations,” YLJ 62 (1953): 912-53; FTC, Guides against Deceptive Pricing (Washington, DC, 1958); FTC, Guide against Bait Ad­vertising (Washington, DC, 1959); FTC, Guides against Deceptive Advertising of Guaran­tees (Washington, DC, 1960).

29. Gelb v. FTC, 144 F. 2d 580 (2nd Circuit Court of Appeals, 1944); FTC v. Mary Carter Paint Co., 382 U. S. Reports 46 (1965); FTC v. Colgate-Palmolive, 380 U.S. 374 (1965); Lawrence Laurent, “Fadeout Is Ordered for Ad Trickery on TV” WP, Jan. 6, 1962, A1.

30. General Motors v. FTC, 114 F. 2d 36; FTC, Manual for Attorneys, 3rd ed. (Wash­ington, DC, 1966), 106-11. On judicial deference to FTC findings of deception, see: Glen E. Weston, “Deceptive Advertising and the Federal Trade Commission: Decline of Caveat Emptor,” Federal Bar Journal 24 (1964): 549-59; “Developments in the Law: De­ceptive Advertising,” HLR (Mar. 1967): 1030-58.

31. “War Frauds Unit Set up by Biddle,” NYT, Feb. 5, 1942, 6; “Drive to Stamp out War Frauds,” CT, July 15, 1942, 6; “Vast Sums Saved by Frauds Unit,” Edwardsville Intel­ligencer, Jan. 9, 1943, 2; Paul Ward, “63 Prosecuted in War Frauds,” BS, July 18, 1943, 9; David Fain and Richard Watt, “War Procurement—A New Pattern in Contracts,” CLR 44 (1944): 127-215; Mark Wilson, “ ‘Taking a Nickel out of the Cash Register': Statutory Renegotiation of Military Contracts and the Politics of Profit Control during World War II,” LHR 28 (2010): 343-83.

32. “Text of General Maximum Price Regulation,” WSJ, April 29, 1942, 8; Chester Bowles, “OPA Volunteers: Big Democracy in Action,” Public Administration Review 5 (1945): 350-59; Martin Hart-Landsberg, “Popular Mobilization and Progressive Policy­Making: Lessons from World War II Price Control Struggles in the United States,” Sci­ence & Society 67 (2004): 414-21; Meg Jacobs, “ ‘How about Some Meat?': The Office of Price Administration, Consumption Politics, and State-Building from the Bottom Up,” JAH 84 (1997): 921-28.

33. James Marlow and George Zielke, “Racket in Radios,” Burlington Daily Times- News, June 20, 1944, 9; “OPA Moves to Curb Used Auto Frauds,” NYT, June 23, 1944, 21; “Huge Fraud Bared in Meat Coupons,” NYT, Jan. 25, 1945, 21; NBBB, “Report of the War Activities Committee,” June 14, 1945, Box 4, Bell Papers.

34. H. H. Hannah, “The Fur Products Labeling Act,” Stores (May 1952): 20; “New Fabric Labeling Law Will Go into Effect Today,” BS, March 3, 1960, 17; “Federal Laws Affecting Automobile Dealers,” National Association of Automobile Dealers Magazine 34 (Nov. 1962): 11-14.

35. “Reveals Frauds in 11 Billion GI School Setup,” CT, June 5, 1951, 17; Sylvia Por­ter, “Manpower Training Act Puts New Life into School Rackets,” LAT, Aug. 16, 1962, A6; Paul Weissberg, “Shifting Alliances in the Accreditation of Higher Education: On the Long Term Consequences of the Delegation of Government Authority to Self- Regulatory Organizations,” Ph.D. diss. (George Mason University, 2009), 102-17.

36. Council of State Governments, Occupational Licensing in the States (Chicago, 1952); “The Regulation of Advertising,” CLR 56 (1956): 1057-72; Spencer Kimball and Bartlett Jackson, “The Regulation of Insurance Marketing,” CLR 61 (1961): 152-57, 165-200; “Regulation of Consumer Credit: The Credit Card and the State Legislature,” YLJ 73 (1964): 886-904; “Developments in the Law: Deceptive Advertising,” 1119­22.

37. Donaldson v. Read Magazine, 333 U.S. 178 (1948); Reilly v. Pinkus, 338 U.S. 269 (1949); Robert Ague, “Intent to Defraud in Postal Fraud Order Cases,” Temple Law Quarterly (Fall 1964): 61-71.

38. “Regulation of Advertising,” 1038-43; “Postal Inspectors Lauded in Battle on Fraud,” WP, Oct. 29, 1963, C3.

39. “Bar Payola,” Salt Lake City Tribune, Jan. 1, 1960, 1; Charles Siepmann, “Moral Aspects of Television,” Public Opinion Quarterly 24 (1960): 12-18; L. S. T., “Federal Communications Commission: Control of ‘Deceptive Programming,'” UPLR 108 (1960): 868-73; Richard Tedlow, “Intellect on Television: The Quiz Show Scandals of the 1950s,” American Quarterly 28 (1976): 483-95; Kent Anderson, Television Fraud: The History and Implications of the Quiz Show Scandals (Westport, CT, 1978), 137-69; Don­ald Mabry, “The Rise and Fall of Ace Records: A Case Study in the Independent Record Business,” BHR 64 (1990): 445-47.

40. See: Donn Layne, “Boom Time for Gyp Schemes,” Nation’s Business 34 (April 1946): 58; Bob Crossley, “Get Set for the Two-Legged Termites!” Better Homes & Gar­dens 25 (April 1947): 59; Don Wharton, “Five Frauds to Watch out For,” Reader’s Digest 67 (1955): 101-04; “Don't Be Fooled When You Invest,” Changing Times 10 (Aug. 1956): 37-40; Arthur Wesley Baum, “Beware Those Phony Stock Salesmen!” SEP 229 (June 22, 1957): 19.

41. Ralph Lee Smith, The Health Hucksters (New York, 1960); Ralph Lee Smith, The Bargain Hucksters (New York, 1962); Frank Gibney, The Operators (New York, 1960); Sidney Margolius, Buyer, Be Wary! (New York, 1965). These works dovetailed with Vance Packard's critique of mass-media manipulation, The Hidden Persuaders (New York, 1957), which showed how advertisers used psychological techniques to impel purchases.

42. “Two-County Anti-Fraud Unit Urged,” LAT, May 31, 1959, 20; Sal Nuccio, “Sell­ers' Conscience Looks Back,” Oct. 16, 1962, 71; Don Smith, “Bureau Forms to Curb Shady Business Deals,” LAT, Sept. 26, 1965, OC1. In the early 1960s, the BBBs distrib­uted two million booklets and 350,000 posters annually, while their leaders gave two thousand speeches. Facts You Should Know about Your Better Business Bureau: Public Service in the Public Interest (New York, n.d.); NBBB, Advertising Topics, Box 2, Folders 4-6, BBBMC.

43. For scripts from 1952 and 1956, see BBBMC, Box 32, Folder 5; Box 33, Folder 1.

44. Colston Warne, “The Influence of Ethical and Social Responsibilities on Adver­tising and Selling Practices,” American Economic Review 51 (1961): 527-39; “The ‘Plastic Paint' Racket,” Consumers’ Research Bulletin (Mar. 1956): 28-29; “Mail-order Gyps,” Consumer Bulletin (Apr. 1964): 34-36.

45. Janice Williams Rutherford, Selling Mrs. Consumer: Christine Frederick and the Rise of Household Efficiency (Athens, GA, 2003); Kathy Peiss, “American Women and the Making of Modern Consumer Culture,” Journal of Multimedia History 1 (1998), avail­able at: http://www.albany.edu/jmmh/vol1no1/v1n1.html, accessed Aug. 19, 2014.

46. Elinor Lee, “Who Is Boss?—It's Mrs. Consumer,” WP, Oct. 5, 1955, 33; “Mrs. Consumer!—IGA Ad,” WP, Apr. 24, 1958, A15. On organizing by middle-class subur­ban women, see especially Sylvie Murray, The Progressive Housewife: Community Activ­ism in Suburban Queens, 1945-1965 (Philadelphia, 2003).

47. “New Bill in Senate Would Label Furs,” July 6, 1947, 33; US Sen., Fur Labeling: Hearings before a Subcommittee of the Committee on Interstate and Foreign Trade (Wash­ington, DC, 1949); US HR., Hearings before a Subcommittee of the Committee on Inter­state and Foreign Commerce (Washington, DC, 1949); “Fur Industry Favors New Label­ing Rule,” NYT, Feb. 9, 1952, 24; “Ask Single Labeling Law,” NYT, Mar. 5, 1956, 33; Alan Stone, “The Politics of Trade Regulation: Toward a Theory of Regulatory Behavior,” Ph. D. diss. (University of Chicago, 1972), 299-321.

48. Mabry, “Rise and Fall of Ace Records,” 446-47; Kerry Segrave, Payola in the Music Industry: A History (Jefferson, NC, 1994); Joeri Mol and Nachoem Wijnberg, “Competition, Selection, and Rock and Roll: The Economics of Payola and Authentic­ity,” Journal of Economic Issues 41 (2007): 709-11.

49. On capture, see William Novak, “A Revisionist History of Regulatory Capture,” in Daniel Carpenter and David A. Moss, Preventing Regulatory Capture: Special Interest Influence and How to Limit It (New York, 2013), 25-49.

50. Association of BBBs, A Guide for Retail Advertising and Selling (New York, 1956); Willard Linn Thompson, “Self-Regulation in Advertising,” Ph. D. diss. (Univer­sity of Illinois, 1958), 179-80, 189-220.

51. C. W Dessart to C. B. Smith, Texas, May 16, 1957, in Box 10, Folder 14, BBBMC.

52. “President Truman's Message,” BS, Jan. 6, 1949, 6; Alonzo Hamby, “The Vital Center, the Fair Deal, and the Quest for a Liberal Political Economy,” AHR 77 (1972): 653-78.

53. “Text of Eisenhower's Congress Message,” LAT, Feb. 3, 1953, 6.

54. “Ike Calls TV Rigging ‘Terrible,' ” WP, Oct. 23, 1959, A3; “The President's News Conference at Augusta, Georgia, Oct. 22, 1959,” The American Presidency Project, avail­able at http://www.presidency.ucsb.edu/ws/?pid=11564, accessed Feb. 5, 2016.

55. “Hi Sucker!” Newsweek 27 (Jan. 21, 1946): 73-74; Frank Brock and Henry Lee, “Don't Fall for It!” BS, Oct. 15, 1950, WM10; Fletcher Platt, “The Grift Goes Legit,” Harp­er’s Magazine 210 (June 1955): 65; William Slocum, “Sucker Traps,” Collier’s 125 (Jan. 28, 1950): 36-37; Harry Wilson, “The Suckers Came Running!” SEP (Feb. 10, 1951): 104, 107; Al Thrasher, “Saga of 10 Percenters Winds to Sorry Finale,” LAT, Apr. 24, 1961, 2,

24.

56. Carlton Brown, “Confidence Games,” Life, Aug. 12, 1946, 45; Joseph Marshall, “Look before You Leap,” Norfolk Journal and Guide, July 28, 1956, 11.

57. Gibney, The Operators, 8-9; Walter Wagner, The Golden Fleecers (Garden City, NY, 1966), 7; F. J. Schlink to Percival Wilde, Aug. 30, 1948, Box 124, File 19; “Memoran­dum Re: Land Sale Scheme,” Sept. 13, 1965, Box 164, File 27, both in Consumers Re­search Papers.

58. “Don't Fall for These Frauds and Gyps,” Changing Times 14 (July 1960): 7-14; William Lydgate, “Don't Be Too Sure,” Redbook (Oct. 1947): 34-35, 83-86; Laurence Van Ness, “What to Do if You're Cheated,” BS, May 10, 1959, WM17.

59. Argus Advisory Service, Monthly Newsletter of Current Frauds and Swindles 1 (Jan. 1946): 1.

60. Burton Crane, “Stock Sale ‘Boiler Rooms' Thrive,” NYT, Oct. 31, 1954, F1.

61. Donald Rothschild and Bruce Throne, “Criminal Consumer Fraud: A Victim- Oriented Analysis,” MLR 74 (1976): 769.

62. Stuart Macaulay, “Lawyers and Consumer Protection Laws,” Law & Society Re­view 14 (1979): 121-25; “Consumer Protection under the Iowa Consumer Fraud Stat­ute,” Iowa Law Review 54 (1968): 342-43; Bronson Lafollette, “Consumer Fraud and Consumer Protection in Wisconsin,” in FTC, National Consumer Protection Hearings (Washington, D.C., 1969), 246; Ralph Mooney, “Attorney General as Counsel for the Consumer: The Oregon Experience,” Oregon Law Review 54 (1975): 126.

63. “Bogus Stocks from Canada,” Changing Times (July 2, 1949): 13-14; D. C. L., “The Promotion and Sale of Foreign Securities by Foreign Broker-Dealers: The ‘Cana­dian Situation,' ” Virginia Law Review (1952): 208-10; Christopher Armstrong, “Cana­dian Promoters and American Markets: Regulating the Irregular, 1945-55,” Business History 34 (1992): 96-101.

64. Lloyd Wendt, “Not All Fur Trappers Are up North,” CT, Oct. 27, 1940, I9; John Kobler, “Terrible Williamsons,” SEP 229 (Oct. 27, 1956): 26-27, 55-62; H. J. Maiden- berg, “Roof-Repair Fraud,” NYT, Apr. 6, 1967, 53; Max Skidmore, “The Folk Culture of ‘The Travelers': Clans of Con Artists,” Journal of American Culture 20 (Fall 1997): 73-80.

65. “The Regulation of Advertising,” CLR 56 (1956): 1040-41; “Translating Sympa­thy for Deceived Consumers into Effective Programs for Protection,” UPLR 114 (1966): 424-26; Robert Rabin, “Agency Criminal Referrals in the Federal System: An Empirical Study of Prosecutorial Discretion,” Stanford Law Review 24 (1972): 1047-50; Rothschild and Throne, “Criminal Consumer Fraud,” 679-81; David Silver, Oral History Interview with Irving Pollack, Jan. 16, 2002, SEC Historical Society, 9-10, available at http://www.sechistorical.org/museum/oral-histories/o-r/, accessed June 24, 2014.

66. Gibney, The Operators, 19-21, 52-53; Theodore Hendricks, “Fraud Jury Dis­missed in Mistrial,” BS, Mar. 25, 1961, 32; “Defense of the White Collar Accused: A Judge's View,” American Criminal Law Quarterly 3 (Spring 1965): 124-28.

67. “State Control of Bait Advertising,” YLJ 69 (1960): 839-40.

68. Lester Velie, “Fantastic Story of the Tucker Car,” Collier’s 123 (June 25, 1949): 13-15, 68-72; “Tucker, 7 Associates Indicted,” WSJ, June 11, 1949, 8; William Clark, “Lawyer Calls Tucker Honest Man of Vision,” CT, Jan. 20, 1950, A13; George Eckel, “Jury Is Locked up in Tucker Car Case,” NYT, Jan. 22, 1950, 33; George Eckel, “Tucker and Aides Cleared of Fraud,” NYT, Jan. 23, 1950, 1.

69. “Fraud Charge against Steel Man Dismissed,” CT, Oct. 24, 1956, C4; “McGurren Freed,” BS, Dec. 5, 1963, 54; Edmund Rooney, “Krebiozen Developer Is Acquitted,” WP, Feb. 1, 1966, A3.

70. “Term Suspended in $169,000 Fraud,” BS, Apr. 28, 1950, 36; “TV Repair Men Go Free,” NYT, June 18, 1954, 18; “Garfield Gets Suspended Sentence, $50,000 Fine,” WSJ, Dec. 7, 1964, 6; Wagner, Golden Fleecers, 8-10; Robert Ogren, “The Ineffectiveness of Criminal Sanctions in Fraud and Corruption Cases: Losing the Battle against White­Collar Crime,” American Criminal Law Review 11 (1973): 961-69.

71. Philip Schrag, Counsel for the Deceived: Case Studies in Consumer Fraud (New York, 1972), 50-51; Michael Jensen, “Light Penalty for White-Collar Crime,” NYT, Sept. 22, 1973, 37, 41; Les Gapay, “When the SEC Slaps Your Wrist,” WSJ, Nov. 27, 1973, 24.

72. “Fraud Case Convictions Overturned,” WP, Jan. 3, 1964, A10; Alan Dessoff, “S&L Case Convictions Overturned,” WP, Sept. 15, 1964, A1.

73. Ferral Heady, “State Administrative Procedure Laws,” Public Administration Re­view 12 (1952): 10-20; Bernard Schwartz, “The Model State Administrative Procedure Act: Analysis and Critique,” Rutgers Law Review 7 (1953): 431-58; James Brazier, “An Anti-New Dealer Legacy: The Administrative Procedure Act,” Journal of Policy History 8 (1996): 206-26; Joanna Grisinger, The Unwieldy American State: Administrative Poli­tics since the New Deal (New York, 2012).

74. See postwar annual reports for these two agencies.

75. The case files of FTC lawyer Paris Cleveland Gardner, which range from 1941 through 1962, document this sluggish pace. Gardner Papers. See, for example, In Re Clean-Rite Vacuum Stores, Box 3, Packet 2.

76. F. J. Schlink to Harry Riehl, July 21, 1953, Box 34, File 9, Consumers Research Papers; “Howery Reports FTC Streamlined Procedure,” WSJ, Aug. 19, 1954, 1; Julius Duscha, “New Chief Scores FTC Duplication,” WP, Mar. 15, 1961, A4; “FTC Increases Base of Power,” KCS, June 26, 1961, 12; Weston, “Deceptive Advertising,” 561-63; Ed­ward Cox, Robert Fellmouth, and John Schulz, The “Nader Report” on the Federal Trade Commission (New York, 1969), 71-86; Report of the American Bar Foundation to Study the Federal Trade Commission (Washington, DC, 1969), 15-31.

77. In Re Holland Furnace Company, 55 FTC Reports 55 (July 7, 1958); “Selling by Scare,” Consumer Reports 30 (Oct. 1958): 509-10; Warren Magnuson and Jean Carper, The Dark Side of the Marketplace: The Plight of the American Consumer (New York, 1968), 21-22.

78. “Holland Does Hot Job,” Newsweek 8 (Nov. 7, 1936): 36-37; “Attention Workers,” Ogden Standard-Examiner, June 20, 1951, 17; “Holland Company Denies Unfair Sales Practices,” Benton Harbor News-Palladium, July 19, 1954, 11; “Salesmen Wanted,” Kelispell [MT] Daily Inter Lake, Apr. 20, 1956, 10; “FTC Orders End of ‘Scare’ Sales,” BS, Aug. 7, 1958, 34; “Furnace Man Gets the Heat,” CT, Jan. 16, 1962, 5; John O’Brien, “Hol­land Furnace Firm and 3 Ex-Aides Guilty,” CT, Jan. 28, 1965, A11; “Plan to Appeal Sen­tence, Fines,” Holland Evening Sentinel, Jan. 28, 1965, 1; Joseph Tydings, “Fair Play for Consumers,” Trial 6 (Feb./March 1970): 37.

79. SEC, First Annual Report (Washington, DC, 1935), 35; SEC, Sixteenth Annual Report (Washington, DC, 1950), 153; DOJ, Summary of National Conference on Anti­trust Problems and Consumer and Investor Protection (Washington, DC, 1961), 65. The FTC only started a newsletter with summaries of deception cases in 1961; four years later, it also began regularly informing attorneys general about enforcement trends. “U.S. Plans Campaign on Consumer Frauds,” LAT, June 15, 1965, 17.

80. McCraw, “With Consent of the Governed,” 346-70; Joel Seligman, “Cautious Evolution or Perennial Irresolution: Stock Market Self-Regulation during the First Sev­enty Years of the Securities and Exchange Commission,” BL 59 (2004): 1347-69.

81. Philip Loomis, “Enforcement Problems under the Federal Securities Laws,” BL 14 (April 1959): 667.

82. Silver, Oral History Interview of Irving Pollack, 41-42.

83. Thompson, “Self-Regulation in Advertising”; Earl Kintner, “Some Encouraging Signs of Self-Regulation in Advertising,” Speech to Advertising Club of St. Louis, July 26, 1960; “Raising the Level of Advertising in Minneapolis,” Speech to Minneapolis Adver­tising Club; “1961: Armageddon for Advertising?” Speech to the Advertising Federation of America, May 30, 1961, all in Earl W Kintner Collection, American Heritage Center, University of Wyoming.

84. “Critical Consumers,” WSJ, Nov. 8, 1960, 1; Facts You Should Know; Edward Gal­lagher, “Old Paths and New Roads for the Better Business Bureaus,” Confidential Ad­dress, ABBB Annual Conference, June 1959, 3, Box 4, Bell Papers; David Boldt, “It’s No Bargain, Lady,” WSJ, April 7, 1965, 1; Testimony of Richard Maxwell, Nov. 25, 1968, FTC, National Consumer Protection Hearings (Washington, DC, 1969), 192-93.

85. Neil J. Ross to St. Louis, Kansas City, and Springfield BBBs, June 23, 1933, Bell Papers; Victor Nyborg, “Practices in the Home Improvement Field,” Statement to U.S. Sen. Committee on Banking and Currency, July 15, 1954, Box 107, Folder 1, BBBMC. See also Edward Gallagher, “Fifty Years of Consumer Protection by BBBs: For Those Who Don’t Know So That Others May Not Forget” (unpublished manuscript, 1971), 63-69; Box 9, Bell Papers.”

86. W Dan Bell to Victor Nyborg, Feb. 1, 1960, Box 5, Folder 24, BBBMC.

87. The Federal Trade Commission and the Reform of the Administrative Process,” CLR 62 (1962): 680-85; FTC, Manualfor Attorneys, 3rd ed. (Washington, DC, 1966), 18; Report of the American Bar Association, 26-40; Cox et al., The “Nader Report,” 134-58; Jack Anderson, “U.S. Protective Agencies Are Remiss,” WP, Nov. 28, 1969, C27.

88. Wayne Green, “The Securities Cops,” WSJ, Feb. 25, 1969, 1; Kenneth Bacon and Les Gapay, “SEC’s Top Cops,” WSJ, July 9, 1973, 1; Irving Pollack, Oral History Interview with Stanley Sporkin, Sept. 23, 2003, SEC Historical Society, available at: http://www.sechistorical.org/museum/oral-histories/s-t/, accessed June 24, 2014; Hillel Black, The Watchdogs of Wall Street (New York, 1962); Susan P. Shapiro, Wayward Capitalists: Tar­gets of the Securities and Exchange Commission (New Haven, 1987), 160-91.

89. Luther Huston, “Brownell Sets up Office,” NYT, Oct. 7, 1954, 1; “He's Uncle Sam’s Top Fraud Fighter,” Carroll Daily Times Herald, Jan. 13, 1956, 3; National Confer­ence on Antitrust Problems, 68-71; Wallace Turner, “135 Land Frauds Studied by U.S.,” NYT, Mar. 30, 1963, 9; “Nathaniel Kossack, “ ‘Scam’: The Planned Bankruptcy Racket,” New York Certified Public Accountant 35 (1965): 417; Nathaniel Kossack and Sheldon Davidson, “Bankruptcy Frauds, Alliance for Enforcement,” Journal of the National Con­ference of Referees in Bankruptcy 40 (Jan. 1966): 12-18; “Nathaniel E ‘Tully’ Kossack,” WP, Dec. 2, 1992, C5.

90. “Upsurge in Chain Letters,” Oshkosh Daily Northwestern, Mar. 14, 1946, 21; “Mc­Donald to Speak,” Brooklyn Daily Eagle, Aug. 27, 1951, 2; “Variety of Mail Fraud Schemes,” Reading Eagle, Sept. 23, 1962, 54; William MacDougall, “Mail Swindlers Face Scientific Crackdown,” LAT, Oct. 31, 1963, 15; William Borders, “Drive against Con­sumer Frauds,” NYT, Aug. 20, 1964, 46; “U. S. Using a Computer to Fight Filth and Fraud,” CT, Sept. 19, 1965, A6.

91. Harry Ferguson, “How Postal Inspectors Protect You from Gyps,” Norfolk New Journal and Guide, Sept. 21, 1963, 7; Thomas Foley, “Postal: Little Known, Most Effec­tive,” LAT, Sept. 17, 1972, E1.

92. On Bell: see his scrapbooks and retirement and death notices, Box 3, Bell Papers. On Willson: “Willson Retires As NBBB President,” NBBB Bulletin (June 1968). On Ny- borg: “Foes of Rackets Pick Officers,” LAT, June 27, 1941, 13; “Top Officers Are Re­elected to Better Business Bureaus,” NYT, May 22, 1965, 41. For bios of hundreds of Bureau officials, see Dan Bell’s unpublished Biographical Notes, Box 5, Bell Papers.

93. Kenneth Barnard to Clyde Kemery, March 23, 1960, Box 6, Folder 1, BBBMC.

94. Howard Westwood and Edward Howard, “Self-Government in the Securities Business,” Law and Contemporary Problems 17 (1952): 533-38; Frank Cormier, Wall Street’s Shady Side (Washington, DC, 1962), 72-75; Ezra Levin and William Evan, “Pro­fessionalism and the Stock Broker,” BL 21 (Jan. 1966): 349-53; William Conway, “Quack Is a Rare Bird,” WP, May 4, 1947, B2; J. W Davis, “Medical Quackery,” San Antonio Ex­press and News, Oct. 1, 1961, 81.

95. Paul Windels, “Our Securities Markets: Some S.E.C. Problems and Techniques,” New York Law Forum 8 (1962): 169.

96. “Recommendations for the Advertising and Sale of Plastic Slip Covers,” Sept. 3, 1965, Box 4, Folder 10, BBBMC. For other examples, see: “Wax Trade to Confer,” NYT, Aug. 17, 1948, 28; FTC, Annual Report (Washington, DC, 1955), 62-67; “FTC Defines Functions of Industry Advisory Groups,” WSJ, Sept. 30, 1955, 18; “Industry Confer­ence,” Bridgeport Post, Sept. 23, 1963, 16; “Hearing Aid Industry Gets Ethics Code,” Syracuse Post- Standard, Aug. 2, 1965, 13.

97. “Report to Dealers,” Facts, March 18, 1957, Box 8, Folder 1, BBBMC.

98. Earl Kintner: “Self-Discipline or Stricter Government Control,” Speech to the Advertising Federation of America, Feb. 5, 1960, 39; “The Unsoiled Sell,” Speech to Los Angeles BBB, Apr. 29, 1960, 5; “Responsibilities of Broadcasters and Their Counsel,” Speech to Federal Communications Bar Association,” June 9, 1960, 18; “Some Encour­aging Signs,” 11; all in Kintner Collection.

99. Blake Clark, “Be Sure You Know What’s In Your Health and Accident Policy,” Reader’s Digest 65 (July 1954): 1115-19; Rodney Crowther, “FTC Charges 17 Compa­nies,” BS, Oct. 24, 1954, 17; Charles McCarter, “Recent Misleading and Deceptive Mail­Order Accident and Health Insurance Policies and Advertising,” Insurance Law Journal (April 1956): 247-52, 260-61; Christy Chapin, “Ensuring America's Health: Publicly Constructing the Private Health Industry,” Ph. D. diss. (University of Virginia, 2011), 64-151.

100. “FTC Plans Insurance Rules Parley,” WP, Dec. 16, 1955, 2; Charles Moore, “In­surance: Federal Regulation,” MLR 57 (1958): 289-91; McCarter, “Recent Misleading and Deceptive Mail-Order,” 262, 267-69; Jon Hanson and Thomas Obenberger, “Mail Order Insurers: A Case Study in the Ability of the States to Regulate the Insurance Busi­ness,” Marquette Law Review 50 (1966): 193-215; Chapin, “Ensuring America's Health,” 207-15. For similar dynamics within the tire industry and among hearing-aid dealers, see Earl Kintner, “Self-Discipline or Stricter Government Control,” 30-33; “Buyers Guide to Tires,” Changing Times 15 (July 1961): 25-28; “Developments in the Law: De­ceptive Advertising,” 1131.

101. “TV Sales Pitch Lands Los Angeles Used Car Dealer and Aide in Jail,” WSJ, May

25, 1955, 3; Howard Berquist to C. W. Dessart, May 9, 1957, and Kenneth Barnard to Robert Bauer, Oct. 18, 1957, Box 10, Folder 14; Memo from Ken Barnard to BBB Man­agers, April 25, 1962, Box 7, Folder 3; BBBMC; Jim Foree, “Buyers Beware,” CD, June 20, 1957, 1; James Lewis, “Dropping Car ‘Pack' May Aid Sales Ethics,” WP, March 14, 1958.

102. “Six Insurance Companies Accused of Overcharging,” WSJ, March 19, 1957, 2; Warren Unna, “Auto Gouging Charged at Senate Quiz,” WP, March 20, 1957, A2; “In­surance Overcharges Aired on Hill,” WP, Aug. 10, 1958, C11; “Car Owners Get Refunds on Insurance,” CD, Oct. 14, 1959, 4.

103. See enforcement statistics compiled in SEC and POD annual reports; Shapiro, Wayward Capitalists, 147-62.

104. John N. Makris, Silent Investigators: The Great Untold Story of the United States Postal Inspection Service (New York, 1959), 43, 278; Raymond Daniel, “Inspector Notes Mail Fraud Rise,” NYT, Aug. 27, 1964, 14; E. J. Kahn, Jr., Fraud: The United States Postal Inspection Service and Some of the Fools and Knaves It Has Known (New York, 1973), 1-10.

105. “Boiler Room Tactics on Wane,” WP, Jan. 5, 1961, D6; SEC, Twenty-Seventh An­nual Report (Washington, DC, 1961), 164-72, 259; Windels, “Our Securities Markets,” 179-86; Louis Lefkowitz, “New York: Criminal Infiltration of the Securities Industry,” AAPS 347 (May 1963): 54-56; SEC, Thirty-First Annual Report (Washington, DC, 1965), 131-35; “U. S. Rackets Convictions Rise to 546,” BS, Jan. 10, 1965, 3.

106. On these promoters and the period's crackdown on securities fraud, see Black, Watchdogs of Wall Street.

107. “Advance-Fee Game,” Time 72 (July 28, 1958): 64; “Officials Eye Advance Fee Racketeering,” Charleston Gazette-Mail, July 19, 1959, 44; “Mail Fraud,” Changing Times 13 (July 1959): 41-42; “Government Cracks down on Real Estate Frauds,” WP, Nov. 10, 1962, D15; Loreene Beasley, “Mail Order Swindles Work 2 Ways,” San Mateo Times, Jan.

26, 1965, 4.

108. James Clayton, “Three Agencies Unite to Thwart Across-Border Mail Order Frauds,” WP, Oct. 23, 1961, A2; “U.S. Aims at Radio Ad-Mail Gyps,” Tucson Daily Citi­zen, Nov. 20, 1961, 9.

109. Murray Bloom, “Don't Be a Sucker with Your Savings!” Reader’s Digest 80 (May

1962) : 75-78; Gene Blake, “Land Swindlers,” LAT, Oct. 2, 1962, A2; “Savings, Loan Scandals,” BS, Dec. 23, 1962, BF16; Trevor Armbrister, “Land Frauds,” SEP 236 (Apr. 27,

1963) : 17-23; “Cheating Creditors,” WSJ, May 20, 1963, 1; “Bankruptcy Caper,” News­week 61 (June 10, 1963): 31; “When There's Gold in Bankruptcy,” Business Week (May 23,

1964) : 52-56.

110. Stipulation with Logan Appliance & Furniture Mart, April 11, 1952, Box 5, Folder 11, BBBMC.

111. Carl Dalke, “How to Improve the Value of Automobile Advertising,” n.d., Box 9, Folder 2, BBBMC; Thompson, “Self-Regulation in Advertising,” 306-09.

112. NBBB, Advertising Topics, April 1963.

113. See, for example, the BBB's moves against David Ratke, whose serial mail-order ventures sold fake radios, low-grade cosmetics, worthless battery additives, and an inva­sive weed tree that Ratke falsely described as a scarce and valuable plant: “Seven Firms Charged with False Claims for Battery Additive,” York Gazette and Daily, Dec. 8, 1958, 32; Jack Roth, “Ad Fraud Charged to Promoter Who Sold Items to Last ‘Forever,' ” NYT, Aug. 19, 1959, 1; “Don't Fall for These Frauds and Gyps,” 14 Changing Times (July 1960): 8; “3 Convicted of $1.3 Million Fraud,” Des Moines Register, Apr. 22, 1970, 16; “Investi­gate before You Invest,” Atchison Daily Globe, Oct. 25, 1970, 16.

114. Peter Bart, “Sturdy Watchdog Fifty Years Old,” NYT, Jan. 28, 1962, 118; “History of Legal Actions against BBBs,” May 1, 1963, Memo, Box 8, Bell Papers; “Responses to Survey on Lawsuits,” Box 8, Bell Papers.

115. Los Angeles BBB, “Truth in Advertising,” 1947, Box 10, Folder 14; Victor Ny- borg to Kenneth Barnard, Jan. 9, 1961; Draft Report, “Advertising Improvement Com­mittee,” July 25, 1961, Box 6, Folder 6, BBBMC.

116. Fritzel Case, Box 89, Folders 13-14, BBBMC.

117. Chicago BBB, The Report (February 1964): 5; News Clippings on Fritzel Case, Jan. 1964; Box 89, Folder 14.

118. For illustrative cases, see files on: Hub Vacuum Stores (Box 112, Folders 1-2) and Keystone Chevrolet (Box 122, Folder 21), BBBMC.

119. Dalke, “How to Improve the Value”; “Report to Dealers”; “Critical Consumers.” On the advance advice emanating from the SEC, see McCraw, Prophets of Regulation, 214-15.

120. Seymour Ginsburg to Ben Ugelow, Box 41, Folder 12, BBBMC. See also negotia­tions between several BBBs and Ritholz optical businesses, Box 178, Folder 3; and In Re Penn Poultry Service, Box 6, Packet 5, Gardner Papers.

121. Very few FTC cases handled by Paris Gardner led to formal hearings. He also closed dozens of files because of insufficient evidence, lack of complaints from competi­tors, good reputations by firms, or lack of “public interest.”

122. “Trade Rules and Trade Conferences,” 915-16; “Federal Trade Commission and the Reform of the Administrative Process,” 686-700; FTC, Advisory Opinion Digests, June 1, 1962 to December 31, 1968 (Washington, DC, 1969).

123. Kenneth Culp Davis, “Administrative Powers of Supervising, Prosecuting, Ad­vising, and Declaring, and Informally Adjudicating,” HLR 63 (1949): 206-12, 225-27; “Regulation of Advertising,” 1043; “Administrative Declaratory Orders,” Stanford Law Review 13 (1961): 310-11; “Translating Sympathy for Deceived Consumers,” 440-43; “Developments in the Law: Deceptive Advertising,” 1072.

124. Earl Kintner, Speech at the FTC Conference on Public Deception, Dec. 21, 1959, 2, in Box 1, Kintner Collection; Paul Rand Dixon, Speech to the International Radio and Television Society, Mar. 3, 1965, quoted in Jerrold Van Cise, “Regulation—By Business or Government?” Antitrust Bulletin 12 (1967): 8

Chapter Ten: Consumerism and the Reqrientatiqn of Antifraud Policy

1. David M. Potter, People of Plenty: Economic Abundance and the National Char­acter (Chicago, 1958), 172-88; Lawrence R. Samuel, Brought to You By: Postwar Televi­sion Advertising and the American Dream (Austin, 2002); Lizabeth Cohen, A Consumer’s Republic: The Politics of Mass Consumption in Postwar America (New York, 2003); Meg Jacobs, Pocketbook Politics: Economic Citizenship in Twentieth-Century America (Princeton, 2006); Janice M. Traflet, A Nation of Small Shareholders: Marketing Wall Street after World War II (Baltimore, 2013).

2. Stewart Ewen, PR! A Social History of Spin (New York, 1996), 346-98; William Bird, “Better Living”: Advertising, Media, and the New Vocabulary of Business Leadership, 1935-1955 (Evanston, 1999); Kim Phillips-Fein, Invisible Hands: The Businessmen’s Cru­sade against the New Deal (New York, 2009).

3. Ralph Blumenthal, “Consumer Frauds Thrive in Ghettos,” NYT, Aug. 20, 1966, 1; Warren Magnuson, “The Ghetto Gets Gypped,” Ebony 23 (Sept. 1968): 112-20; Thomas Lippman, “Fraud War Pledged by Flannery,” WP, June 6, 1969, A1; “How to Squelch Fraud Schemes,” Better Homes & Gardens 48 (1970): 30; “Warning on 11 Com­mon Frauds & Gyps,” Changing Times 26 (Nov. 1972): 17-18; Sidney Margolius, The Innocent Consumer vs. the Exploiters (New York, 1967); James Bishop Jr. and Henry W Hubbard, Let the Seller Beware (Washington, DC, 1968); Amram M. Ducovny, The Bil­lion $ Swindle: Frauds against the Elderly (New York, 1969); Robert S. Rosefsky, Frauds, Swindles, and Rackets: A Red Alertfor Today’s Consumers (Chicago, 1973).

4. “Home Improvement Frauds,” Feb. 20, 1968, 1; “Signing of Blank Contracts Can Get Car Buyers in a Peck of Trouble,” June 8, 1968, 1; “Medical Swindlers Often Demand Your Money,” July 9, 1968, 7; “Insurance Frauds,” Oct. 21, 1968, 3; “Insurance Industry Accused of Overcharging,” Jan. 16, 1969, 1; “On Mr. Help,” Feb. 2, 1971, 2.

5. “TV5 to Air Special Series on ‘Rip-Offs,’ ” Atlanta Daily World, Jan. 16, 1977, 10; “The Guide,” WP, Nov. 21, 1971, 19.

6. “State Control of Bait Advertising,” YLJ 69 (1960): 830-46; “Translating Sympa­thy for Deceived Consumers into Effective Programs for Protection,” UPLR 114 (1966): 395-450; “Developments in the Law: Deceptive Advertising,” HLR 80 (1967): 1005-63. “Consumer Legislation and the Poor,” YLJ 76 (1967): 745-92; “Extrajudicial Consumer Pressure: An Effective Impediment to Unethical Business Practices,” DLJ (1969): 1101­57; “A Case Study of the Impact of Consumer Legislation: The Elimination of Negotia­bility and the Cooling Off Period,” YLJ 78 (1969): 618-61; “‘Corrective Advertising’ Orders of the Federal Trade Commission,” HLR 85 (1971): 477-506; “Direct Loan Fi­nancing of Consumer Purchases,” HLR 85 (1972): 1409-38.

7. David Caplovitz, The Poor Pay More: Consumer Practices of Low-Income Families (New York, 1963), 137-54; Report of the National Advisory Commission on Civil Disor­ders (Washington, DC, 1968), 274-77; Louis Hyman, Debtor Nation: The History of America in Red Ink (Princeton, 2012), 173-84.

8. “The New Look in ‘Consumer Protection,’ ” Changing Times 20 (Nov. 1966): 13; “West Phila. to Hash out Consumer Fraud,” PT, Jan. 11, 1969, 32; Morton Mintz, “Gulled Consumer Has Disparate Champions,” WP, June 8, 1969, B5; Angela Parker, “Black Community Has Its Own Ralph Nader,” CT, May 9, 1971, A5; Robert McClory, “Grass Roots Consumerism,” CD, May 20, 1972, 6; “Consumer Action Groups Make Your Voice Heard,” Oakland Post, Dec. 27, 1972, 8; “CEPA Has Long Been Fighting Battles for Local Consumers,” PT, Dec. 23, 1975, 4.

9. “Le&owitz to Recommend Bill to Curb Fraud,” NYT, Dec. 17, 1959, 75; “Attor­ney Gnl Probes Food Freezer Fraud,” NYAN, Nov. 19, 1966, 28; "Le&owitz Seeking New Credit Laws,” NYT, July 25, 1969, 26; Louis Le&owitz, “Protecting the Consumer,” NYT, Sept. 15, 1971, 46.

10. “Le&owitz Asks Fight on Frauds,” NYT, July 6, 1960, 21; George Brown, “Fraud and Bogus Businesses,” New Pittsburgh Courier, Oct. 6, 1962, 1; “Connecticut Sets Sweeping Shifts,” NYT, May 10, 1959, 60; Leonard Ingalls, “Governor Points to Con­sumer Aid,” NYT, Sept. 30, 1962, 61; Gene Oishi, “Governor Urges Probe for Fraud,” BS, Oct. 8, 1967, 26; “Stronger Laws Sought,” Atlanta Daily World, Jan. 7, 1973, 4; Jerry Gil­lam, “Reagan Calls for Seven Point Consumer Protection Program,” LAT, Mar. 6, 1970, E11.

11. “Clark Spearheads Actions against Frauds,” CD, Dec. 13, 1966, 23; Oswald John­son, “Consumer Office Opens,” BS, June 12, 1967, C8; Robert Morgan, “People's Advo­cate in the Marketplace—The Role of the North Carolina Attorney General in the Field of Consumer Protection,” Wake Forest Intramural Law Review 6 (1969): 1-20; Sheila Wolf, “State Is Leader in Consumer Fraud Fight,” CT, July 29, 1970, 8; Christopher Bay­ley, “Consumer Protection,” Washington State Bar News 24 (May 1970): 7-8, 21-22; Jef­frey Tannenbaum, “New Muscle,” WSJ, Jan. 7, 1972, 1; James Bassett, “State's Attorney General Post Packs a Wallop,” LAT, Jan. 30, 1972, 1; Press Release, Office of Slade Gor­ton, Feb. 17, 1972, in File 8, Box 162, Consumers Research Papers.

12. President John F. Kennedy, “Special Message to Congress on Protecting the Consumer Interest,” March 15, 1962, The American Presidency Project, http://www.presidency. ucsb.edu/ws/?pid=9108, accessed April 25, 2014.

13. President Lyndon B. Johnson, “Special Message to the Congress on Consumer Interests,” March 21, 1966, The American Presidency Project, http://www.presidency.ucsb.edu/ws/?pid=27505, accessed April 25, 2014.

14. President Richard M. Nixon, “Special Message to the Congress on Consumer Protection,” Oct. 30, 1969, The American Presidency Project, http://www.presidency.ucsb.edu/ws/?pid=2299, accessed July 8, 2014.

15. Esther Peterson, “Representing the Consumer Interest in the Federal Govern­ment,” MLR 64 (1966): 1323-28.

16. “Betty Furness Urges Action,” NYT, May. 28, 1969, 41; Joseph Slevin, “Important Consumer Aids,” WP, Oct. 29, 1968, D8.

17. John Morris, “Justice Department Establishes a Section on Consumer Affairs,” NYT, Dec. 16, 1970, 30; “Mrs. Knauer Likens Fraud to a Cancer,” NYT, Dec. 17, 1969, 42; Robert Gray, “Virginia Knauer: What She Tells the President about Consumers,” Nations Business 58 (July 1970): 34-38; Alexander Auerbach, “Mrs. Knauer,” LAT, July 30, 1970, B14.

18. Political science research on agenda-setting offers some important caveats here. There has been a half-life to public interest in issues identified by US presidents, mea­sured in months rather than years. But sustained efforts by presidents that reach across more than one administration and across the partisan divide have broad impacts. John W Kingdon, Agendas, Alternatives, and Public Policies (Boston, 1984); Jeffrey Cohen, “Presidential Rhetoric and the Public Agenda,” American Journal of Political Science 39 (1995): 87-107; George Edwards III and B. Dan Wood, “Who Influences Whom: The President, Congress, and the Media,” American Political Science Review 93 (1999): 327­44; Matthew Eshbaugh-Soha, The President’s Speeches: Beyond Going Public (Boulder, 2005).

19. Warren G. Magnuson and Jean Carper, The Dark Side of the Marketplace: The Plight of the American Consumer (Englewood, NJ, 1968), xv.

20. Edward Brown Williams, “The Proposed Regulatory Restrictions on Packaging and Labeling,” BL 21 (Nov. 1965): 99-106; Robert Albright, “Fair Label Bill Passed by Senate,” WP, June 10, 1966, A1; Marilyn Hart, “Short Weight,” CT, May 18, 1969, SCL11; “Lending Bill Stalemate Criticized,” BS, March 7, 1965, 3; Kenneth McLean, “The Fed­eral Consumer Credit Protection Act,” BL 24 (Nov. 1968): 199-207; David Fouquet, “Mail Order Land Fraud Probed,” WP, May 19, 1964, A22; Dorothy Cohen, “New Con­sumer Product Warranty Law,” Marketing News 8 (Mar. 28, 1975): 12; Michael R. Lemov, People’s Warrior: John Moss and the Fight for Freedom of Information and Consumer Rights (Lanham, MD, 2011).

21. U.S. Sen., Consumer Protection, Parts I and II, Hearings before the Consumer Subcommittee of the Commerce Committee, 91st Cong., Dec. 16 and 17, 1969, Feb. 3 and 5, March 17-19, April 9, 1970 (Washington, DC, 1970); Erma Angevine, “The Con­sumer Federation of America,” Journal of Consumer Affairs 3 (1969): 152-55; Robert Herrmann, “Consumerism: Its Goals, Organizations, and Future,” JM 34 (1970): 58-60; Clinton Warne, “The Consumer Movement and the Labor Movement,” Journal of Eco­nomic Issues 7 (1973): 307-16. On parallel policy ferment in the states, see Young Law­yers Section, Seattle-King County Bar Association, “Memorandum to the Washington State Legislature,” January 12, 1970, File 6, Box 190, Consumers Research; Susan Silbey, “Consumer Justice: The Massachusetts Attorney General's Office of Consumer Protec­tion, 1970-1974,” Ph.D. diss. (University of Chicago, 1978), 110-201; Mark Budnitz, “The National Consumer Law Center from Its Birth to 2013,” unpublished paper avail­able at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2700720, accessed Feb. 10, 2016.

22. Edward Cox, Robert Fellmouth, and John Schulz, The “Nader Report” on the Federal Trade Commission (New York, 1969); Justin Martin, Nader: Crusader, Spoiler, Icon (Cambridge, MA, 2002); Eduardo Canedo, “The Rise of the Deregulation Move­ment in Modern America, 1957-1980,” Ph. D. diss. (Columbia University, 2008); Benja­min Waterhouse, Lobbying America: The Politics of Business from Nixon to NAFTA (Princeton, 2014), 141-73.

23. James Harvey Young, The Medical Messiahs: A Social History of Health Quackery in the Twentieth Century (Princeton, 1967), 390-422; “Developments in the Law: De­ceptive Advertising,” 1101-16; David Cantor, “Cancer, Quackery and the Vernacular Meanings of Hope in 1950s America,” Journal of the History of Medicine and Allied Sci­ences 61 (2006): 324-36.

24. “Quackery in California,” Stanford Law Review 11 (1959): 265-96; Ruth Roemer, “Legal Systems Regulating Health Personnel: A Comparative Analysis,” Milbank Memo­rial Fund Quarterly 46 (1968): 431-71; Eric Boyle, Quack Medicine: A History of Com­bating Health Fraud in Twentieth-Century America (Santa Barbara, 2013), 92-150.

25. “Truth in Lending,” U.S. News and World Report (May 27, 1968): 92-93; “Truth in Lending Act,” Federal Reserve Bulletin 54 (June 1968): 497-504; “The New Key to Credit Shopping,” Consumer Reports (July 1969): 67; “Truth-in-Packing under the Fair Packaging and Labeling Act: An Untapped Source of Consumer Protection,” Columbia Journal of Law and Social Problems 6 (May 1970): 280; Steven Dorsey, “Regulation of Interstate Land Sales,” Stanford Law Review 25 (1973): 605-21.

26. Margaret Dana, “Waiting Period Can Deflate High-Pressure Salesmen,” LAT, Sept. 24, 1967, D12; “Case Study of the Impact of Consumer Legislation”; Michael Knight, “Aid to Consumers Growing in Nation,” NYT, Aug. 9, 1970, 1; NAAG, State Programs for Consumer Protection (Washington, DC, 1973), 51-53; Thomas Hogarty, “Survey of Non-Federal Consumer Protection Groups,” Journal of Consumer Affairs 9 (1975): 107-13.

27. Michael Mintrom and Phillipa Norman, “Policy Entrepreneurship and Policy Change,” Policy Studies Journal 37 (2009): 649-67.

28. Frank Cormier, Wall Street’s Shady Side (Washington, DC, 1962), 14-38.

29. Milton Cohen, “Reflections on the Special Study of the Securities Markets,” Speech to the New York Practicing Law Institute, May 10, 1963, available at: http://www.sec.gov/news/speech/1963/051063cohen.pdf, accessed July 13, 2014.

30. SEC, Special Study of Securities Markets, Parts 1-6, House Document 95, 88th Cong., 1st Session (Washington, DC, 1963); “SEC Warns Securities Industry to Toughen Its Self-Regulation,” WSJ, Nov. 29, 1962, 2; “Policing the Stock Markets,” WP, April 6, 1963, A10; Robert Nichols, “SEC Calls for Legislation to Tighten Rein on O-T-C,” LAT, June 5, 1963, B9.

31. Arden Cooper, “New Securities Bill Is Only Start for SEC,” LAT, Aug. 23, 1964, L1; “House Group O.K.s Stock Fraud Curb,” BS, May 8, 1964, 30; Richard Phillips and Morgan Shipman, “An Analysis of the Securities Acts Amendments of 1964,” DLJ 13 (1964): 1139-70; SEC, Annual Report (Washington, DC, 1965), 1-19; Seligman, Trans­formation of Wall Street, 280-361.

32. “Ancillary Relief in SEC Injunction Suits for Violation of Rule 10b-5,” HLR 79 (1966): 656-71; “SEC Disciplinary Rules and the Federal Securities Laws: The Regula­tion, Role, and Responsibilities of the Attorney,” DLJ (1972): 969-1022; David S. Ruder, “Multiple Defendants in Securities Law Fraud Cases: Aiding and Abetting, Conspir­acy, Pari Delicto, Indemnification, and Contribution,” UPLR 120 (1972): 597-600; J. Vernon Patrick, Jr., “The Securities Class Action for Damages Comes of Age,” BL 29 (March 1974): 159-66; David Silver, Oral History Interview with Irving Pollack, Jan. 16, 2002, SEC Historical Society, 22-25, 31-33, available at: http://www.sechistorical.org /museum/oral-histories/o-r/, accessed June 24, 2014.

33. Kenneth Durr, Oral History Interview with David Silver, March 22, 2006, 12, available at: http://www.sechistorical.org/museum/oral-histories/o-r/, accessed June 24, 2014. The broader collection of oral histories undertaken by the SEC Historical Society teems with references to this esprit de corps.

34. James E. Rice, ed., The Franchising Phenomenon (Ann Arbor, 1969); Thomas Dicke, Franchising in America: The Development of a Business Method, 1840-1940 (Cha­pel Hill, 1994).

35. Kenneth Slocum, “Franchise Flourish,” WSJ, Dec. 21, 1960, 1; Jordan Ray, “Cur­rent Franchising Problems: A Rollback of Caveat Emptor,” American Business Law Jour­nal 8 (1971): 231-46; FTC, Franchise Business Risks (Washington, DC, 1972); E. J. Kahn, Fraud: The United States Postal Inspection Service and Some of the Fools and Knaves It Has Known (New York, 1973), 260-70.

36. David Krischer, “Franchise Regulation: An Appraisal of Recent State Legisla­tion,” Boston College Industrial and Commercial Law Review 13 (1972): 539-52; Bernard Goodwin, “Franchising Law Matures,” BL 28 (April 1973): 703-20; David Black, “New Federal Trade Commission Franchise Disclosure Rule,” BL 35 (Jan. 1980): 409-33.

37. Sylvia Porter, “Consumer Milestone,” Benton Harbor News Palladium, Jan. 16, 1974, 41; Carol Shifrin Washington, “FTC Institutes New Enforcement Plans,” WP, Jan. 7, 1976, C7; “Oliver Jones,” “Holder in Due Course Doctrine Gone,” CT, May 29, 1976, 17; Gerald Udell and Philip Fischer, “The FTC Improvement Act,” JM 41 (April 1977): 81-86.

38. Dorothy Cohen, “Remedies for Consumer Protection: Prevention, Restitution, or Punishment,” JM 39 (Oct. 1, 1975): 27; FTC, Staff Report to the Federal Trade Com­mission on the Ad Substantiation Program (Washington, DC, 1972); “Corrective Adver­tising—The New Response to Consumer Deception,” CLR 72 (1972): 415-31; Robert Dyer and Philip Kuehl, “The ‘Corrective Advertising' Remedy of the FTC: An Experi­mental Evaluation,” JM 38 (Jan. 1974): 48-54.

39. Gene Bylinsky, “Consumer Cops,” WSJ, Nov. 11, 1960, 1; William Lovett, “State Deceptive Trade Practice Legislation,” Tulane Law Review 46 (1972): 724-60; NAAG, State Programs, 1-15; William Bruns, “The Role of State and Local Consumer Protection Agencies in Advertising Regulation,” in Fredric Stuart, Consumer Protection from Decep­tive Advertising (Hempstead, NY, 1974), 26-40.

40. Richard F. Dole, Jr., “Merchant and Consumer Protection: The Uniform Decep­tive Trade Practices Act,” YLJ 76 (1967): 485-506; William Lovett, “Private Actions for Deceptive Trade Practices,” Administrative Law Review 23 (1971): 271-90; Richard F. Dole, Jr., Ray D. Henson, and George R. Richter, Jr., “The Uniform Consumer Sales Practices Act,” BL 27 (Nov. 1971): 139-51.

41. Ann Blackman, “Agencies to Fight Market Fraud Multiply,” LAT, Dec. 14, 1969, 8-9; Philip McCombs, “Suburban Offices Going to Bat for the Consumer,” WP, March 2, 1972, G1-G3; Bruns, “Role of State and Local Consumer Protection Agencies,” 41-50.

42. Denver Area BBB, “After Hours' with Dan Bell,” April 18, 1961; Dan Bell, “Memo to Better Business Managers,” April 27, 1961, Box 9; Dan Bell, “Are You Listen­ing? Do You Hear?,” Address to AMR Conference, June 17, 1970, Box 3, Bell Papers.

43. Edward Gallagher, “Old Paths and New Roads for the Better Business Bureaus,” Confidential Address, ABBB Annual Conference, June 1959, 3, Box 4, Bell Papers; Ken­neth Barnard to George Dennison, Pittsburgh BBB, Jan. 6, 1960, Box 13, Folder 12; BBB of Oklahoma City Resolution, Feb. 25, 1960, ABBI Annual Meeting, Box 5, Folder 24; BBBMC; James Stephens to Dan Berry, Jr., Aug. 26, 1965, Box 9; Dan Berry, Jr., “There Are Termites in the Basement!” Memo to BBB Executives, Aug. 30, 1965, Box 4, Bell Papers; Knight, Gladieux, & Smith Confidential Report to Association of BBBs, Sept. 2, 1969, Box 1, Bell Papers. Council of BBBs, Challenge to American Business (New York, 1971).

44. “Campaign Is Urged Exposing ‘Gyp' Ads,” NYT, June 25, 1958, 47; “F.T.C. Will Carry ‘Big Stick' on Ads,” NYT, Dec. 22, 1959, 22.

45. Vernon Libby, “The Better Business Bureaus and the Consumer Movement,” ABBB Annual Conference, May 17, 1865, Box 4, Bell Papers; Elisha Gray, Chairman of the Board, Whirlpool Corporation, “Building Better Bridges,” Keynote Address, ABBBI Annual Conference, June 3, 1969, Box 2, Bell Papers; “Roper Poll,” NBBB Advertising Topics, June 1967; H. Bruce Palmer, “A Fresh Approach to Consumerism,” Association Management (Nov. 1971), reprinted by CBBB, Box 3, Bell Papers; Papers; Knight, Glad- ieux, & Smith Confidential Report, 24-27.

46. Kenneth Barnard to Joseph Meek, May 1, 1961; Kenneth Barnard to A. B. John­ston, Aug. 10, 1961, Box 15, Folder 2, BBBMC; Richard McClain to Lane Breidenstein, Nov. 16, 1969, Box 3, Bell Papers.

47. Eric Zanot, The National Advertising Review Board, 1971-1976 (Minneapolis, 1979).

48. FTC Press Release, June 17, 1966; Victor Nyborg to W Dan Bell, Sept. 2, 1966, Box 4, Bell Papers. On longstanding judicial suspicion of self-regulation that included compulsory sanctions, see Jerrold Van Cise, “Regulation—By Business or Government,” Harvard Business Review (April 1966): 53-63.

49. “Consumerism,” Time, Sept. 18, 1972, 87; Douglas Cray, “Consumer Protection,” NYT, June 18, 1972, F17; Bettina Gregory, “Help for Long Island Consumer, NYT, July 7, 1974, 70; Narda Trout, “Fern Jellison,” LAT, Sept. 23, 1974, B1; “Jane Byrne,” CT, July 13, 1975, H12, H24, H26, H28.

50. “Consumer’s Guardian,” NYT, June 26, 1969, 32; W. Stewart Pinkerton, “Curb­ing Fraud,” WSJ, Jan. 9, 1970, 1; Bess Myerson, “Caveat Vendor,” NYT, Jan. 7, 1973, 49, 72; Matthew Seiden, “A Model for Others,” BS, Feb. 13, 1973, C24.

51. Daniel Bessner, “The Night Watchman: Hans Speier and the Making of the Na­tional Security State,” Ph.D. dissertation (Duke University, 2013); Elizabeth Brake, “Uncle Sam on the Family Farm: Farm Policy and the Business of Southern Agriculture, 1933-1965,” Ph.D. diss. (Duke University, 2013); Matthew Murray, “Broadcast Content Regulation and Cultural Limits, 1920-1962,” Ph.D. diss. (University of Wisconsin, 1997); Ronald Bottini, “The Self-Regulation of Motion Picture Content,” Master’s thesis (University of Missouri, 1966); William Goldsmith, “Public Goods, Private Watchmen: The Origins and Evolution of Federal Reliance on Private Accreditors in U.S. Education and Healthcare,” unpublished paper in the possession of the author, 2014. See also Marc Allen Eisner, “Discovering Patterns in Regulatory History: Continuity, Change, and Regulatory Regimes,” Journal of Policy History 6 (1994): 171-75; William Novak, “The Myth of the ‘Weak’ American State,” AHR (2008): 113 (2008): 752-72; Edward J. Bal- leisen, “Rights of Way, Red Flags, and Safety Valves: Regulated Business Self-Regulation in America, 1850-1940,” in Peter Collin, Gerd Bender, Stefan Ruppert, Margrit Seckel- mann, and Michael Stolleis, eds., Regulierte Selbstregulierung in der westlichen Welt des spdten 19. und fruhen 20. Jahrhunderts / Regulated Self-Regulation in the Western World in the Late 19th and the Early 20th Century (Frankfurt, 2014), 75-127; Brian Balogh, The Associational State: American Governance in the Twentieth Century (Philadelphia, 2015).

52. Sylvia Porter, “Caveat Venditor,” Emporia Gazette, Feb. 6, 1961, 5; Colston Warne, “Advertising: A Critic’s View,” JM 26 (Oct. 1, 1962): 14; News Release, Attorney General Louis Lefkowitz, March 30, 1963, File 16, Box 189, Consumers Research Papers.

53. Morton J. Simon, The Advertising Truth Book (New York, 1960), 6; Advertise­ment of J. T O’Connell, Newport Daily News, Aug. 7, 1964, 3; Armstrong Cork Com­pany, Annual Report (Lancaster, 1972), 1; U.S. Chamber of Commerce, A Handbook on White Collar Crime: Everyone’s Problem, Everyone’s Loss (Washington, DC, 1974), 7-8.

54. “The Nixon Brand of Consumerism,” CT, Nov. 2, 1969, 28.

55. Nixon, “Special Message to the Congress on Consumer Protection”; U.S. Cham­ber of Commerce, Handbook on White Collar Crime, 9.

56. “Annual Conference Panelists Commend Bureaus’ Role in Auto Advertising,” Chicago Business Bureau, The Report, Aug. 13, 1962, 1.

57. See, for example, Reed, “Consumer Protection in Washington”; Alabama Office of Consumer Protection Newsletters from 1975 through 1978 (especially March 1977), File 12, Box 188, Consumers Research Papers.

58. Morton Mintz, “There Are Caveats to ‘Caveat Emptor,' ” WP, Dec. 18, 1968, A20; Elizabeth Fowler, “Vendors Cautioned,” NYT, April 3, 1971, 39; John King, “Rising Con­sumerism Restoring Competitive Nature to Markets,” Marketing News 8 (Dec. 1, 1974):

5.

59. The papers of Consumers' Research testify to the avalanche of materials sent out by state antifraud agencies and nongovernmental organizations. On consumer curri­cula, see Judy Roberts, “Class Tells Consumers How to Put Law to Use,” CT, Jan. 3, 1971, S9; Marian Heath Mundy, “Teaching Buyer to Be Wary,” NYT, May 28, 1972, 72; Califor­nia State Department of Education, California Basic Adult Education: Examples of Les­son Plans in Elementary Subjects for Adults (Sacramento, 1972), 10; New Jersey Center for Consumer Education, Selected Audio- Visual Materials for Consumer Education (Edi­son, NJ, 1974). On public outreach by medical authorities about quackery, see Eric Boyle, Quack Medicine: A History of Combating Health Fraud in Twentieth-Century America (Santa Barbara, 2013), 128-40.

60. Argus Advisory Service, Monthly Newsletter of Current Frauds and Swindles 1 (Feb. 1946), 1; M. C. Phillips to Charles W. Stickle, Nov. 24, 1965, File 16, Box 189, Con­sumers Research Papers; California DOJ, What to Do When You Have Been Cheated (Sacramento, 1965); Bay Area Neighborhood Development, Protect Others Too (San Francisco, 1966); Martha Cole, “You, the Consumer,” Miami Daily News-Record, Apr. 4, 1968, 10; Pennsylvania Bureau of Consumer Protection, Conrad Consumer’s Sock-It-to- Em Survival Guide (Harrisburg, 1969); California Trial Lawyers Association, How Not to Be Cheated and Who to Contact If You Are (Sacramento, 1972); Pennsylvania DOJ, How to Be an Effective Complainer (n.d., circa 1972), in File 3, Box 190, Consumers Re­search Papers.

61. New York Department of Law, The Fine Art of Fraud (Albany, 1966), available at: https://www.youtube.com/watch?v=evVjxKKwcSg, accessed July 24, 2014.

62. FTC, Report on District of Columbia Consumer Protection Program (Washing­ton, DC, 1968); Lee Benton, “Aiding the Poor,” WSJ, Jan. 4, 1968, 1; “Better Business Bureau in Harlem,” NYAN, Mar. 30, 1968; Aurelia Toyer, “Consumer Education and Low-Income Families,” Journal of Consumer Affairs, June 1968, 107-14; “FTC Sees Some Direct Action,” Albuquerque Journal, Nov. 22, 1968, 48; Isadore Barmash, “Buyers in Harlem Warned by Movie,” NYT, Apr. 16, 1969, 62; “Consumer Aid Specialist,” Ebony 26 (Oct. 1971): 7; Lesly Jones, “We're Being Robbed,” NYAN, Nov. 20, 1971, A1; Grace Lichtenstein, “Co-op City Stages a Consumer Fair,” NYT, Jan. 31, 1972, 17; Eve Sharbutt, “Consumer Specialist Challenges Big Business,” Fitchburg Sentinel, June 18, 1973, 16.

63. Len Lear, “CEPA Appears to Be Best Equipped to Fight Consumer Fraud,” PT, Apr. 16, 1968, 1; “NAACP Officials Meet,” PT, May 11, 1968, 36; “Consumer Party Woman Candidate,” Somerset [PA] Daily American, Nov. 2, 1970, 11. Like the Better Business Bureau network, inner-city consumer activists regularly used the term “gyp” without any qualms about the ethnic slur that it conveyed.

64. “Finan to Ask State Police Racket Unit,” WP, Feb. 4, 1962, A3; Walter Wagner, The Golden Fleecers (Garden City, NY, 1966), 4; “State Agency Fights Fraud,” Los Angeles Sentinel, Jan. 26, 1967, A1; Bronson Lafollette, “Consumer Fraud and Consumer Protec­tion in Wisconsin,” in FTC, National Consumer Protection Hearings (Washington, D.C.,

1969), 250-52; John Kazanjian, “Consumer Protection by State Attorneys General: A Time for Renewal,” Notre Dame Lawyer 49 (Dec. 1973): 416; NAAG, State Programs, 31-34; Patrick Leahy, “White-Collar Crime and the Consumer,” Bennington Banner, Mar. 27, 1974, 5; Louis Le&owitz, “Some Reflections on Consumer Protection: The Role of the Attorney General,” New York State Bar Journal (Aug. 1974): 336; “Crime Fighters Persist,” Oakland Tribune, Nov. 24, 1974, 100.

65. “Brooklyn D.A. Hits FTC,” Advertising Age, Mar. 21, 1956, 29; “Caruso, 6 Aides in Guilty Pleas,” LAT, Oct. 2, 1957, B1; William Witt, “Regulation of Retail Automobile Sales in the District of Columbia,” George Washington Law Review 29 (1961): 761-81; “Crackdown Set on ‘Salesmen,’ ” BS, Dec. 2, 1962, C6; “State Atty. General in New Crack­down,” CD, Mar. 28, 1964, 7; Wagner, Golden Fleecers, 103-06; Len Lear, “D. A. Cracks Down,” PT, Aug. 16, 1969, 32; Steve Emmons, “Fraud in TV Repair,” LAT, Dec. 5, 1971, OC3; Charles Elwell, “Covina Drive on Fraud,” LAT, July 9, 1972, SG1; Christopher Bayley, “One Prosecutor’s Battle Plan,” LAT, July 8, 1973, G6.

66. See, for example: the New York attorney general’s newsletter, Consumer Action; John Occhiogrosso, “Consumer Protection, Information, and Education: A County’s View,” San Diego Law Review 8 (1971): 41-44; James M. Lorenz, “Consumer Fraud and the San Diego District Attorney’s Office,” San Diego Law Review 8 (1971): 55-59; James Jeffries, “Protection for Consumers against Unfair and Deceptive Practices,” Marquette Law Review 57 (1974): 592-607; California Department of Consumer Affairs, Annual Report (Sacramento, 1976), 7; and the annual reports of the Kansas Consumer Fraud Division, available at: http://ag.ks.gov/about-the-office/document-center/annual-reports /consumer-protection/page/4, accessed Aug. 5, 2014.

67. Wayne King, “Glenn Turner,” NYT, Jan. 13, 1972, 59; “Michigan Arrests 14 Dis­tributors of Turner,” WSJ, June 13, 1972, 14; Wayne King, “A Distinct Smell of Snake Oil,” NYT, Sept. 3, 1972, E4; “G. W Turner Activities Face Additional Curbs,” WSJ, Sept. 7, 1972, 6; “Collapse of the Pyramids,” Newsweek 82 (Sept. 3, 1973): 76-77; Ralph Mooney, “Attorney General as Counsel for the Consumer: The Oregon Experience,” Or­egon Law Review 54 (1975): 126-31; Rudy Maxa, Dare to Be Great (New York, 1977).

68. Gilbert Geis, ed., White Collar Criminal: The Offender in Business and the Profes­sions (New York, 1969); John E. Conklin, “Illegal But Not Criminal”: Business Crime in America (Englewood, NJ, 1977).

69. “Letters to the Times: Sentencing of C. Arnold Smith,” LAT, June 20, 1975, D4.

70. Philip Schrag, Counsel for the Deceived: Case Studies in Consumer Fraud (New York, 1972), 79-96, 179-80, 187.

71. “Consumer Protection Comes to Westside,” CD, Sept. 11, 1969, 6; Sheila Wolfe, “State Is Leader in Consumer Fraud Fight,” CT, July 29, 1970, 8; Bruns, “Role of State and Local Consumer Protection Agencies,” 27-48.

72. Ward Welsh, “Fraud Bureau Is Short-Changed,” PI, clipping (n.d.), File 4, Box 190, Consumers Research Papers; James MacNees, “Consumer Aid Bill Offered,” BS, Mar. 12, 1968, A11; “New York Leads the Consumer Crusade,” Business Week (Jan. 31,

1970) : 52; Jeanne Voltz, “New Consumer Voice,” LAT, Feb. 11, 1971, G3; Alexander Au­erbach, “Can Agency Be Protective on a Shoestring?,” LAT, Feb. 22, 1971, G10; “Con­sumers Battle at the Grassroots,” Business Week (Feb. 26, 1972): 88; Michael Burns, “Agencies Get 100 Complaints Weekly,” BS, Nov. 12, 1972, A16.

73. John Darnton, “City’s Consumer Agency Beset by Internal Strife,” NYT, Sept. 18, 1974, 1.

74. Philip Dougherty, “Sellers vs. Consumers,” NYT, May 7, 1972, F15.

75. “Report on the Better Business Bureaus,” Congressional Record 111 (Dec. 17,

1971), 47781-95; Knight, Gladieux, and Smith, “Confidential Report.”

76. Young Lawyers Section, “Memorandum to the Washington State Legislature.”

77. On these aspects of mid-twentieth-century middle-class women's civic action, see Meg Jacobs, Pocketbook Politics: Economic Citizenship in Twentieth-Century America (Princeton, 2006), 179-220; Sylvie Murray, The Progressive Housewife: Community Ac­tivism in Suburban Queens, 1945-1965 (Philadelphia, 2003).

78. “Many Here Seek Fraud Unit's Aid,” NYT, Aug. 3, 1958, 82; “Housewives and State to Fight Sales Frauds,” NYT, Sept. 22, 1958, 18; “Urge Housewives to Watch Busi­ness,” NYAN, Apr. 18, 1959, 14; “Attorney General's First Course for Law Students,” New York State Bar Journal 39 (1967): 550; Occhiogrosso, “Consumer Protection, Informa­tion, and Education,” 46; Lilly Bruck, NCJW Journal 34 (Feb. 28, 1972): 3; Celeste Du­rant, “Specialists to Check Store Ads,” LAT, Oct. 2, 1973, OC2; “New Help for Consum­ers,” Jan. 14, 1973, 85; Lefkowitz, “Some Reflections on Consumer Protection,” 336.

79. Oswald Johnston, “Consumers' Office Open,” BS, June 12, 1967, C8; Michael Burns, “2 Counties' Consumer Units Need Manpower,” BS, Nov. 12, 1972, A16; John Gregory, “Consumer Protection,” LAT, Oct. 4, 1971, C1; Gerald Gold, “Consumerism,” NYT, Jan. 22, 1974, 41; Leslie Berkmann, “You're a Consumer and You've Got a Com­plaint,” LAT, Dec. 28, 1975, OC1.

80. Eric Steele, “Fraud, Dispute, and the Consumer: Responding to Consumer Complaints,” UPLR 123 (1975): 1180.

81. Steele, “Fraud, Dispute, and the Consumer,” 1137-68; D. W Maurer, “The Argot of Confidence Men,” American Speech 15 (1940): 116; Occhiogrosso, “Consumer Protec­tion, Information, and Education,” 45; Sacramento County Consumer Protection Bu­reau, “Truth in Bureaucracy: The Day in the Life of a Consumer Protection Bureau” (1973), Box 190, File 14, Consumers Research Papers; Steve Kline, “Consumers' Don Quixote,” LAT, Aug. 22, 1973, OCB1; Mooney, “Attorney General as Counsel for the Consumer,” 131-60; Silbey, “Consumer Justice,” 309-405.

82. Testimony of Barnett Levy, New York Assistant Attorney General; Michael Pad- nos, Director, Atlanta Legal Aid Society; John Occhiogrosso, Commissioner, Nassau County Office of Consumer Affairs; and Bruce Craig, Wisconsin Assistant Attorney General, National Consumer Protection Hearings, 55, 126-27, 165; Steele, “Fraud, Dis­pute, and the Consumer,” 1168-79.

83. See Annual Reports from the Kansas State Consumer Protection Division, State of Kansas, for 1975 through 1977. See also: “ ‘White Collar Bandits' Keep Robbing Com­munity of Millions,” New Pittsburgh Courier, Mar. 7, 1964, 3; New York Bureau of Con­sumer Frauds and Protection, 1972 Annual Report (Albany, 1972), 5-10; Alabama Office of Consumer Protection, 1974 Annual Report (Montgomery, 1974); “Got a Complaint? Call Your State Consumer Office,” Changing Times 29 (1975): 43-46; “L.A. Consumers Get Restitution,” BS, Oct. 27, 1975, B5; Silbey, “Consumer Justice,” 349-53, 490-93.

84. “Translating Sympathy for Deceived Consumers,” 42; U.S. Chamber of Com­merce, Handbook on White Collar Crime, 5-6; Don Oakley, “Crackdown on White Col­lar Crime,” Leavenworth Times, May 25, 1976, 4; “‘White Collar' Crimes,” Bridgeport Telegram, Oct. 6, 1977, 1; Jack Anderson, “Rich Man, Poor Man Justice,” WP, Apr. 30, 1978, B7.

85. “Developments in the Law: Deceptive Advertising,” HLR (Mar. 1967): 1126-27;

Schrag, Counsel for the Deceived, 118-19; Martha Willman, “Consumer Crackdown Near,” LAT, Dec. 9, 1973, SFA7; Mooney, “Attorney General As Counsel for the Con­sumer,” 149; “Consumer Protection: New Hope Following Failure of Civil and Criminal Remedies,” Journal of Criminal Law & Criminology 66 (1975): 11; Silbey, “Consumer Justice,” 396.

86. Schrag, Counsel for the Deceived, 185.

Chapter Eleven: The Promise and Limits of the Antifraud State

1. Philip Schrag, Counsel for the Deceived: Case Studies in Consumer Fraud (New York, 1972), 117-61; “Telephone Solicitors,” Brooklyn Eagle, Dec. 5, 1952, 21; “Five In­dicted on Food Fraud,” Oneonta Star, Apr. 5, 1955, 1; “Acts in Food Club Case,” NYT, Feb. 15, 1956, 14; “Admits Freezer Fraud,” NYT, June 21, 1956, 26; “Curbs Home Burglar Alarm Sales Scheme,” NYAN, June 28, 1969, 51; Grace Lichtenstein, “Alarm Concern Accused of Fraud Fails,” NYT, Aug. 1, 1971, 52; Barbara Campbell, “Burglar Alarm Company Here Charged,” NYT, Oct. 9, 1971, 35; Richard Phalon, “Alarm Concern Mak­ing Refunds,” NYT, Apr. 28, 1971, 49; “Sol Rosen and Pro-Tech Programs,” SEC News Digest, Apr. 29, 1977, 2.

2. Jean Carper, “Philadelphia Consumers Picket against Cheating,” Spokane Daily Chronicle, Mar. 16, 1970, 4; John Maginnis, “Some Are Finding Headaches with Con­sumer, Education and Protective Association,” Gettysburg Times, Mar. 31, 1971, 7; Len Lear, “CEPA Pickets GMAC in New York,” PT, July 8, 1972, 5; Andrea McCardle, “Jersey Justice and Discourses of Power: Consumer Rights, Good-Mother Citizenship, and the Cold War,” Ph.D. diss. (New York University, 2010), 111-14.

3. Fred Swartz, “Consumer Calls off Picket of Lit’s,” Aug. 27, 1966, 1; Len Lear, “CEPA Cracks Down Hard,” Oct. 10, 1967, 3; Len Lear, “CEPA Pickets Force Used Car Dealer to Take Back Automobile,” May 18, 1968, 26; Len Lear, “D.A. Cracks Down,” Aug. 16, 1969, 32; “CEPA Puts Heat on Food Freezer Operator,” Jan. 20, 1970, 4; Len Lear, “Area Woman Wins $820 after ‘Fraud’ by Korvette’s,” Nov. 7, 1972, 4. For coverage else­where, see: Bob Queen, “Robbing Innocent People,” Baltimore Afro-American, Sept. 24, 1966, 17; Warren Magnuson, “How the Ghetto Gets Gypped,” Ebony (Sept. 1968): 117­18; Morton Mintz, “Gulled Consumer Has Disparate Champions,” WP, June 8, 1969, B5; Martha Jablow, “Lemon Car Owners Learning,” BS, Mar. 25, 1973, T1.

4. Tom Ehrbar, “Consumers Band Together for Protection,” Cleveland Call and Post, Dec. 11, 1971, 11; “Black Community Has Its Own Ralph Nader,” CT, May 9, A5; Robert McClory, “Community Club: Grass Roots Consumerism,” CD, May 20, 1972, 6; “Consumer Action Groups Make Your Voice Heard,” Oakland Post, Dec. 27, 1972, 8; Henry Weinstein, “Inside a Consumer Group,” NYT, Feb. 9, 1975, 149; “Citizens with a Wallop,” Changing Times (May 1977): 32; Gregory Wilson and Elizabeth Brydolf, “Grass Roots Solutions: San Francisco Consumer Action,” in Laura Nader, ed., No Access to Law: Alternatives to the American Judicial System (New York, 1980), 417-59.

5. Craig Fallon, “Cheating a Customer Is a Risky Business,” WSJ, Jan. 6, 1972, 1; “New Consumer Plan Working,” Bryan [TX] Eagle, Jan. 13, 1972, 12; Nicholas Chriss, “Texas Tornado,” LAT, Jan. 22, 1972, A1; “Consumer Battle at the Grassroots,” Business Week, Feb. 26, 1972, 86; “ ‘Let the Seller Beware,’ ” Deer Park [TX] Progress, Aug. 3, 1972, 1; John Durham, “Marvin Zindler: Consumer Lawman,” Texas Monthly (Feb. 1973): 52-57.

6. “Extrajudicial Consumer Pressure: An Effective Impediment to Unethical Busi­ness Practices,” DLJ (1969): 1011—57; Len Lear, “Fighting Consumer Frauds: Part II,” PT, Mar. 19, 1968, 1; “CEPA Gets Injunction Overruled,” PT, July 14, 1970, 14; Weinstein, “Inside a Consumer Group.”

7. “Marvin Zindler to Address to Friendswood Optimist’s Club,” Friendswood [TX] News, May 16, 1974, 2; William Martin, “In Houston, They Dial M for Marvin,” People 1 (June 17, 1974): 58. Zindler later gained national attention through reporting that exposed a brothel outside Houston frequented by politicians and law enforcement officials, an episode that furnished the basis for the Hollywood film The Best Little Whorehouse in Texas.

8. Michael Mattice, “Media in the Middle: A Study of the Mass Media Complaint Managers,” in Nader, ed., No Access to Law, 485-522.

9. “Life Cigarettes Are Deceptively Advertised,” WSJ, Dec. 14, 1959, 5; R. W Apple and Everett Martin, “The Unsoiled Sell,” WSJ, March 4, 1960, 1; “FTC Lathers Shaving Ad,” BS, Jan. 4, 1962, 4.

10. Lewis Lowenfels, “Expanding Public Responsibilities of Securities Lawyers: An Analysis of the New Trend in Standard of Care and Priorities of Duties,” CLR 74 (1974): 412-38; Apple and Martin, “The Unsoiled Sell.”

11. Hubert Hooper, “A Study of the Evolution of the Legal Liability of Accountants with Implications for the Future of the Profession,” Ph.D. diss. (Tulane University, 1976), 127-36; Oral History Interview with Theodore Sonde, Apr. 4, 2005, SEC Historical So­ciety, 9-15, available at: http://www.sechistorical.org/museum/oral-histories/s-t/, ac­cessed Aug. 9, 2014.

12. John Gillis, “Accountants under Siege,” Financial Analysts Journal 29 (Sept.-Oct. 1973): 18-19, 22, 90-91; Lowenfels, “Expanding Public Responsibilities,” 418-24; Ray Garrett, “New Directions in Professional Responsibility,” BL 29 (1974): 9-10. A number of these cases related to Robert Vesco’s use of an unregistered investment company to defraud offshore mutual funds, which ensnared several prominent lawyers and Nixon’s attorney general, John Mitchell.

13. Garrett, “New Directions,” 12; Interview with Sonde, 15-34; SEC Release No. 5404 (June 18, 1973), 5.

14. David Ruder, “Multiple Defendants in Securities Law Fraud Cases: Aiding and Abetting, In Pari Delicto, Indemnification, and Contribution,” UPLR 120 (1972): 598­665; J. Vernon Patrick, Jr., “The Securities Class Action for Damages Comes of Age,” BL 29 (1974): 159-66; Daniel Fischel, “Secondary Liability under Section 10(b) of the Secu­rities Act of 1934,” University of California Law Review 69 (1981): 81-111.

15. Robert Rosenblatt, “How Accountable Are Accountants?” LAT, Sept. 19, 1976, H1; Samuel Gruenbaum and Marc Steinberg, “Accountants’ Liability and Responsibility: Securities, Criminal and Common Law,” Loyola of Los Angeles Law Review 13 (1980): 277-87; John Burton, “The Profession’s Institutional Structure in the 1980s,” Journal of Accountancy 145 (Apr. 1978): 63.

16. J. Gordon Clooney, “The Implications of the Revolution in Securities Regulation for Lawyers,” BL 29 (Mar. 1974): 129-35; “Angry Lawyers Blast the SEC,” Business Week Aug. 10, 1974: 102-03; Arthur Mathews, “Liabilities of Lawyers under the Federal Secu­rities Laws,” BL 30 (Mar. 1975): 105-55; Paul Steiger, “SEC Enforcers” LAT, Oct. 30, 1975, A1; Lowenfels, “Expanding Public Responsibilities,” 436-37; “Judge and Jury,” Barrons (Feb. 21, 1977): 3-6.

17. “Impact of SEC's New Disclosure Rules,” Business Week (Jan. 6, 1973): 58-60; William Foster, “The Current Financial Reporting Environment,” CPA Journal 44 (Mar. 1974): 34.

18. Wayne Green, “Supreme Court Softens Liability of Audit Firms,” WSJ, Mar. 31, 1976, 4; John Berry, “President Can Help Shape SEC,” WP, June 22, 1980, H1; Stan Crock, “SEC's Shad Shows Pro-Business Tilt,” WSJ, Sept. 16, 1981, 29; Daniel Fischel, “Secondary Liability under Section 10(b) of the Securities Act of 1934,” California Law Review 69 (1981): 80-111.

19. Francis Wheat, “The Impact of SEC Professional Responsibility Standards,” BL 34 (1979): 973.

20. Frederick Andrew, “Peat Marwick Is the First Big CPA Firm to Submit to ‘Qual­ity Review,' ” WSJ, June 17, 1974, 8; “Speech of AICPA President Wallace E. Olson,” Jour­nal of Accountancy 140 (Sept. 1975): 6-8; “Speech of Wallace E. Olson,” Journal of Ac­countancy 141 (May 1976): 82-85; Paul M. Clikeman, Called to Account: Fourteen Financial Frauds That Shaped the American Accounting Profession (New York, 2009), 69-80.

21. Richard Cunningham, “Class Action Treatment of Securities Fraud Suits under the Revised Rule 23,” George Washington Law Review 36 (1968): 1150-68.

22. “Los Angeles Board Told Rigged Meters Cost Riders $1.9 Million,” Santa Cruz Sentinel, July 22, 1964, 5; “Probers Refuse Action as Taxi Hearing Ends,” Pasadena Inde­pendent, Nov. 10, 1964, 22.

23. Daar v. Yellow Cab Co., 67 California Reports 2nd Ser. 695 (California Supreme Court, Nov. 15, 1967); Gene Blake, “Supreme Court Permits Suit,” LAT, Nov. 29, 1967, A6; Rudy Villasenor, “Yellow Cab Settles Suit,” LAT, Nov. 24, 1970, B2; “Class Action Lawyer,” LAT, Jan. 24, 1971, G1; “Yellow Cab Must Reduce Customers Rates,” Fremont Argus, Jan. 27, 1971, 9.

24. “Two Legal Reforms to Protect Shoppers' Rights,” Changing Times 24 (Apr. 1970): 23-24; Mark Green, “Appropriateness and Responsiveness: Can the Government Protect the Consumer?” Journal of Economic Issues 8 (1974): 322.

25. Myrna Oliver, “Class Action—Setback Not a Lethal Blow,” LAT, Sept. 22, 1974, 1.

26. Robert Lindsey, “Investors' Lawyer-Sleuth,” NYT, Mar. 21, 1976, 107; Craig Stock, “Law Firm Rides to the Aid of Investors,” PI, Oct. 3, 1983, D3.

27. “High Court Bolsters Agencies,” NYT, Jan.10, 1979, D1; “Twenty Cited in Suit over Westec Trading Agree to Partial $1.6 Million Settlement,” WSJ, Aug. 1, 1972, 2; “Aldon Industries Sets Class Suit Settlement Totaling $1.1 Million,” WSJ, Apr. 13, 1976, 33; “Union Bancorp to Settle Civil Lawsuits,” LAT, July 14, 1978, F23; Ted Vollmer, “Court Approves 2 U. S. Financial Suit Settlements,” LAT, Nov. 29, 1978, E15.

28. Richard Dole, “Consumer Class Actions under the Uniform Deceptive Practices Act,” DLJ (1968): 1103; Arthur Travers, Jr., and Jonathan Landers, “The Consumer Class Action,” Kansas Law Review 18 (1970): 811-38; Lou Ashe, “Class Action: Solution for the Seventies,” New England Law Review 7 (1971): 1-24; James Hinds, “To Right Mass Wrongs: A Federal Consumer Class Action Act,” Harvard Journal on Legislation 13 (1976): 776-844.

29. Morris Macey, “Award of Attorney Fees as a Stimulant to Private Litigation under the Truth in Lending Act,” BL 27 (Jan. 1972): 593-601; “Class Actions under the Truth in Lending Act,” YLJ 83 (1974): 1410-38; William Whitford, “Structuring Con­sumer Protection Legislation to Maximize Effectiveness,” Wisconsin Law Review (1981): 1037-39. For illustrative lawsuits, see: “Untruth in Lending,” Cleveland Call and Post, July 4, 1970, A1; Richard Phalon, “Credit Suits May Result in Refunds,” NYT, Sept. 19, 1970, 18; “Bank in Violation of '68 Truth Act,” NYAN, July 10, 1971, A12; “Class Action Suit Settled,” KCS, Mar. 2, 1973, A4.

30. Lewis Popper, “The New Federal Warranty Law: A Guide to Compliance,” BL 32 (Jan. 1977): 399-416; Wilson Herndon, “Consumer Class Actions and the Effect of Magnuson-Moss,” Forum 15 (1980): 926-29; “Magnuson-Moss Class Action Provisions: Consumers’ Remedy or Empty Promise,” Georgetown Law Journal 70 (1982): 1399-1403.

31. John Morris, “U. S. Consumer Unit Asks Easier Access to Courts,” NYT, Sept. 29, 1973, 21; Linda Greenhouse, “Consumer Class-Action Bill Argued,” NYT, Feb. 14, 1974, 33; “Are Consumer Class Actions Dead?” Consumer Reports 39 (Aug. 1974): 583­85; “Consumer Bill Killed by House,” WSJ, Feb. 9, 1978, 2.

32. Richard Lesher, “The Voice of Business,” Lubbock Avalanche-Journal, Sept. 18, 1977, G2; Benjamin C. Waterhouse, Lobbying America: The Politics of Business from Nixon to NAFTA (Princeton, 2014), 151-73.

33. Nancy Bernstine, “Prosecutorial Discretion in Consumer Protection Divisions in Selected State Attorney General Offices,” Howard Law Journal 20 (1977): 263-72; Robert Skimick and Patricia Avery, “State Court Class Action: A Potpourri of Differ­ences,” Forum 20 (1985): 750-72.

34. “Cost Allocation in California Class Actions,” California Western Law Review 13 (1977): 65-68; Douglas Roberts and Gary Martz, “Consumerism Comes of Age: Treble Damages and Attorney Fees in Consumer Transactions,” Ohio State Law Journal 42 (1981): 956-60; Joseph Moldovan, “New York Creates a Private Right of Action to Com­bat Consumer Fraud: Caveat Venditor,” Brooklyn Law Review 48 (1982): 509-92.

35. Craig Zabala, “Sabotage and General Motors’ Van Nuys Assembly Plant, 1975­1983,” Industrial Relations 20 (1989): 16-32; “Management Practices, Relational Con­tracts, and the Decline of General Motors,” Journal of Economic Perspectives 28 (2014): 49-72.

36. GM’s move represented a classic example of what the economists George Aker- lof and Robert Schiller refer to as “reputation mining.” Phishingfor Phools: The Econom­ics of Manipulation and Deception (Princeton, 2015), 223-35.

37. “GM Ordered to Tell Buyer of Switches,” BS, Mar. 13, 1977, A9; Andrea Pawlyna, “Great Engine Switch,” BS, June 19, 1977, T1; “Great Engine Switch and Other Magic Tricks,” Consumer Reports 43 (Apr. 1978): 190-91.

38. “Attorneys General Ask G.M. Payment,” NYT, July 16, 1977, 27; Mitchell Locin, “States Join in Suing GM over Engine,” CT, Oct. 15, 1977, A5; “Engine Switch Pact to Cost GM $40 Million,” CT, Dec. 20, 1977, B1; “Great Engine Switch and Other Magic Tricks,” 190-91.

39. “Settlement with GM on Engine Switch Is Upset,” WSJ, Feb. 27, 1979, 12; Anne Keegan, “Joe Siewek and His ‘Chevymobile,’ ” CT, Mar. 13, 1981, 1; “Jury Orders G.M. to Pay 10,000,” NYT, June 28, 1981, 25; “1,200 in State to Get $400 Each,” CT, Mar. 2, 1984, A8.

40. Jonathan Sheldon and George Zweibel, Survey of Consumer Law (Washington, DC, 1978), 74-115.

41. Jane G. Schubert and Robert E. Krug, Consumer Fraud: An Empirical Analysis (Washington, DC, 1979), 8-67.

42. Marver H. Bernstein, Regulating Business by Independent Commission (Prince­ton, 1955); Gabriel Kolko, The Triumph of Conservatism: A Reinterpretation of American History, 1900-1916 (New York, 1963).

43. Edward Cox, The Nader Report on the Federal Trade Commission (New York, 1969); American Bar Association, Commission to Study the Federal Trade Commission (New York, 1969).

44. Frank Angell, “Some Effects of the Truth-in-Lending Legislation,” Journal of Business 44 (1971): 78-85; Griffith Garwood, “Truth-in-Lending: A Regulators View,” BL 29 (Nov. 1973): 198-99; George Day and William Brandt, “Consumer Research and the Evaluation of Information Disclosure,” Journal of Consumer Research 1 (1974): 21-32.

45. George Day, “Assessing the Effects of Information Disclosure Requirements,” JM 40 (Apr. 1976): 42-52; Noel Capon and Richard Lutz, “A Model and Methodology for the Development of Consumer Information Programs,” JM 43 (Jan. 1979): 58-67.

46. Kenneth McNeil, John Nevin, David Trubek, and Richard Miller, “Market Dis­crimination against the Poor and the Impact of Consumer Disclosure Laws: The Used Car Industry,” Law & Society Review 13 (1979): 695-720.

47. George Stigler, “Public Regulation ofthe Securities Markets,” BL 19 (1964): 721­53; David Clurman, “A Report... on New Issues of Securities” (1969), available at http:// www.sechistorical.org/collection/papers/1960/1969_0901_NYNewIssues.pdf, accessed April 26, 2016; George Benston, “The Value of the SEC's Accounting Disclosure Re­quirements,” Accounting Review 44 (1969): 515-32; Lyn Pankoff and Robert Virgil, “Some Preliminary Findings from a Laboratory Experiment on the Usefulness of Finan­cial Accounting Information to Security Analysts,” Journal of Accounting Research Sup­plement (1970): 1-61; Elliot Weiss, “Disclosure and Corporate Accountability,” BL 34 (Jan. 1979): 579-81; Homer Kripke, The SEC and Corporate Disclosure: Regulation in Search of a Purpose (New York, 1979).

48. Renee Friedman, “Regulation of Interstate Land Sales: Is Full Disclosure Suffi­cient?” Journal of Urban and Contemporary Law 20 (1980): 153-58.

49. Angell, “Some Effects of Truth-in-Lending Legislation,” 82-83; “Consumer Credit Regulation: Illusion or Reality?” BL 33 (Feb. 1978): 1148.

50. George Benston, “Required Disclosure and the Stock Market: An Evaluation of the Securities and Exchange Act of 1934,” American Economic Review (1973): 132-55.

51. Gregory Alexander, Honesty and Competition: False-Advertising Law and Policy under FTC Administration (Syracuse, 1967).

52. Richard Posner, “The Federal Trade Commission,” University of Chicago Law Review 37 (1969): 61-82.

53. George Benston, “An Appraisal of the Costs and Benefits of Government- Required Disclosure: SEC and FTC Requirements,” Law and Contemporary Problems 41 (1977): 39-41; Homer Kripke, The SEC and Corporate Disclosure: Regulation in Search of a Purpose (New York, 1979), 62-68, 232-42.

54. Posner, “Federal Trade Commission,” 61-64; Kripke, SEC and Corporate Disclo­sure, 117-33.

55. Milton Friedman, Capitalism and Freedom (Chicago, 1962), 133.

56. Kripke, SEC and Corporate Disclosure, 68-70, 96-116; Marc Eisner, “Institu­tional History and Policy Change: Exploring the Origins of the New Antitrust,” Journal of Policy History 2 (1990): 261-89.

57. Brooksley Born, “Oral History Interview with Robert Pitofsky,” Oct. 28, Dec. 2, 19, 2003, Feb. 20, Mar. 10, May 20, 2004, Historical Society of the District of Columbia Circuit, 27-31, 42-48, 67, 73-75, available at: http://dcchs.org/RobertPitofsky/robert pitofsky_complete.pdf, accessed Feb. 16, 2010.

58. Robert Pitofsky, “Beyond Nader: The Regulation ofAdvertising,” HLR 90 (1977): 664-92.

59. Kimberly Till, “The SEC Safe Harbor for Forecasts—A Step in the Right Direc­tion?” DLJ (1980): 607-40; “SEC to Simplify Reports by Firms, Toronto Globe and Mail, Aug. 5, 1981, B6; Michael Ferry, “The Truth-in-Lending Simplification and Reform Act: An Overview,” Journal of the Missouri Bar 38 (1982): 417-25.

60. Born, “Oral History Interview of Robert Pitofsky,” 57, 78-82; Michael Pertschuk, The Revolt against Regulation: The Rise and Pause ofthe Consumer Movement (Berkeley, 1982), 80-85, 98-106, 113-17.

61. John O'Brien to W Dan Bell and Woodrow Wirsig, Nov. 20, 1969, Box 9, Bell Papers; “Protective Government ‘Paralyzes' Consumers,” clipping from Advertising Age, Oct. 10, 1966, Box 31, Folder 5, BBBMC; Richard McClain to Victor Nyborg, Dec. 20, 1968, Box 3, Bell Papers; Jim Hyatt, “Friend or Foe?” WSJ, Sept. 18, 1970, 1.

62. Stephens to Barry; Dan Berry, Jr., “The Roof Is Leaking,” Memo to BBB Execu­tives, Aug. 23, 1965, Box 4, Bell Papers.

63. John Madsen to Encyclopedia Britannica, Feb. 23, 1966; John Madsen to Avon, Feb. 23, 1966; Earl Lind to Lloyd Delke, President, National Association of Direct Sell­ers, April 24, 1967, Box 150, Folder 15, BBMC.

64. Peter Millones, “Harassment Laid to Consumerism,” NYT, Feb. 18, 1970.

65. Peter Weaver, “The Better Business Bureau Isn't Always Better,” WP, Mar. 7, 1971, F15; “Promoting Self-Policing,” Time, June 14, 1971; Jack Anderson, “Better Busi­ness Units Faulted,” WP, Sept. 7, 1971, C21; David Levy, “The Better Business Bureau: Whom Does It Really Protect?” WP, Nov. 7, 1971, B49; Hyatt, “Friend or Foe?” Grace Lichtenstein, “Better Business Bureaus Seek to Counter Criticism,” NYT, May 22, 1972, 1; Isadore Barmash, “City Business Bureau Is 50,” NYT, May 2, 1972, 57.

66. Levy, “The Better Business Bureau”; Frances Cerra, “New Better Business Chief Is Consumer Oriented,” NYT, Jan. 8, 1978, 40; Ralph Blumenthal, “Better Business Unit Drops 15 Companies,” NYT, Apr. 12, 1978, B2; Ralph Blumenthal, “Consumer Activists Who Mean Business,” NYT, Aug. 15, 1979, CI.

67. Chicago BBB Report on Sears Roebuck, Oct. 1974, Box 209, Folder 5; Earl Lind to J. B. Myers, Memphis BBB, Box 209, Folder 4, BBBMC. “Sears Roebuck Consents to Order by FTC Barring ‘Bait-and-Switch' Sales Tactics,” Wall Street Journal, Oct. 2, 1976, 13.

68. Jack Anderson, “Better Bureaus Are No Better,” WP, Feb. 12, 1972, D15; Eric Zanot, The National Advertising Review Board, 1971-1976 (Minneapolis, 1979), 7-21; John Morris, “F.C.C. Rejects Three Requests to Expand Role,” NYT, Oct. 10, 1971, F4; Philip Dougherty, “Problems of a Review Board,” NYT, Aug. 4, 1972, 38; Philip Dough­erty, “N.A.R.B. Is Scored,” NYT, Feb. 11, 1974, E7; Stanley Cohen, “Consumerist Group Raps NAD Delays,” Advertising Age, April 22, 1974, 2; Alexander Auerbach, “Ad Self­Regulation Is Set Back,” LAT, Mar. 9, 1975, E9.

69. Grace Lichtenstein, “Business Bureaus Back Arbitration,” NYT, May 28, 1972, 79; William Jones, “Arbitration Setup Offered by BBBs,” WP, June 25, 1974, D10; James Simison, “Arbitration for Consumers Is Spreading,” WSJ, Apr. 21, 1975, 30; Jane Bryant Quinn, “Arbitration Panel Aids Complainant,” WP, Mar. 8, 1976, D7.

70. Chicago Better Business Bureau, WHO Will Be the GO-BETWEEN? (Chicago, 1974), Box 28, Folder 5, BBBMC.

71. Stewart Macaulay, “Lawyers and Consumer Protection Laws,” Law & Society Re­view 14 (1979): 116-71.

72. After the Equity Funding accounting fraud broke in 1973, more than twenty corporate officers and external accountants faced criminal indictments, with sixteen re­ceiving jail time of up to eight years. Investors victimized by the fraud eventually re­ceived between fifteen and forty cents on the dollar in restitution, paid by the accounting firms that certified the company's financial statements, underwriters of Equity securities offerings, and former Equity executives in their personal capacities. “A $20-Million Suit Is Filed by Trustee of Equity,” NYT, Apr. 2, 1975, 58; Al Delugach, “Last 3 Equity Defen­dants Given 3-Month Jail Terms,” LAT, July 17, 1975, D11; “$57 Million Tentative Settle­ment Drafted,” NYT, Jan. 6, 1977, 47.

73. On the significance of “rights discourse” for consumer activism, see McCardle, “Jersey Justice,” 116.

Chapter Twelve: Neqliberalism and the Rediscovery of Business Fraud

1. For this, Google Ngram, see: https://books.google.com/ngrams/graph?content =corporate+fraud%2Cbusiness+fraud&year_start=1976&year_end=2008&corpus=17 &smoothing=3&share=&direct_url=t1%3B%2Ccorporate%20fraud%3B%2Cc0%3B.t1%3B%2Cbusiness%20fraud%3B%2Cc0.

2. Searches of the “Proquest Historical Newspapers” and “Proquest Newspapers” databases yielded the following number of hits: 1976-1985: 139; 1986-1995: 237; 1996­2005: 378; 2006—Feb. 2014: 1,019.

3. Federal Bureau of Investigation, Senior Sentinel Telemarketing Fraud (Washing­ton, DC, 1995); Mark Allan Baginskis, “Telemarketing Fraud upon the Elderly Shows No Signs of Slowing,” Loyola Consumer Law Review 11 (1998): 5; Fred Huebner, “Fifty Ways to Scam Your Brother,” Washington State Bar News 52 (Mar. 1998): 16-17; David Anderson, “The Aggregate Burden of Crime,” Journal of Law and Economics 42 (1999): 637-38.

4. “Scams, Frauds, and Overruns: How Can the Pentagon Cope,” Providence Jour­nal, May 15, 1985, A15; Paul Jesilow, Gilbert Geis, and John C. Harris, “Doomed to Re­peat Our Errors: Fraud in Emerging Health-Care Systems,” Social Justice 22 (Summer 1995): 125-38.

5. Miriam Albert, “E-buyer Beware: Why Online Auction Fraud Should Be Regu­lated,” American Business Law Journal 39 (2002): 575-601. See also the annual reports of the FBI's Internet Crime Complaint Center, available at: https://www.ic3.gov/media /annualreports.aspx.

6. George Akerlof and Paul Romer, “Looting: The Economic Underworld of Bank­ruptcy for Profit,” Brookings Papers on Economic Activity (1993): 1-73; Robert Tillman and Henry Pontell, “Organizations and Fraud in the Savings and Loan Industry,” Social Forces 73 (1995): 1439-63; William Black, The Best Way to Rob a Bank Is to Own One: How Corporate Executives and Politicians Looted the S&L Industry (Austin, 2005). Some economists demurred from this analysis, arguing that most S&L losses reflected ill- judged speculation rather than managerial looting. Robert Rosenblatt, “Just How Mas­sive Was the Fraud in the S&L Disaster?” LAT, July 21, 1990, 1; Bert Ely and Vicki Van- derhoff, Lessons Learned from the S & L Debacle: The Price of Failed Public Policy (Lewisville, TX, 1991), 12. For a compelling rejoinder, see Henry Pontell, “White-Collar Crime or Just Risky Business? The Role of Fraud in Major Financial Debacles,” Crime, Law, and Social Change 42 (2005): 311-15.

7. “When the Numbers Don't Add up,” The Economist 362 (Feb. 9, 2002): 57-60; Larry Ribstein, “Market vs. Regulatory Responses to Corporate Fraud: A Critique of the Sarbanes-Oxley Act of 2002,” Journal of Corporation Law 28 (2002): 4-7; John Kroger, “Enron, Fraud, and Securities Reform: An Enron Prosecutor's Perspective,” University of Colorado Law Review 76 (2005): 57-138. Gary Giroux, “What Went Wrong? Accounting Fraud and Lessons from the Recent Scandals,” Social Research 75 (2008): 1205-38.

8. Amir Afrati, Tom Lauricella, and Dionne Searcy, “Top Broker Accused of $50 Billion Fraud,” WSJ, Dec. 12, 2008, A1; Steve Sacklow, “Ponzi Schemes Proliferate,” WSJ Europe, Jan. 29, 2009, 19; Tom Fowler and Mary Flood, “Stanford Group Now Accused of Ponzi Scheme,” Houston Chronicle, Feb. 29, 2009, A1; Kevin McCoy, “Economic Trou­bles Reveal Ponzi Plague,” USA Today, Apr. 17, 2009, B1; Alan Abelson, “Ponzi's Legacy,” Barrons 92 (July 16, 2012): 7.

9. Paul Muolo and Matthew Padilla, Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis (New York, 2010); David Dayen, Chain of Title: How Three Ordinary Americans Uncovered Wall Street’s Great Foreclosure Fraud (New York, 2016).

10. American Association of Retired Persons, A Report on the Survey of Older Con­sumer Behavior (Washington, DC, 1990); Regina Haasis and Lori Shelby, “Seniors: The Con's Deepest Pockets,” Experience 5 (Winter 1995): 5-11; Keith Slotter, “Hidden Faces: Combating Telemarketing Fraud,” FBI Law Enforcement Bulletin 67 (Mar. 1998): 13; Lauren Dake, “How Seniors Can Spot a Fraud More Easily,” Christian Science Monitor, July 24, 2006, 13.

11. On “corrosive” regulatory capture, see Daniel Carpenter and David A. Moss, eds., Preventing Regulatory Capture: Special Interest Influence and How to Limit It (New York, 2013), 16-18.

12. J. Gregory Sidak, “The Failure of Good Intentions: The WorldCom Fraud and Collapse of American Telecommunications after Deregulation,” Yale Journal on Regula­tion 20 (2003): 227-46.

13. Harry Trebing, “Assessing Deregulation: The Clash between Promise and Real­ity,” Journal of Economic Issues 38 (2004): 14-16; Woodrow Clark, Jr. and Istemi Demirag, “US Financial Regulatory Change: The Case of the California Energy Crisis,” Journal of Banking Regulation 7 (2006): 75-93.

14. Stephen Pizzo, Mary Fricker, and Paul Muolo, Inside Job: The Looting of Ameri­ca’s Savings and Loans (New York, 1991), 21-54; Sinan Cebenoyan, Elizabeth Cooper­man, and Charles Register, “Deregulation, Reregulation, Equity Ownership, and S&L Risk-Taking,” Financial Management 24 (Autumn 1995): 63-76; Kitty Calavita, Henry N. Pontrell, and Robert Tillman, Big Money Crime: Fraud and Politics in the Savings and Loan Crisis (Berkeley, 1997), 1-15.

15. G. Mitu Gulati, Jeffrey Rachlinski, and Donald Langevoort, “Fraud by Hind­sight,” Northwestern University Law Review 98 (2004): 773-825; L. Randall Wray, “Les­sons from the Subprime Meltdown,” Challenge 51 (Mar.-Apr. 2008): 40-57; John Coffee, Jr. and Hillary Sale, “Redesigning the SEC: Does the Treasury Have a Better Idea?,” Vir­ginia Law Review 95 (2009): 710-20; Patricia McCoy, Andrey Pavlov, and Susan Wachter, “Systemic Risk through Securitization: The Result of Deregulation and Regulatory Fail­ure,” Connecticut Law Review 41 (2009): 1327-76; James Lieber, “Up in Smoke,” Village Voice, Jan. 28, 2009, 13-18, 20; Financial Crisis Inquiry Commission, The Financial Cri­sis Inquiry Report (New York, 2011), 52-66; William Black, “The Department of Justice ‘Chases Mice While Lions Roam the Campsite': Why the Department Has Failed to Prosecute the Elite Frauds That Drove the Financial Crisis,” UKMC Law Review 80 (2012): 53.

16. Kitty Calavita and Henry Pontrell, “ ‘Heads I Win, Tails You Lose': Deregulation, Crime, and Crisis in the Savings and Loan Industry,” Crime and Delinquency 36 (1990): 328-29; Black, The Best Way to Rob a Bank Is to Own One, 17-40, 256-65.

17. Carrington, “Seven Defense Contractors Submitted Millions of Dollars of Dubi­ous Bills,” WSJ, May 16, 1985, 12; “Panel to Probe Abuses by Defense Contractors,” Se­attle Times, June 18, 1985, A2; “Few Defense Fraud Cases Prosecuted,” Houston Chroni­cle, July 29, 1985, A2; Richard Halloran, “Trouble with Defense Contractors,” NYT, Dec. 8, 1985, A1; Spencer Rich, “Medicare Fraud Said to Cost Hundreds of Millions,” WP, Oct. 3, 1991, A21; Pamela Bucy, “Health Care Reform and Fraud by Health Care Provid­ers,” Villanova Law Review 38 (1993): 1003-38; Peter Mitchell, “Faulty Claims Mar Medicare,” WSJ, June 7, 1995, F1.

18. Adrian Michaels and Peter Spiegel, “Agency Underfunded,” Financial Times, July 1, 2002, 26.

19. “Georgia Struggles with Rising Tide of Mortgage Fraud,” Knight Ridder Tribune Business News, Feb. 6, 2005, 1; Daniel Lathrop, “FBI Lacks Resources to Fight Boom in Mortgage Fraud,” July 5, 2007, A1.

20. Financial Crisis Inquiry Report, 94-95.

21. Michele Derus, “Mortgage Fraud Takes Heavy Toll,” Milwaukee Journal Sentinel, Apr. 11, 2005, 1; Edward Gramlich, Subprime Mortgages: Americas Latest Boom and Bust (Washington, DC, 2007); Richard Schmitt, “FBI Saw Threat of Loan Crisis,” LAT, Aug. 25, 2008, A1; Harry Markopolos, No One Would Listen: A True Financial Thriller (Hobo­ken, 2010); Mimi Swartz and Sherron Watkins, Power Failure: The Inside Story of the Collapse of Enron (New York, 2004).

22. William D. Cohan, “Wall Street Whistleblowers,” FT.com (May 30, 2014), avail­able at: http://www.ft.com/cms/sZ2/ce216134-e6c7-11e3-9a20-00144feabdc0.html #axzz3C2o23blr, accessed Aug. 31, 2014.

23. Frontline, “The Warning,” originally aired on PBS October 20, 2009, available at http://www.pbs.org/wgbh/pages/frontline/warning/, accessed April 26, 2016.

24. Financial Crisis Inquiry Report, 79-80.

25. David Reiss, “Subprime Standardization: How Ratings Agencies Allow Preda­tory Lending to Flourish in the Secondary Mortgage Market,” Florida State Law Review 33 (2006): 1023-53.

26. Jessica Leight, “Public Choice: A Critical Reassessment,” in Edward Balleisen and David Moss, eds., Toward a New Theory of Regulation (New York, 2009), 213-55; Edward J. Balleisen, “Introduction: The Dialectics of Modern Regulatory Governance,” in Balleisen, ed., Business Regulation, vol. 1 (Cheltenham, UK, 2015), xlii-xlvi, lii-lvi.

27. Richard Vietor, Contrived Competition: Regulation and Deregulation in America (Cambridge, MA, 1994); Daniel T. Rodgers, Age of Fracture (Cambridge, MA, 2011), 60-63; Luigi Zingales, Robert Glauber, Robert Litan, Allan Ferrell, and Andrew Kuritz- kes, Interim Report of the Committee on Capital Market Regulation (New York, 2007), available at: http://capmktsreg.org/press/interim-report/, accessed Aug. 26, 2014.

28. On the wider intellectual currents involving the “rediscovery of the market,” see Rodgers, Age of Fracture, 41-69.

29. Michael Darby and Edi Karni, “Free Competition and the Optimal Amount of Fraud,” Journal of Law & Economics 16 (1973): 67-88; Frank Easterbrook and Daniel Fischel, “Mandatory Disclosure and the Protection of Investors,” Virginia Law Review 70 (1984): 674-77, 688-90; Richard A. Posner, Economic Analysis of Law, 3rd ed. (New York, 1986), 422-24; Stephen Choi, “Regulating Investors, Not Issuers: A Market-Based Proposal,” California Law Review 88 (2000): 279-83.

30. Alan Greenspan, The Age of Turbulence: Adventures in a New World (New York, 2007), 375; Frontline, “The Warning,” script available at: http://www.pbs.org/wgbh/ pages/frontline/warning/etc/script.html, accessed Aug. 26, 2014.

31. Melder et al. v. Morris et al., 27 Fed. 3rd Series 1097 (5th Circuit Court of Ap­peals, 1997).

32. Thomas J. Peters and Robert H. Waterman, In Search of Excellence: Lessons from America’s Best-Run Companies (New York, 1982); Thomas J. McCoy, Compensation and Motivation: Maximizing Employee Performance with Behavior-B ased Incentive Plans (New York, 1992); James M. McTaggart, The Value Imperative: Managing for Superior Shareholder Returns (New York, 1994); Rakesh Khurana, From Higher Aims to Hired Hands: The Social Transformation of American Business Schools and the Unfulfilled Promise of Management as a Profession (Princeton, 2007); Kimberly Phillips-Fein, Invis­ible Hands: The Making of the Conservative Movement from the New Deal to Reagan (New York, 2009), 185-262.

33. K. Labich and T. Ehrenfeld, “The New Crisis in Business Ethics,” Fortune 125 (Apr. 20, 1992): 167; Reed Abelson, “Companies Turn to Grades,” NYT, Mar. 19, 2001, A1; Michelle Conlin, “Compensation Is Getting Personal,” Business Week (Dec. 6, 2002): 1; Alex Berenson, The Number: How the Drive for Quarterly Earnings Corrupted Wall Street and Corporate America (New York, 2003), 71-149.

34. Chad Terhune, Carrick Mollenkamp, and Ann Carns, “Inside Alleged Fraud at HealthSouth,” WSJ, Apr. 3, 2003, A1; Brooke Masters, “Worldcom Exec Tells of ‘Pres­sure,’ ” WP, Feb. 15, 2002, 15; Carrie Johnson, “Prosecutors, Regulators Step up Pace of Auditor Probes,” WP, Jan. 28, 2003, E1; Berenson, The Number, 180-218.

35. “How Corrupt Is Wall Street?” Business Week, May 13, 2002, 36-42; Gretchen Morgenson, “The Enforcers of Wall St?” NYT, June 20, 2002, C1; William Grider, “The Enron Nine,” The Nation 274 (May 13, 2002): 18-22; Paul Healey and Krishna Palepu, “How the Quest for Efficiency Corroded the Market,” Harvard Business Review 81 (July 2003): 76-85; John C. Coffee, Gatekeepers: The Professions and Corporate Governance (New York, 2006), 15-77, 146-64, 226-29, 283-92; Jonathan R. Macey, The Death of Corporate Reputation: How Integrity Has Been Destroyed on Wall Street (Upper Saddle River, NJ, 2013), 123-89.

36. James Donegan and Michele Ganon, “Strain, Differential Association, and Co­ercion: Insights from the Criminological Literature on Causes of Accountants’ Miscon­duct,” Accounting and the Public Interest 8 (2008): 1-20; William Black, “Neo-Classical Economic Theories, Methodology, and Praxis Optimize Criminogenic Environments and Produce Intensifying Crises,” Creighton Law Review 44 (2011): 597-645; Tomson H. Nguyen, Fraud and the Subprime Mortgage Crisis (El Paso, 2011). On the social contexts that legitimize deceptive practices, and the diffusion of new forms of deception, see: Cynthia Koller, “Diffusion of Innovation and Fraud in the Subprime Mortgage Market,” Ph.D. diss. (University of Cincinnati, 2010). Dan Ariely describes such diffusion of dis­honesty as “moral infection”: The (Honest) Truth about Dishonesty: How We Lie to Every­one—Especially Ourselves (New York, 2012), 191-216.

37. “Bullish Citigroup Is ‘Still Dancing' to the Beat,” Financial Times, July 10, 2007, 1; Richard Bitner, Confessions of a Subprime Lender: An Insider’s Tale of Greed, Fraud, and Ignorance (Hoboken, 2008), 41-125; Muolo and Padilla, Chain of Blame; Mark Gil­lispie, “The Subprime House of Cards,” Cleveland Plain Dealer, May 11, 2008, A1; Kevin Hall, “How Moody's Sold Its Ratings,” McClatchy Newspapers, Oct. 18, 2009, available at http://www.mcclatchydc.com/2009/10/18/77244/how-moodys-sold-its-ratings-and. html, accessed Oct. 19, 2009; Drew DeSilver, “Reckless Strategies Doomed WaMu,” Se­attle Times, Oct. 25, 2009, available at http://seattletimes.com/html/businesstechnol- ogy/2010131911_wamu25.html, accessed Oct. 16, 2009; Bethany McLean and Joe Noc- era, All the Devils Are Here: The Hidden History of the Financial Crisis (New York, 2010); Financial Crisis Inquiry Commission, The Financial Crisis Inquiry Report, 102-212; Koller, “Diffusion of Innovation and Fraud,” 91-106; Nguyen, Fraud and the Subprime Mortgage Crisis, 75-114; Neil Fligstein and Alexander Roehrkasse, “All the Incentives Were Wrong: Opportunism and the Financial Crisis,” unpublished paper delivered to Law and Ethics Conference, Yale University, Feb. 15, 2013, available at http://sociology.berkeley.edu/sites/default/files/faculty/fligstein/All%20The%20Incentives%20 Were%20Wrong%20for%20Financialization%20Workshop.pdf, accessed Sept. 17, 2014.

38. Paul Krugman, “Two, Three, Many?” NYT, Feb. 1, 2002, A25. Jonathan Cooper­smith has made a similar argument. See his unpublished paper, “Creative Construction: The Importance of Fraud and Froth in Emerging Technologies,” available at: http://the- bhc.org/sites/default/files/webform/pre-meeting-papers/BHC%20June%202015%20 Coopersmith.pdf, accessed July 5, 2015.

39. Ariely, The (Honest) Truth about Dishonesty, 163-89. See also Malcolm Salter, Innovation Corrupted: The Origins and Legacy of Enrons Collapse (Cambridge, MA, 2008), especially 305-17.

40. Lucette Lugnado, “Hospitals Profit by ‘Upcoding' Illnesses,” WSJ, Apr. 17, 1997, B1; Eva Rodriguez, “In Columbia Inquiry, a Fine Line Defines Fraud,” WSJ, Aug. 11, 1997, A3; Edward J. Balleisen, Scenes from a Corporate Makeover: Health Care Fraud and the Refashioning of Columbia-HCA, 1992-2001 (Durham, 2003), Part 1, 15-18.

41. D. N. Ghosh, “Wall Street Capitalism and the World of Professional Managers,” Economic and Political Weekly 37 (2002): 3803-09; Robert Prentice, “Enron: A Brief Behavioral Autopsy,” American Business Law Journal 40 (2003): 427-33; Kurt Eichen- wald, Conspiracy of Fools: A True Story (New York, 2005); Malcolm S. Salter, Innovation Corrupted: The Origins and Legacy of Enrons Collapse (Cambridge, MA, 2008).

42. Adam Ashcraft and Til Schuermann, “Understanding the Securitization of Sub­prime Credit,” Staff Report 318, Federal Reserve Bank of New York (2008); John Martin, “A Primer on the Role of Securitization in the Credit Market Crisis of 2007,” unpub­lished paper, 2009, available at: http://www.sba.pdx.edu/faculty/danr/danraccess/ courses/fin562/martin_2009_securitization_primer.pdf, accessed Aug. 29, 2014.

43. Bitner, Confessions of a Subprime Lender, 109.

44. David Reiss, “Ratings Failure: The Need for a Consumer Protection Agency in Rating Agency Regulation,” Banking & Financial Services Policy Report 28 (Nov. 2009): 12-22; SEC, Summary Report of Issues Identified in the Commission Staff’s Examination of Select Credit Rating Agencies (Washington, DC, 2008); Bruce Jacobs, “Tumbling Tower of Babel: Subprime Securitization and the Credit Crisis,” Financial Analysts Journal 65 (May/June 2009): 17-30.

45. Gary Rhodes, “Gibson Sues over Swap Loss,” Cincinnati Post, Sept. 13, 1994, D5; Thomas Paulette, “Procter & Gamble Sues Bankers Trust,” WSJ, Oct. 28, 1994, A6; Don­ald Langevoort, “Selling Hope, Selling Risk: Some Lessons from Behavioral Economics about Stockbrokers and Sophisticated Investors,” California Law Review 84 (1996): 627­701; Macey, Death of Corporate Reputation, 55-81.

46. Michael Lewis, The Big Short: Inside the Doomsday Machine (New York, 2010), 70-82; Macey, Death of Corporate Reputation, 41-51.

47. David Nadler, “Suspension and Debarment of Government Contractors: The Current Climate,” National Contract Management Journal 22 (Winter 1989): 9-16; San­dra Sugawar, “Training Bigger Guns on Corporations,” WP, Mar. 2, 1990, A1; William Gregory, “The Defense Procurement Mess,” Internal Auditor (Apr. 1990): 49-55; John Ruhnka and Edward Gac, “The ‘New’ False Claims Act,” The CPA Journal 68 (1998): 40-45; Balleisen, Scenes from a Corporate Makeover, Part 1, 18-32.

48. Donald Wood, Loye Young, Frederick Frost, and Pamela Nichols, “Overview of FIRREA,” Practical Real Estate Lawyer 6 (July 1990): 43-54; Raymund Kawasaki, “Lia­bility of Attorneys, Accountants, Appraisers, and Other Independent Contractors under the Financial Institutions Reform, Recovery, and Enforcement Act,” Hastings Law Jour­nal 42 (1990): 249-84; Stephen Albert, “Federal Sentencing Guidelines,” The Internal Auditor 49 (1992): 49-50; Patrick Crawford, “Inefficiency and Abuse of Process in Bank­ing Regulation: Asset Seizures, Law Firms, and the RICOization of Banking Law,” Vir­ginia Law Review 79 (1993): 205-42; Arthur Leibold, “Lawyers at Risk: Lawyer Asset Freezes and Other Chilling Experiences,” Review of Litigation 12 (1993): 573-618; Kitty Calavita and Henry Pontell, “The State and White-Collar Crime: Saving the Savings and Loans,” Law & Society Review 28 (1994): 297-324; Stephanie Strom, “Accounting Firm Settles Federal Auditing Charges,” NYT, Aug. 10, 1994, D1; Michelle Singletary, “Justice Dept. Hails Prosecutions at Banks,” WP, Nov. 14, 1995, A10.

49. Charles Gasprino, “Wall Street Has an Unlikely New Cop,” WSJ, Apr. 25, 2002, C1; Randall Smith and Aaron Luchetti, “How Spitzer Pact Will Affect Wall Street,” WSJ, May 22, 2002, C1; “Spitzer on Analysts, Predators, and Politics,” American Banker (May 29, 2002): 11.

50. Mark High, “Looking under the Rocks: Due Diligence after Sarbanes-Oxley,” Business Law Today 15 (Sept.-Oct. 2005): 12-17; Don Langevoort, “Internal Controls after Sarbanes-Oxley: Revisiting Corporate Law’s ‘Duty of Care as Responsibility for Systems,’ ” Journal of Corporation Law 31 (2006): 949-73; John Coates, “The Goals and Promise of the Sarbanes-Oxley Act,” Journal of Economic Perspectives 21 (2007): 91-116; Melissa Maleske, “8 Ways SOX Changed Corporate Governance,” Inside Counsel (Jan. 2012); “Survey Finds Improvement in Internal Control over Financial Reporting Since Passage of Sarbanes-Oxley,” Investment Weekly News, June 23, 2012, 702; Paul Sweeney, “Sarbanes-Oxley—A Decade Later,” Financial Executive (July/Aug. 2012), available at: http://www.financialexecutives.org/KenticoCMS/Financial-Executive-Maga- zine/2012_07/Sarbanes-Oxley—A-Decade-Later.aspx#axzz3C54bfNoF, accessed Aug. 28, 2014.

51. John Heasley, “Executive Summary of the Dodd-Frank Act,” Texas Banker 99 (Sept. 2010): 28, 33; Linda Singer, Zachary Best, and Nina Simon, “Breaking Down Fi­nancial Reform: A Summary of the Major Consumer Protection Portions of the Dodd- Frank Wall Street Reform and Consumer Protection Act,” Journal of Consumer and Commercial Law 14 (2010): 2-15; Hema Rao, John McDonald, and Dean Crawford, “The Dodd-Frank Wall Street Reform and Consumer Protection Act,” The CPA Journal 81 (Mar. 2011): 15-25; Lydia DePillis, “A Watchdog Grows Up: The Inside Story of the Consumer Financial Protection Bureau,” WP Blogs, Jan. 12, 2014.

52. Anthony Ramirez, “A Crackdown on Phone Marketing,” NYT, Feb. 10, 1995, D1; “New Rules to Reduce Telemarketing Fraud,” Consumers’ Research Magazine 78 (Oct.

1995) : 33; Chad Rubel, “Stiffer Rules for Telemarketers,” Marketing News 30 (Feb. 26,

1996) : 1; Tara Flynn, “Current Trends in Telemarketing Fraud,” Bank Security & Fraud Prevention 4 (Oct. 1997): 3-5.

53. Slotter, “Hidden Faces,” 14-16; D'Jamila Salem, “U. S. Cracks Down on Tele­phone Con Artists,” LAT, Mar. 20, 1996, A1; Flynn, “Current Trends in Telemarketing Fraud,” 5; Gene Tharpe, “FTC Pits ‘Peach Sweep' on Scam Calls,” AC, July 15, 1997, G3; Jeff Leeds and Amanda Elk, “66 Firms Accused of Telemarketing Fraud,” LAT, Aug. 12, 1998, 3.

54. Cheryl Winokur, “SEC Files Flurry of Suits,” American Banker (Oct. 29, 1998): 3; James Frank, “Scam Artists on Internet Warned,” CT, Mar. 24, 2000, A4; Bob Keefe, “Online Auctions Feel Gavel Crackdown,” Atlanta Journal- Constitution, May 1, 2003, C1.

55. Rory O'Connor, “Consumer Fraud Group Moves onto the Net,” PI, Feb. 29, 1996, C3; “AARP Plots New Measures to Foil Telemarketing Fraud,” Orange County Reg­ister, Feb. 19, 1998, A17; Cassandra Lane, “Seniors Deputized in Fraud Fight,” New Or­leans Times Picayune, Feb. 25, 1999, A8; Thomas Kimble, “Become an AARP Fraud Fighter,” Michigan Chronicle, Sept. 30, 2009, C6; Thomas Peck, “Consumer Complaint Sites Warn about Disreputable Companies,” Information Today 27 (July/Aug. 2010): 34-35.

56. John Hall, “One Place You Don't Want to See Your Name,” Air Conditioning, Heating & Refrigeration News 219 (June 23, 2003): 31; Kristina Fiore, “LI Native Is Keep­ing 'em Honest,” Newsday, Sept. 4, 2006, A34; Jeff Gelles, “Websites Let Consumers Vent,” Pittsburgh Post-Gazette, June 13, 2010, C2.

57. Emilio Boulianne and Charles Cho, “The Rise and Fall of Webtrust,” Interna­tional Journal of Information Systems 10 (2009): 229-44.

58. “The March Group Protects Clients from Scams,” Telecommunications Business (Apr. 14, 2010): 109; “Ripoff Report Shuts Out ‘Reputation Management' Hacker,” PR Newswire, Aug. 19, 2011; “Court Declines to Enjoin Negative Consumer Review Site,” Computer and Internet Lawyer 29 (Mar. 2012): 15-19; “Reputation Changer,” PR News­wire, Sept. 18, 2012.

59. CFA, “Consumer Complaint Websites: An Assessment” (June 2010), available at: http://www.consumerfed.org/elements/www.consumerfed.org/file/Complaint_Web- site_Report2010.pdf, accessed May 24, 2014. Search engine companies have invested significant resources to develop algorithms that can identify fraudulent consumer re­views; this arena has also attracted growing attention from academics. See the resources provided at the website “Opinion Spam Detection: Detecting Fake Reviews and Review-

ers,” maintained by University of Illinois-Chicago computer scientist Bing Lui, https:// www.cs.uic.edu/~liub/FBS/fake-reviews.html, accessed May 26, 2016.

60. Elizabeth Fowler, “Forensic Accountants in Demand,” NYT, July 16, 1991, D17; Zabihollah Rezaee, E. James Burton, and Thomas Strickland, “Careers in Fraud Investi­gation,” Management Accounting 74 (1993): 46-47; Christy Chapman, “ACFE Publishes Landmark Fraud Study,” Internal Auditor 53 (Apr. 1996): 9; Rocco Vanasco, “Fraud Au­diting,” Managerial Auditing Journal 13 (1998): 4-71; Robert Thompson, “Fraud Costs Employers Dearly,” HRMagazine 43 (Nov. 1998): 10.

61. “The Kroll-O’Gara Company Announces Acquisition of Lindquist Avey Mc­Donald,” PR Newswire, June 16, 1998, 1; “Kroll Returns Focus to Risk Consulting,” Merg­ers and Acquisitions 36 (July 2001): 14-16.

62. “BBB Arbitrates Repair Disputes,” Los Angeles Sentinel, Oct. 11, 1979, A11; Jay Hamburg, “Court of Common Sense, Fairness,” Orlando Sentinel, Nov. 17, 1986, B1; Lisa Belkin, “An Arbitration Plan Gains,” NYT, May 31, 1984, C3; Margo Harakas, “Help the System: Be an Arbitrator,” Fort Lauderdale Sun Sentinel, Mar. 2, 1992, D1; Alan Walsh, “BBB Auto Line,” Lancaster Intelligencer Journal, Jan. 9, 1995, 6.

63. Don Oldenburg, “BBB New Online Seal,” Fort Lauderdale Sun Sentinel, June 7, 1997, D12; Patricia Sabatini, “BBB Seal Helps Resolve Online Trouble,” Pittsburgh Post­Gazette, May 2, 2002, E1; Eileen Ambrose, “BBB Starts Using Letter Grades,” BS, Mar. 10, 2009, A10; Benjamin Edelman, “Adverse Selection in Online ‘Trust’ Certifications and Search Results,” Electronic Commerce Research and Applications 10 (Dec. 2010): 17-25; “BBB Scam Tracker Is Important New Tool in the Fight against Scams and Fraud,” BBB Press Release, Nov. 10, 2015, available at: https://www.bbb.org/news -release-bbb-scam-tracker/, accessed May 26, 2016.

64. John Emshwiller, “If You Can’t Trust the BBB,” WSJ, Jan. 15, 1988, 1; Glenn Col­lins, “Watchdog’s Deal Raises Revenue and Eyebrows,” NYT, Aug. 19, 1994, D1; Chris Knapp and Jan Norman, “BBB Has a Spotty Record,” Orange County Register, June 12, 2002, A1.

65. Ben Mook, “Better Business Bureau’s Rating System Attacked,” Baltimore Daily Record, Nov. 12, 2010; Paul Muschick, “Grading the Better Business Bureau,” Allentown Morning Call, Dec. 5, 2010, A6; “Mesa Law Group Joins Growing Community Accusing the Better Business Bureau Rating System as a Business Scam,” Real Estate & Investment Business (Dec. 25, 2010): 233; David Segal, “But Who Will Grade the Grader?” NYT, Feb. 27, 2011, B6.

66. Thomas Monahan and Cary Claiborne, “Self-Policing Strategies for Defense Contractors,” Internal Auditor (Dec. 1988): 17-20; Nancy Kurland, “The Defense Indus­try Initiative: Ethics, Responsibility, and Accountability,” Journal of Business Ethics 12 (1993): 137-45; Balleisen, Scenes from a Corporate Makeover, Part III, 3-18.

67. James Cummings, “High-Tech Systems Help Thwart Crime,” Dayton Daily News, May 29, 1996, B5; Keith Slotter, “Plastic Payments: Trends in Credit Card Fraud,” FBI Law Enforcement Bulletin (June 1997): 1-7; “Visa to Spend $200 Million on Anti­Fraud Measures,” Cards International (Nov. 4, 2005): 2.

68. “EBay Launches the Most Comprehensive Trust and Safety Upgrades,” PR News­wire, Jan. 15, 1999, 1; Jim Carlton and Ken Bensinger, “Phony Bids Put eBay on Defen­sive,” WSJ, May 24, 2000, B1; Nick Wingfield, “EBay’s Battle against Fraud,” WSJ, Sept. 16, 2002, 7; “Software Ferrets out Likely Fraud,” LAT, Dec. 11, 2006, C2; Dawn Gregg and Judy Scott, “The Role of Reputation Systems in Reducing On-Line Auction Fraud,” International Journal of Electronic Commerce 10 (Spring 2006): 95-120. Google has un­dertaken analogous efforts to combat those “unscrupulous people [who] sometimes try to use the Google brand to scam and defraud others.” See “Avoid and Report Google Scams,” available at: https://support.google.com/faqs/answer/2952493?hl=en, accessed May 26, 2016.

69. John Phillips, “Changing the Rules to Fight Plunder in Procurement,” WSJ, Apr. 22, 1986, 22; Richard Reeves, “Resurrected False Claims Act,” Fort Lauderdale Sun Sen­tinel, Oct. 3, 1986, A14; Howard Berman and Charles Grassley, “Defense Procurement: Exposing Crime Pays,” WSJ, Sept. 6, 1988, 1.

70. Lynette Khalfani, “Federal Sentencing Guidelines Turn Ethics Training into Cottage Industry,” Daily Record, Oct. 9, 1996, 9; John Ruhnka and Heidi Borstler, “Gov­ernmental Incentives for Corporate Self-Regulation,” Journal of Business Ethics 17 (1998): 315-26; Diana Murphy, “The Federal Sentencing Guidelines for Organizations: A Decade of Promoting Compliance and Ethics,” Iowa Law Review 87 (2002): 697-718; Robert Roberts, “The Rise of Compliance-Based Ethics Management,” Public Integrity 11 (2009): 269.

71. John Broder, “Ira Magaziner Argues for Minimal Internet Regulation,” NYT, June 30, 1997, 1; Leslie Walker and Robert O’Harrow, “Web Firms Urged to Self­Regulate,” WP, Dec. 1, 1998, D3.

72. “Congress Puts the Spotlight on Telemarketing Fraud,” Credit Card News 6 (Oct. 15, 1993): 3; Joan Mitric, “‘Predatory’ Lending Practices Target Elderly,” WP, Apr. 14, 1998, Z22; Lawrence Knutson, “Clinton Proposes Legislation to Protect Older Ameri­cans,” Milwaukee Journal Sentinel, Apr. 1999, 8; Martin Anderson, “Iowa’s Main Street Republican,” Insight on the News, Nov. 12, 2002, 24-26.

73. Rob Blackwell, “How the Specter of Regulatory Capture Shaped the CFPB’s First Year,” American Banker, July 10, 2012; Apryl Motley, “A Work in Progress,” Independent Banker 62 (July 2012): 41-45; Rob Blackwell, “Cordray Defends Complaint Database,” National Mortgage News 36 (July 16, 2012); Stephen Agostini, “CFPB Says Agency Using Resources Wisely,” National Mortgage News 37 (July 15, 2013): 4; Mike Rose, “CFPB Developments Continue,” Collector 79 (Sept. 2013): 29-30; CFPB, “Enforcing Consumer Protection Laws,” July 15, 2015, available at: http://files.consumerfinance.gov/f/201507_ cfpb_enforcing-consumer-protection-laws.pdf, accessed Dec. 12, 2015.

74. Depillis, “A Watchdog Grows Up.”

75. US Department of Justice, “Holding Financial Institutions Accountable for Fraud,” press release, March 27, 2015, available at: https://www.justice.gov/opa/blog/ holding-financial-institutions-accountable-fraud, accessed May 22, 2016; Norbert Mi­chel, “The House Should Be Commended for Effort to Stop Operation Choke Point,” Forbes Magazine, Feb. 8, 2016, available at: http://www.forbes.com/sites/norbert michel/2016/02/08/the-house-should-be-commended-for-effort-to-stop-operation -choke-point/2/#a66b63724d46, accessed May 2, 2016; Sarah Jeong, “How a Cashless Society Could Embolden Big Brother,” The Atlantic, April 8, 2016, available at: http:// www.theatlantic.com/technology/archive/2016/04/cashless-society/477411/#article -comments, accessed April 9, 2016; Charles J. Cooper, “Operation Choke Point and the Bureaucratic Abuses of Unaccountable Power,” in Dean Reuter and John Yoo, eds., Lib­erty’s Nemesis: The Unchecked Expansion of the State (New York, 2016), 81-90. The cri­tiques of Operation Choke Point from the Right emphasize classic libertarian themes; those from the Left are filled with the sorts of arguments that Michel Foucault leveled at the modern state. See generally his Discipline and Punish: The Birth of the Modern Prison, translated by Alan Sheridan (New York, 1977).

76. Kate Davidson, “Settlements against Banks over Crisis Abuses,” American Banker, Feb. 10, 2012, 1; “JP Morgan Signs $13 Billion Global Settlement,” Mortgage Banking 74 (Dec. 2013): 12-14; Sheelah Kolhatkar, “Citigroup Settlement Gives the Government a Financial-Crisis Win,” Business Week, July 14, 2014, available at: http:// www.businessweek.com.proxy.lib.duke.edu/articles/2014-07-14/citigroup-settlement- gives-the-government-a-financial-crisis-case, accessed Aug. 31, 2014; U.S. DOJ Press Release, “Bank of America to Pay $16.65 Billion in Historical Justice Department Settle­ment for Financial Fraud Leading up to and during the Financial Crisis,” Aug. 21, 2014.

77. Matt Taibbi, “Why Isn't Wall Street in Jail?,” Rolling Stone (Mar. 3, 2011): 44 -51; Gretchen Morgenson and Louise Story, “In Financial Crisis, No Prosecutions of Top Figures,” NYT, Apr. 14, 2011, available at: http://www.nytimes.com/2011/04/14 /business/14prosecute.html?pagewanted=all&_r=0, accessed Aug. 31, 2014; Black, “The Department of Justice ‘Chases Mice While Lions Roam,' ” 1012-16; Henry Pontell, Wil­liam Black, and Gilbert Geis, “Too Big to Fail, Too Powerful to Jail?: On the Absence of Criminal Prosecutions after the 2008 Financial Meltdown,” Crime, Law, and Social Change 61 (2014): 1-13. Prosecutors have gained criminal verdicts against the perpetra­tors of major pyramid schemes, such as Bernard Madoff and Allen Stanford; they have also continued to prioritize action against insider trading. In both of these contexts, moreover, judges have proved more amenable to multi-year jail sentences. Madoff and Stanford each received terms of over one hundred years; the average sentence for insider trading went up over 30 percent between 2009 and 2013, with some approaching ten years. Clifford Krauss, “Financier Is Sentenced to 110 Years for Fraud,” NYT, June 15, 2012, B1; Nate Raymond, “Insider Traders in U.S. Face Longer Prison Terms,” Reuters, Sept. 2, 2014, available at: http://www.reuters.com/article/us-insidertrading-prison -insight-idUSKBN0GX0A820140902, accessed May 29, 2016.

78. Donald Langevoort, “On Leaving Corporate Executives ‘Naked, Homeless, and without Wheels': Equitable Remedies, and the Debate over Enterprise versus Individual Liability,” Wake Forest Law Review 42 (2007): 630.

79. Stephen Barlas, Mike Osheroff, Dennis Whitney, and Kathy Williams, “JOBS Act Exemptions for Emerging Growth Companies,” Strategic Finance 93 (May 2012): 27-28; Frank Zarb, “The JOBS Act Provides New Flexibility in Public and Private Offer­ings,” Insights 26 (Nov. 2012): 9-15.

80. Tim Stuhldreher, “JOBS Act Reforms Trigger Concerns,” Central Penn Business Journal 28 (April 13, 2012): 1, 4; Eileen Ambrose, “JOBS Act Lets Startups Crowdfund for Money,” BS Apr. 15, 2012, C1; Cathy McKitrick, “Loosening Reins on Startups Trig­gers Raves, Warnings,” Salt Lake Tribune, May 7, 2012.

81. Josh Mitchell, “Thousands Want Student Loans Canceled,” WSJ, Jan. 21, 2016, A3.

82. AT&T Mobility v. Concepcion, 563 U.S. 333 (2011); “CFPB Considers Proposal to Ban Arbitration Clauses That Allow Companies to Avoid Accountability to Their Customers,” CFPB press release, Oct. 7, 2015, available at: http://www.consumerfinance.gov/about-us/newsroom/cfpb-considers-proposal-to-ban-arbitration-clauses-that -allow-companies-to-avoid-accountability-to-their-customers/, accessed May 22, 2016; Jessica Silver-Greenberg and Robert Gebeloff, “Arbitration Everywhere, Stacking the Deck of Justice,” NYT, Nov. 1, 2015, A1.

83. Macey, Death of Corporate Reputation.

84. John Kenneth Galbraith, The Great Crash: 1929 (New York, 1954), 193-95.

85. For a more general discussion of the advantages that historical awareness can bring to regulatory decision-making, see Edward Balleisen and Elizabeth Brake, “His­torical Perspective and Better Regulatory Governance: An Agenda for Institutional Re­form,” Regulation & Governance 8 (2014): 222-45.

Note: Italics indicate the location of an illustration.

AACW (Associated Advertising Clubs of the World) 179, 183, 184, 188, 198. See also BBB, NVC

AARP (American Association of Retired Per­sons) 371

advertising, 84, 96, 108, 152-53, 159-60, 174, 181, 285-86, 438n41; agencies, 192, 198, 199-200, 237, 259, 272, 318, 323; antifraud, 80, 84, 85, 154; deceptive, 18-19, 21, 32, 32, 34, 58, 73, 78, 98, 115, 128, 133-34, 142, 146, 153, 159-60, 163-64, 178-79, 183, 188, 201, 204, 216, 229-32, 236-37, 278, 290, 319, 332; regulation of, 107, 108-09, 127, 133-34, 160-62, 175, 179-80, 183-91, 192, 196, 198, 201-03, 206, 208, 219, 226, 231­33, 236-38, 253, 254-55, 257, 261-62, 267, 268-69, 272, 275-82, 290, 294, 298-99, 301-02, 303, 312, 321, 323, 338, 339, 345-46 AFA (Advertising Federation of America) 301, 303

affinity fraud, see fraud, affinity

African Americans 261; as antifraud workers 302, 307, 319; as consumers 144, 156, 287; as defendants, 57; as fraud victims 30, 52, 288, 316

Agnew, Spiro 289

AICPA (American Institute of Certified Public Accountants) 327

Alexander, Gregory 337-38 Alvord, Thomas G. 69-70 American Association of Retired Persons, see AARP

American Institute of Certified Public Accoun­tants, see AICPA

AMEX (American Stock Exchange) 295, 355 antifraud efforts, administrative, see BBC, FTC, NASD, SEC; civic 70, 129-30, 180, 299, 302, 310-11, 318-23, 320, 322; com­mercial 76, 80, 88, 108-09, 134-35, 160, 174-207, 185, 208-09, 210-12, 223, 224, 226, 228-33, 236, 258-60, 259, 260, 261-62, 266, 272, 273, 275-77, 278, 280-82, 283-84, 299-302, 304, 305-06, 307, 311, 318, 342, 373-75, 376-77; common law 47-48, 199, 218, 233-34, 237; government (see also anti­fraud efforts, civic, and antifraud efforts, legislative) 89, 101-02, 107-08, 109-28, 130-33, 135-42, 138, 144-47, 159-60, 161, 162-63, 165-68, 169-73, 184, 194-95, 198, 199, 201, 209-24, 221, 231-38, 240-41, 245-47, 262, 268-72, 271, 273-75, 277-80, 282-83, 286, 288, 289-93, 300, 302-03, 304, 305-10, 306, 311-14, 371, 376, 377-80; journalistic 76-78, 83-91, 85, 93, 137, 185­86, 258, 287-88, 348; legislative 46-66, 121,

122, 123-24, 125-28, 183-84, 213, 219, 245, 247, 250-52, 253-54, 256-57, 260, 278, 294-95, 296, 297-99, 329-31, 368-71; pub­lic 75-76, 77-78, 83, 180, 189, 258-59, 284, 288-89, 303, 349, 359, 371. See also fraud, based on antifraud efforts

antifraud officials 88, 121, 132-33, 137, 158, 160, 180-81, 197, 204, 205, 212-13, 214, 221-22, 296-97, 231, 232, 235-38, 261, 264, 274-76, 288-89, 291, 293, 300, 302, 304, 318-19, 321, 325, 327, 340-41, 342, 344, 345, 373, 407n74

AOAC (Association of Official Agricultural Chemists) 119, 120

Appleton, John 50 arbitration, see mediation Arctic Refrigerating Company 149-50 arrest, indictment, and conviction rates 56-57, 188, 200-01, 220-21, 221, 267, 279, 369, 396n36 and 37, 397n39

Arthur Andersen 354

Ascot Partners 30 Ashbrook, William A. 218 Associated Advertising Clubs of the World, see

AACW

Association of Official Agricultural Chemists, see AOAC

auction houses 48, 58-59, 63

Babson, Roger 159

Bair, Sheila 359

bait and switch, see fraud, consumer bankruptcy 14, 22, 32, 37, 48, 53, 61, 64, 93, 98,

123, 125, 153, 167, 175, 177, 204, 212, 325, 398n59; instances of4-5, 14, 21, 56, 59, 61-

bankruptcy (cont.)

62, 65, 75, 77, 81-82, 100, 267, 317, 323-24, 354-55, 426n58; legislation 124, 183. See also debt

Barnard, Kenneth 275, 300, 301, 343

Barnum, Phineas T. 13, 33, 43-46, 76-77, 81­

82, 99-101, 142, 394n3

Barrett, Harrison 215

BBB (Better Business Bureau) 8, 9, 109, 174,

175, 179, 180, 182, 183, 184-86, 185, 188­207, 196, 209, 223, 236, 237, 239, 240, 248, 256, 258-59, 259, 260, 261-62, 266, 272-73, 275-77, 278, 280-83, 287, 299-302, 304, 305, 311, 312, 317, 342-47, 372, 373-74; At­lanta 343; Boston 188-89, 300; Chicago 281-82; Denver 224, 273, 275, 299; Los An­geles 278; New York City 181, 194, 229, 230, 231, 307, 426n58; opposition to 224-33, 225, 227, 342-44, 374; St. Louis 185, 185-86, 197, 202, 224, 273, 300, 344. See also AACW, NBBB

Beecher, Henry Ward 211 beekeeping 84-86 Beer, Henry Ward 237-38, 253-54 Bell, W. Dan 275, 299 Bennett, D. M. 210 Benston, George 339 Berlin, Edward 293 Bernstein, Marver H. 334, 360 Berry, Dan 342, 343 Better Business Bureau, see BBB The Bible in the Counting-House (Boardman) 79

Bigelow, Melville 47

Billingsley, Logan 228, 231 Birrell, Lowell 22, 279 Black, Hugo 253-54 Black, J. S. 130-31 Blackstone, William 64-65, 66 Boardman, Henry 79, 277 Born, Brooksley 359 Boston Curb Exchange 178 BPFS (Bureau for the Prevention of Fraudulent

Securities) 248

branding 26, 27, 29, 76, 116-17, 332, 297; of cotton 72; false, 22, 73, 80, 120, 121 140-41, 294, 468n68

Brookhart, Smith W. 229

Browne, Edward Frederick 218 Bureau for the Prevention of Fraudulent Secu­rities, see BPFS

Burleson, Albert 222

Burnham, Zeno 58-59, 66-67, 70, 71, 73, 149 Burrell, A. S. 144, 160, 165, 167, 169

Burton, Joseph 215

Busch, Moritz 73-74

Bush, Charles Green 14

Bush, George H. W. 369

Bush, George W. 357, 359

Business Men's Anti-Stock Swindling League

179

Byrne, Jane 302

Caplovitz, David 288

Carter, Jimmy 289, 327, 340, 341, 357, 360 Cary, William 295

CBBB (Council of Better Business Bureaus)

300, 301, 374

CDO (collateralized debt obligation) 366-68 CEPA (Consumer Education Protective Asso­

ciation) 288, 307, 318-19, 320, 321, 323, 348, 372

CFPB (Consumer Financial Protection Bu­reau) 370, 377-78, 379, 381

Chamberlain, I. W. 120, 121

Chenoweth, Sherry 302

Chumasero, John 44

Chynoweth, James Bennett 115, 116 Clark, William 289

class-action lawsuits 265, 291, 296, 299, 304,

327-34, 373

Clews, Henry 82-83

Clinton, Bill 376

Cohen, Emanuel 295

Cohen, Milton 295-96 collateralized debt obligation, see CDO Commentaries on the Laws of England (Black­

stone) 64-65

Comstock, Anthony 28, 132-33, 135-36, 137, 139, 160, 204, 209-13, 379, 407n74

Confessions of a Confidence Man (Smith) 23, 151-52, 287

The Confidence-Man (Melville) 26-27 Consumer Education Protective Association, see CEPA

Consumer Federation of America 288, 293, 372-73

Consumer Financial Protection Bureau, see

CFPB consumer fraud, see fraud, consumer Consumer Protection Agency, see CPA Consumer Research 180, 258-59 Consumers Union 180, 258-59, 284, 293, 303 control fraud, see fraud, control

Coolidge, Calvin 194 Coons, Sheldon 206-07 Cordray, Richard 377 Cortelyou, George 172, 219, 220, 223, 237 Council of Better Business Bureaus, see CBBB Counsel for the Deceived (Schrag) 314 counterfeit, detectors 83, 92; documents 21,

48, 56, 83, 256; goods 22, 27, 73, 80, 339, 353; money 54, 73, 83-84, 92, 133, 95; stocks 84, 92

CPA (Consumer Protection Agency) 293, 330­31, 346

credit 24, 211, 248, 290, 295, 335-37, 342, 378; associations 179, 201-03; default swaps, see debt as investment; fraud, see fraud, credit; purchases on 19, 37, 47, 56, 160, 229, 258, 316; rating and reporting 26, 29, 76, 87-88, 98, 144, 160, 165, 169, 186, 198, 210-12, 364, 377. See also debt; fraud, investment; NACM

Credit Mobilier 77 Crumpacker, Edward 218 Cullen, Michael 143

Daar, David 328-29 Dalke, Carl 281 debt, 69, 229, 356; collection, 144, 160-61, 165,

169, 298, 316-17, 378, 398n59; corporate, 155, 210, 338; forgiveness 381; fraud and, see fraud, credit, and fraud, investment; as in­vestment 355, 358, 359-60, 366-68; legal re­sponsibility for 47, 50, 56, 63-66, 183, 298, 359-60; national 249; purchase-related 19­21, 330; rating agencies 370. See also bank­ruptcy; credit rating; fraud, credit decision-making 33-40 Defense Industry Initiative 375 deflection 26, 32, 39, 81-83, 91-92, 95, 99­

100, 124, 198, 215, 228 deregulation 342, 355-68, 380-82 Dessart, C. W. 261-62 Detterman, Dean 344 Dicey, Albert Venn 238 dispute resolution, see mediation Dixon, Paul Rand 283, 303 Dodd-Frank Act 370, 377, 380 Dominick, Bayard 231 Douglas, Paul 292 drugs, see medicine Duke, James B. 143 Dulles, John Foster 239 Dyott, Thomas W. 61, 62 economic decision-making, see

decision-making

economic memory, also generational amnesia

23, 35, 78, 296-97, 382

Eisenhower, Dwight D. 262-63, 269, 277, 278, 289, 296, 300

elderly, as fraud victims 7, 24, 52, 286, 291,

341, 356-57, 370, 377

Elman, Philip 338 embezzlement 73, 76, 124, 132, 187, 373 Emigrant and Benevolent Societies 61 Enron 4, 22, 354, 357, 359, 363, 365-66 entrepreneurs 13, 30, 46, 54, 62, 76, 77, 83, 87,

100, 107, 108, 109, 142, 143-45, 148-49, 150-56, 159, 161, 162, 165-67, 171-73, 213, 216-17, 239, 241, 267, 283, 295-96, 297, 349, 361, 362-68, 376, 381

Equity Funding 324-25, 355, 460n72 exchanges 18, 84, 93, 99, 122, 124, 127, 178,

180, 205, 245, 247, 252, 272, 295, 338, 374­75; see also AMEX, Boston Curb Exchange, New York Consolidated Stock Exchange, NYCE, NYSE, San Francisco Stock Exchange

extradition 64-65

Fairman, Charles 125-26

false pretenses 11, 19, 48, 50, 51, 53, 56-57, 62,

65, 66, 81, 98-99, 104, 129, 226, 250, 267, 397nn37 and 39

Fannie Mae (Federal National Mortgage Asso­ciation) 366

FASB (Financial Accounting Standards Board) 327

Federal Home Loan Mortgage Corporation, see Freddie Mac

Federal National Mortgage Association, see

Fannie Mae

Federal Trade Commission, see FTC fertilizer 86, 91, 108, 114-21, 132, 140, 141 film, as antifraud medium 305, 306

Finan, Thomas 308

Financial Accounting Standards Board, see

FASB

Financial Institutions Reform, Recovery, and

Enforcement Act, see FIRREA

The Fine Art of Fraud 305

FIRREA (Financial Institutions Reform, Re­

covery, and Enforcement Act) 369 fish 48, 67, 68-69 flour 48, 67, 68, 69, 80-81 Flynn, John T. 250

Folger & Tibbs 59-60, 64

Foree, Jim 258 Foster, George 44 Fowler, William Henry 82-83 Frankfurter, Felix 239, 250 Franklin Syndicate 17-18 fraud, affinity 30-32, 35; based on antifraud efforts 90-94, 95, 372-73; attitudes toward, 44, 69-70, 79-80, 96-100, 102, 103-04, 182, 265; commonness of4-6, 19-23, 44, 63, 91-92, 130, 176, 178, 236; consumer 18-21, 22, 36-37, 43-44, 63, 103, 269-70, 281-82, 316-18, 381; control 10, 21-22, 61-62; costs of 176, 177, 353, 355; credit 53, 63-64, 73, 176-77, 183, 187, 190, 356; definitions of 11-12, 48, 50, 82; internet 4, 16, 18, 353, 356, 370, 371-73, 374, 375, 376, 379; investment 14, 16-18, 22, 24-25, 27­29, 28, 30-32, 33-34, 35-39, 51, 56, 60, 73, 75, 77, 78-79, 82-83, 84, 87, 89, 92-95, 96­97, 99, 102, 103, 108, 112, 122-28, 131, 133-35, 136, 139, 144, 148-49, 150-51,

153- 55, 158-59, 160, 162-64, 166, 168-69, 177-80, 177, 181, 182, 183-85, 185, 186, 198, 202, 204, 205-06, 216, 220, 224, 228, 235, 245, 247-52, 258, 259, 264, 265-67, 270-72, 277-78, 279, 286, 290, 295-97, 323-27, 336-37, 338, 341-42, 353-56, 357­58, 359-68, 369, 375, 380, 382, 404n24, 441n79, 455n12, 460nn72 and 6; mail (see also fraud order) 107, 128-40, 141, 143, 145-47, 155-73, 201, 208-09, 210-11, 213, 218-23, 221, 247, 257, 267, 275, 279; mana­gerial, see fraud, control; mining 21, 73, 78-79, 84, 87, 92-94, 95, 97, 123-24, 126, 141, 149, 150-51, 153, 158, 162, 163, 164, 169, 181, 248, 279; monitoring 86, 88-89, 90, 95, 137, 161, 189, 190-92, 198, 208, 232, 234, 236-37, 245, 251, 252, 258, 263, 270­72, 274, 293, 301, 311-12, 325, 328, 358, 369-70, 378; occupational 10-11, 373; or­ganizational 10-11, 59, 176-77; penalties for 47-48, 55-57, 59, 61-63, 101, 111-12, 120, 135, 161, 182-83, 222, 248, 252, 267­68, 270, 272, 297-98, 309, 314, 328-29, 348, 369, 371, 379-80, 469n77; securities see fraud, investment; stock see fraud, in­vestment; types of 10-11, 16-33; victims of 12, 13, 23-26, 25, 43-45, 47, 49, 50, 51-53, 54-55, 56, 62, 63, 75, 96-98, 101, 103-04, 108, 129, 134, 181-82, 263-65, 266, 281, 381. See also antifraud efforts; arrest, in­dictment, and conviction rates; decision­making; deregulation; product quality and control; pyramid scheme

Fraud Exposed (Comstock) 212 fraud orders 3-4, 4, 9, 132, 133, 135-36, 137, 144-45, 146-47, 157, 158, 160-61, 162-63, 166, 167-68, 209, 213, 219-20, 222-24, 235, 283, 379, 414n92; reactions against 135-36, 144, 147, 165, 167-70, 172-73, 213-19, 231, 257, 268

fraud perpetrators, accused: companies 3-4,

14, 17-18, 22, 31, 32, 59, 61, 62, 77, 91, 94, 134, 135, 139, 143, 145-47, 149-50, 153,

154- 57, 158, 160-61, 165, 167-68, 169-70, 172-73, 178, 205, 206, 213, 229-31, 248, 253, 267, 269-70, 280, 281-82, 295, 308, 316-18, 324, 331-33, 345, 354-55, 357, 359, 363, 364-66, 367-68, 457n36, 460n72; fic­tional, 26-27, 44, 53, 182, 264; individuals 14, 17, 20, 22, 23, 30-31, 43-45, 56, 58-59, 60, 61-62, 65, 66-67, 70, 77, 81-82, 99, 100­101, 144, 150-51, 156-59, 162-67, 168-69, 171, 216-17, 218, 228, 235, 248, 264, 266, 279, 308, 354, 359, 389n18, 402n8, 420n72, 469n77

Freddie Mac (Federal Home Loan Mortgage Corporation) 366

Frederiksen, Niels 56 Freedley, Edward 211 Freund, Ernst 238-39 Friedman, Milton 340 Fritzel Television Repair 281-82 FTC (Federal Trade Commission) 9, 184, 192, 198, 209, 231-32, 233-38, 240-41, 245, 250, 252-55, 257, 261, 262, 269, 272, 273-74, 276, 277-78, 281, 282-83, 291, 293, 294, 295, 297-98, 301-02, 307, 309, 311, 323, 330, 335, 337-38, 340-41, 342, 343, 344, 345, 370-71, 436n26, 441n79, 444n121 Fund W 17, 18, 135, 137, 206

Furness, Betty 291

Galbraith, John Kenneth 382

Gallagher, Edward 300 gatekeeping 295, 303, 323-27, 338-39, 354,

363, 381, 383; by accountants 252, 272, 324­26, 327, 337, 339, 354, 362, 363, 369-70, 373, 381; by journalists 7, 83-95, 137, 307; by lawyers 252, 255, 265, 272, 274, 324, 325­26, 347, 348, 354, 363, 369, 370, 381-82; by ratings agencies 26, 94, 144, 160, 358, 360, 363-64, 367, 370, 377, 381; by stock and fi-

nancial analysts 26, 82-83, 94, 101, 159, 336,

339, 354, 363-64, 368, 369

Geithner, Tim 380

General Motors 331-33, 457n36 generational amnesia, see economic memory Gibney, Frank 258, 299

Gibson, John Bannister 50

Gibson Greetings 367

Gleason, Arthur H. 37

GM see General Motors

Godwin, R. P. 216

Goldman Sachs 367-68

Goldstein, Nathaniel 265

Gompers, Samuel 204

Goodwin, Leonard 217

Gordin, George Jr. 293

Gorton, Slade 289

Gould, Jay 79

grain 34, 81, 101, 112-14, 121-22, 123, 140,

141, 180

Gramlich, Edward 359

Grant, Ulysses S. 14

Grant & Ward 14

Grassley, Charles 376, 377

Gray, Elisha 344

The Great Crash (Galbraith) 382

Green, Mark 329, 335

Greenberger, Michael 361-62

Greene, Edward 232-33

Greenspan, Alan 359, 361-62

Grosscup, Peter 214

guano, see fertilizer

Guterma, Alexander 22, 279

Hall, A. Oakley 129-30

Hand, Learned 220, 255

Hanford, Elizabeth 304, 339

Hanna, J. T. 213-14

Harrington, Bates 38

Hart, Paul 292

Health Care Compliance Association 375

Health Insurance Association of America, see HIAA

healthcare, see medicine and medical treatments

Heinz, H. J. 143

Henderson, Gerard 235, 236

HIAA (Health Insurance Association of Amer­ica) 278

Hitchcock, Frank 220-22

Holland Furnace 269-70, 309, 348, 355

Holt, Joseph 130-31 honey, see beekeeping Hoover, Herbert 176, 194 horses 103

How ^,Tis Done (Harrington) 38 Howe, Sarah 17-18, 31, 379 Hughes, Charles Evans 239 Humbugs of the World (Barnum) 82, 99, 100 Humphrey, William 235-38

IBA (Investment Bankers of America) 127,

179, 194, 224, 247, 251

Icahn, Carl 362 immigrants, as accused fraud perpetrators 17,

56, 144, 156-57, 166-67, 173, 176, 204-05; as antifraud workers 288-89; as fraud vic­tims 7, 24, 31, 52, 56, 61, 166, 172, 176, 377 information, 34-35; access to, also asymmetry, inside 14, 18, 23-25, 27, 32, 34, 52, 53, 60,

75, 76, 84, 101, 108, 112, 123, 132, 149, 155, 159, 181, 231, 245, 249, 252, 284, 290, 335, 356, 364-65, 383, 407n76; asymmetry, see information, access to; disclosure of 71-72, 115-16, 123-24, 127, 141, 252, 256, 280, 290-91, 295, 296, 297, 304, 324, 326, 330, 333, 335-39, 341-42, 361, 378; fraud- and finance-related 76-102, 118, 124, 134, 136, 137, 159, 169, 186, 189, 196, 199, 208, 212, 249, 250-51, 270-71, 271, 276-77, 300, 305-09, 306, 311, 313, 324, 336, 361, 367, 371-72, 374-75, 378, 380; inside, see infor­mation, access to; unreliable 90-94, 95, 123, 155, 372-73, 290, 335, 365, 372 inspection, see product quality and control installment plans, see credit, purchases on insurance 57, 76, 102, 149, 187, 247, 262, 285,

318, 361, 367; federal deposit 354, 369;

fraud, see fraud, investment; rates 337; regu­lation 48, 123, 124, 125-26, 140, 141 internet fraud, see fraud, internet Investment Bankers of America, see IBA investment fraud, see fraud, investment

Jellison, Fern 302 Jewett, Freeborn G. 51 Johnson, Lyndon 289, 290, 291, 292, 300 Johnson, Samuel W. 114, 115, 116 Jones, Edith 362

Judd, Orange 84, 88, 89-90, 98, 134

Kemery, Clyde 275 Kennedy, John F. 283-84, 289-90, 291, 292,

294, 295, 300, 333

Kennedy, Robert F. 290

Kenner, H. J. 180-81, 197, 198-99, 200, 206, 428n75

Kintner, Earl 277, 283, 300

Kirstein, Louis 188-89, 202

Knauer, Virginia 291-92

Kolko, Gabriel 334-35, 360

Kossack, Nathaniel 274

Kreuger & Toll 205

Kripke, Homer 339, 340

Krug, Robert 333-34

Krugman, Paul 364-65

Ladies Deposit Savings Bank 17-18, 31 Landis, James 250

Langley, James H. “Doc” 60

law, antifraud, see antifraud efforts, legislative The Law of Fraud (Bigelow) 47

Lawrence & Co. 134-35

Lawson, Thomas 250

Lear, Len 287

Lee, “General” Robert A. 29, 39

Lefkowitz, Louis 288-89, 298, 300, 308, 312 Lehman Brothers 355

Lesher, Richard 331

Lewis, Edward Gardner 144, 162-64, 165, 166,

168-69, 171, 216-17, 218

licensing, see product quality and control Life in Rochester (Chumasero) 44

The Life of P. T. Barnum 43-45, 46, 54-55, 72, 81, 82, 100

lightning-rod salesman 20, 23, 29-30, 31, 298 Lindsay, John 310

Livermore, Jesse 250 lotteries 43, 103-04, 128-29, 130, 131-32, 133,

135-36, 139, 144, 145-46, 157, 160, 167-68, 213

Louisiana Lottery 135, 137, 139, 160, 213 Luhmann, Niklas 30

Macaulay, Stuart 347-48

Macy's 229-31

Madoff, Bernard 17, 30-31, 354, 359, 469n77 Magnuson, Warren 292, 303 mail fraud, see fraud, mail

mail order 3, 7, 30, 80, 88, 103-04, 128-30,

132, 133, 135, 136-37, 138, 139, 141, 142,

145, 146, 147, 152-54, 157, 168, 170, 178, 181, 182, 188, 208, 214, 215, 217, 221, 223, 259, 279-80, 364, 365; banking 162, 169; regulation of 277-78 managerial fraud, see fraud, managerial

Margolius, Sidney 258 marketing, see advertising Markopolos, Harry 359

Martin, Michael 363

McClain, Richard 342

McKesson & Robbsins 21

McKinley, William B. 176, 215

McMechen, William 158 mediation also arbitration, dispute resolution

56, 63, 65, 170, 172, 180, 231, 232, 237, 263, 281-82, 301, 312-13, 314, 323, 330, 333, 345-46, 372, 373-74, 378, 381

Medicaid 353, 365

Medicare 353, 365 medicine and medical treatments 120, 277,

294; adulterated or false 31, 34, 78, 82, 84,

91, 98, 103, 121, 133, 140, 146, 147, 175, 180,

182, 219, 254, 269, 294; billing for 358, 365, 368, 374-75; scandals 21. See also Pure Food and Drug Act

Mellon, Andrew 194

Melville, Herman 26-27

Mercer, WG.D. 160

Milken, Michael 362

Miller, Daniel 215

Miller, Modelle 143-44, 156, 157, 165, 167, 168

Miller, William “520%” 17-18

mining frauds, see frauds, mining

Mintz, Morton 304

mock auctions, see auction houses

Moltke, Oscar 134-35

monitoring 68, 76, 86, 88-89, 90, 95, 102, 109, 113, 118, 232-33, 234, 236-37, 245, 251, 252, 256, 272, 293, 311-12, 325, 328, 358, 370, 378; lack of 110. See also product qual­ity and control

Montague, Henry 274-75

Moore, J. E. 85

Morgan, Robert 289

Mortgage Bankers of America 380

Moss, John 293

Myers, John A. 120-21

Myerson, Bess 302, 344

NAAG (National Association of Attorneys

General) 309, 371

NACFE (National Association of Certified

Fraud Examiners) 373

NACM (National Association of Credit Men) 179, 180-81, 182, 183, 186-87, 188, 190-91, 191, 192-94, 193, 195, 196, 197, 198, 199, 200-02, 204-05, 206, 223, 270, 305-06, 317

Nader, Ralph 293-94, 301, 311, 330, 335, 344, 347

Nader's Raiders, 344

NARB (National Advertising Review Board) 301-02, 345

NASD (National Association of Securities Dealers) 251, 252, 257, 272, 273, 275, 295, 296

National Advertising Review Board, see NARB

National Association of Attorneys General, see NAAG

National Association of Certified Fraud Exam­iners, see NACFE

National Association of Credit Men, see NACM

National Association of Insurance Commis­sioners 278

National Association of Securities Dealers, see NASD

National Conference of Commissioners on Uniform State Laws 298

National Recovery Administration, see NRA National Student Marketing 324

National Vigilance Committee, see NVC

New, Harry 194

New York Consolidated Stock Exchange 248

New York Cotton Exchange, see NYCE

New York in Slices (Foster) 44

New York Society for the Suppression of Vice, see NYSSV

New York Stock Exchange (NYSE) 28, 83, 134, 169, 179, 182, 184, 187, 193, 194, 206, 224, 225, 228, 249, 285, 426n58. See also Business Men's Anti-Stock Swindling League newspapers 94-95; role in frauds, 93, 94-95, 128. See also antifraud efforts, journalistic

NIPIs (Not in the Public Interest declarations) 9, 232, 280-81, 282, 301, 317

Nixon, Richard M. 289, 290-92, 296, 304, 324, 330, 340, 344, 455n12

Nocera, Joe 361-62

Not in the Public Interest declarations, see NIPIs

NRA (National Recovery Administration), 232-33, 275

NVC (National Vigilance Committee) 181, 184 188, 226. See also AACW, BBB, NBBB

Nyborg, Victor 275, 300, 301

NYCE (New York Cotton Exchange) 169-70 NYSSV (New York Society for the Suppression of Vice) 132, 187, 211

Oakley, Ralph 134-35 Obama, Barack 380

O'Brien, John 300, 344, 345 occupational fraud, see fraud, occupational Office of Price Administration 255-56 organizational fraud, see fraud, organizational O'Sullivan, Frank 228

Paine, J. Overton 144, 158-59, 161, 165

Pan Motor Company 178, 267 patent medicine, see medicine Paulding, James Kirke 53

Pecora, Ferdinand 250

“The Perfection of Reason” (Paulding) 53 personalization 26, 29-32, 39

Peterson, Esther 291

Pierce, Franklin 218

Pitofsky, Robert 340-41 Pollack, Irving 274, 325 Ponzi, Charles 17, 379

Ponzi scheme see pyramid scheme The Poor Pay More (Caplovitz) 288 Porter, Sylvia 258

Posner, Richard 335, 337-39, 340, 344, 360, 361

Post, Louis 217-18

postal fraud, see fraud, mail

Prince, Charles 364

Procter & Gamble 367 product quality and control, also assessment, grading, inspection, licensing, monitoring, 9, 24, 48-49, 56, 67-72, 76, 80-81, 102, 110­22, 128, 140, 141, 150, 156-57, 169-70, 180, 188, 201, 202, 208, 255-56, 258-59, 276, 312, 331-32, 374, 399n77

psychology of economic decision-making, see decision-making

public education 13, 23, 83-91, 102, 109, 118, 129-30, 136-38, 142, 174-75, 184-86, 189­90, 192, 200, 258-59, 289, 305-07, 312, 326, 370, 383, 438n42

pump and dump, see fraud, investment

Pure Food and Drug Act 121, 221, 294 pyramid scheme, also Ponzi scheme 17-18, 29, 30-31, 35, 101, 135, 160, 264, 286, 308, 354­55, 359, 379, 469n77. See also Madoff, Bernard quackery, see medicine, adulterated or fraudulent

radio, as antifraud medium 174, 185, 192, 198, 200, 201, 258, 280, 305, 312; as fraud or pay­ola medium 220, 257, 261, 279-80, 301

Rathbun, Benjamin 77, 402n8

Raymond, Rossiter 87-88, 90

Reagan, Ronald 289, 327, 342, 368, 376 regulation, see advertising, regulation of; anti­fraud efforts, legislative; mail order, regula­tion of; mediation; monitoring; product quality and control; public education; sham­ing; standard-setting.

regulatory capture 261, 334

Reynolds, Paul 287

Ribicoff, Abraham 289

Rice, George Graham 144, 162-65, 166, 168, 169, 171, 228, 248, 250, 420n72

Riegel, Edwin C. 225, 226, 228

Ripley, William Z. 250

Rockefeller, Nelson 289

Roosevelt, Franklin Delano 207, 232, 239,

245-46, 250, 253

Roosevelt, Theodore 216, 220

Root, A. I. 86, 137

Rosen, Sol 317

Rosenthal, Benjamin 311

Rosenthal, Howard 293

Rosenthal Report 311, 344

Rosenwald, Julius 172

Rothwell, Richard 87-88

Rubin, Robert 359

rule of law 207, 238-39, 240, 268, 379; consti­tutionality of antifraud policies 139-40, 213-15, 217, 219-20, 238-39; due process 9, 208-09, 213-15, 217-19, 226, 281, 301-02, 326, 379; separation of powers 217, 223, 231, 233

San Francisco Stock Exchange 123

Sandbach, Walker 293

Sarbanes-Oxley Act 369-70, 380

Sargent, John 194

Savings and Loan crisis 22, 280, 354, 357-58, 369, 373, 460n6

Schlink, Frederick 264

Schrag, Philip 302, 314-15, 316-18

Schubert, Jane 333

Schumpeter, Joseph 148, 155, 361, 364

Scott, William 332

Scrushy, Richard 363

Sears, Richard W. see Sears, Roebuck & Co. Sears, Roebuck & Co. 3-4, 143-47, 152-53,

155- 56, 158, 161, 162, 165, 167, 170-73, 192, 213, 229-30, 253, 345

SEC (Securities and Exchange Commission) 245-46, 250-52, 283, 295-97, 317, 323-27,

329, 336, 337, 338, 339, 341-42, 343, 358, 359, 369, 371, 379, 382

securities fraud, see fraud, investment self-regulation 109, 180, 278, 283, 299, 300, 301-02, 318, 327, 345-46, 376-77; advan­tages of 175-76, 200-02; disadvantages of 176, 202-06, 281-82, 295, 299, 346-47, 377 self-regulatory organizations (SROs) 8, 12, 109, 232, 233, 246, 251, 271-72, 275, 277, 284, 303, 304, 307, 311, 373, 374-75. See also BBB, NASD, NBBB, etc.

Shad, John 327 shaming 3, 4 Sharp, Robert 221, 222 Sheldon, Jonathan 333 Siewek, Joe 333 Silver, David 296 Simmons, E.H.H. 193 Simpson, George W 200 Smathers, Ralph 342-43 Smith, Adam 148 Smith, Edward H. 23, 151-52 Smith, Ralph Lee 258 social mimicry 11, 26-32, 28, 35, 39, 90, 93, 103, 149, 150, 176-77

Spencer, Herbert 102 Spitzer, Eliot 369 Sporkin, Stanley 325 SROs see self-regulatory organizations standard-setting 8, 48-49, 51, 72, 112-13, 122-23, 124, 126, 141-42, 198, 209, 231-32, 236, 245, 246, 251, 256, 261, 278, 297, 327,

330, 358, 359, 369-70, 378

Stanford, Allen 354

Stephens, James 343 Stigler, George 335, 360, 361 Stimson, Henry 239 stock fraud, see fraud, investment

Straus, Percy 230-31 Sunbeam 22, 363

Tappan, Lewis 88 television, 292, 303; as antifraud medium 258,

280, 287, 305, 321-22, 323; as fraud medium 255, 257, 263, 301

Tellier, Walter 279

“The Terrible Williamsons,” see “The Travelers”

Thomas, Laura 168

Thompson, J. Walter 143

Thompson, John 83

tobacco 48, 67-68, 70, 399n77

“The Travelers” 266

Tregoe, J. Harry 180-81, 197, 202, 204

Truman, Harry 262, 277

truth in advertising, see advertising, regulation of

Tucker, Preston 267

Tucker Corporation 267

Turner, Glenn 308

Turney, Peter 52

Twain, Mark 23, 78

Tyco 354

Tyner, James 214, 215, 216, 217, 224

UCSPA (Uniform Consumer Sales Practices Act) 298-99

UDTPA (Uniform Deceptive Trade Practices Act) 298

Uniform Consumer Sales Practices Act, see UCSPA

Uniform Deceptive Trade Practices Act, see UDTPA

United States Post Office 128, 152, 209, 238; see also antifraud efforts, government; fraud, mail; fraud orders; Sears, Roebuck & Co.

Untermeyer, Samuel 248

Unverzagt, Charles H. 150-51

victims, see fraud, victims of

Vigilant Protective Systems 316-18, 348

Walgreen, Charles 143

Walker, Madame C. J. 144, 165-66

Ward, Hamilton 249

Warne, Colston 303

Warren, Elizabeth 370

Washington Mutual 355

Watkins, Sherron 359

Weiner, Max 318-19

Wells, Joseph 373

West, C. D. 205

White, H. C. 115

White, Jim 342-43

White House Council/Office on Consumer Af­fairs 291-92

Whitman, Meg 375

Whitney, Richard 206

Wiley, Harvey 121

Williams, Harrison 292-93, 327

Willson, Kenneth 275

Wilson, Woodrow 139, 208, 222, 235

Winter, Jack 295

Winters, Christine 287

Wirsig, Woodrow 344 women, as accused fraud perpetrators 17-18,

79, 143-44, 156, 157, 167, 168; as antifraud workers 185, 188-89, 226, 256, 258, 259, 287, 291, 302, 312, 321; as consumers 141, 162, 163-64, 259, 260, 287, 307; as fraud victims 7, 17-18, 24, 31, 52, 58, 67, 73, 101, 281, 377

WorldCom 4, 22, 354, 357, 363

Youmans, Edward 98-99, 102, 104

Young, Charles 144, 156-58, 165, 166-67, 173 Younger, Evelle 289

Zindler, Marvin 319, 321, 322, 323, 348,

455n7

Zweibel, George 333