S. HRG. 101-935 THE SECURITIES LAW ENFORCEMENT HEARINGS BEFORE THE SUBCOMMITTEE ON SECURITIES OF THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS ONE HUNDRED FIRST CONGRESS SECOND SESSION ON S. 647 TO AMEND THE FEDERAL SECURITIES LAWS TO REVISE THE FEBRUARY 1 AND 8, 1990 Printed for the use of the Committee on Banking, Housing, and Urban Affairs 31-212 U.S. GOVERNMENT PRINTING OFFICE WASHINGTON: 1990 KF26 B3954 COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS ALAN CRANSTON, California JIM SASSER, Tennessee TERRY SANFORD, North Carolina JAKE GARN, Utah JOHN HEINZ, Pennsylvania CHRISTOPHER S. BOND, Missouri WILLIAM V. ROTH, JR., Delaware NANCY LANDON KASSEBAUM, Ka LARRY PRESSLER, South Dakota KEVIN C. GOTTLIEB, Staff Director LAMAR SMITH, Republican Staff Director and Economist SUBCOMMITTEE ON SECURITIES CHRISTOPHER J. DODD, Connecticut, Chairman JOHN HEINZ, Pennsylvania ALAN CRANSTON, California NANCY LANDON KASSEBAUM, Ka ALFONSE M. D'AMATO, New York MARTHA L. COCHRAN, Staff Director and Chief Counsel IRA PAULL, Republican Counsel (II) CONTENTS THURSDAY, FEBRUARY 1, 1990 Page Gary G. Lynch, Esq., Davis, Polk & Wardwell, New York, NY, former Direc- Victor Futter, Esq., Sills, Cummis, Zucherman, Radin, Tichman, Epstein & Gross, New York, NY, representing the American Society of Corporate |