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When E.F. Hutton Confesses …

Wednesday, May 2, 2012 — The following item ran in our “Admiral Fowle’s Piscataqua River Tidal Guide (Not for Navigational Purposes)” for this date:

1985 — E.F. Hutton, the brokerage company, pleads guilty to 2,000 federal charges; agrees to cough up $10 million.”

In the early 1980s, federal prosecutors nailed E.F. Hutton & Co. on a massive, company-wide check-kiting scheme. Twenty-five senior officers were implicated, and three could have gone to the slammer, but the Justice Department let them off with a fine that William Safire — no socialist he — said was the equivalent of “putting a parking ticket on the Brink’s getaway car.”

At right: the original Edward Francis Hutton himself.

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