Hi Berney, I was just reading "Wall Street - a History," by Charles R. Geisst, who states that:
"In 1929 Joseph P. Kennedy, the well-known speculator and founder of RKO Pictures, liquidated many of his positions, fearing that the market rally could not be sustained. Before doing so, Kennedy had walked into 23 Wall Street to meet Jack Morgan unannounced. He ostensibly wanted to discuss the condition of the market with the banker, assuming Morgan would see him because of his reputation. Seeing the senior banker without an appointment was a privilege not many Wall Streeters could exercise. Few were able to accomplish it, although Arthur Salomon, head of Salomon Brothers and Hutzler, was one of the few who could. Morgan refused to admit Kennedy, touching off a long-standing feud."
The appointment of Kennedy by FDR was opposed in all quarters, due to Kennedy's involvement in questionable transactions, but FDR insisted that Kennedy, the only candidate with actual experience in the industry, was the best man for the job. He was a bear trader, says Geisst.
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