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SEC Investigates Nation's Largest Black-Owned Investment Banking Firm.(Originated from Philadelphia Daily News)
Knight Ridder/Tribune Business News, August, 1996 by Bello, Marisol
Aug. 29--The nation's largest black-owned investment banking firm is under investigation by the U.S. Securities and Exchange Commission.
The Wall Street Journal reported yesterday that the firm, Pryor, McClendon, Counts & Co., which has an office in Philadelphia, is one of more than 40 that the SEC is reviewing as part of a broad investigation of the municipal bond industry.
Since 1994, the federal agency has been trying to change the way the municipal bond market works. Traditionally, the firm that gave the most in political donations got the best bond issues.
But two years ago, the SEC began attempting to regulate the market by prohibiting firms from making major contributing to politicians in municipalities where they conduct business.
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