Earl Warren,
Kaplan v. Lehman Brothers — Dissent
“ The importance of the New York Stock Exchange in the functioning and livelihood of this Nation cannot be gainsaid. Ever-increasing millions of persons and billions of dollars are effected by the Exchange's practices. ”
Earl Warren,
Kaplan v. Lehman Brothers — Dissent
“ If, as petitioners claim, the regulatory scheme provides no assurance that antitrust policy will be implemented, perhaps a repeal of the antitrust law may be implied 'if necessary to make the Securities Exchange Act work, and even then only to the minimum extent necessary.' Silver v. ”
Earl Warren,
Kaplan v. Lehman Brothers — Dissent
“ Commission rules prohibit any 'member, allied member, member firm or member corporation' from making 'a proposition for the transaction of business at less than the minimum rates of commission.' Before a member is allowed trading privileges he must sign a pledge to abide by the constitution and rules of the Exchange, and any member or allied member adjudged guilty of violating the constitution or a rule may be suspended or expelled by the Board of Governors. ”
