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Passion for RealityThe Extraordinary Life of the Investing Pioneer Paul Cabot$
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Michael Yogg

Print publication date: 2014

Print ISBN-13: 9780231167468

Published to Columbia Scholarship Online: November 2015

DOI: 10.7312/columbia/9780231167468.001.0001

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Letting Go

Letting Go

(p.185) 8 Letting Go
Passion for Reality

Michael R. Yogg

Columbia University Press

This chapter recounts Paul Cabot’s life after retiring from the State Street Investment Corporation (SSIC) as CEO. In 1958, when George Bennett became CEO in his stead, Paul devoted his energy to his corporate directorships of six companies: the Ford Motor Company, Continental Can, Eastern Gas & Fuel, Morgan Guaranty, National Diary, and B.F. Goodrich. Using insider information, he testified before the House Ways and Means Committee about the unfair tactics employed by these companies during company takeovers and acknowledged the impact of government policies on the economy and financial markets. Paul’s arguments made logical sense, but he also followed his instincts in trying to prevent those whom he considered speculators from undermining legitimate business enterprises. The chapter follows the trajectory of Paul’s habit of pinpointing the flaws of the American financial system in the succeeding decades.

Keywords:   Paul Cabot, State Street Investment Corporation, House Ways and Means Committee, George Bennett, Ford Motor Company, Continental Can, Eastern Gas & Fuel, Morgan Guaranty, National Diary, B.F. Goodrich

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