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Joseph Kennedy Sr., President John F. Kennedy's father, became the first chairman of the Securities Exchange Commission in 1934.
Findings
Additional insights we found via NPR
Joseph Kennedy grew up in East Boston in a well-respected family before attending Harvard University.
He began his career in banking before he began managing Hollywood studios. In California, he had a working and romantic relationship with American actress Gloria Swanson.
Leading up to the stock market crash of 1929, Kennedy began short-selling stocks (betting against the market) after suspecting that the market was too hot.
Kennedy publicly supported President Franklin Roosevelt’s first presidential campaign in 1932, despite the rest of Wall Street’s overwhelming preference for the more conservative President Herbert Hoover’s re-election.
When Kennedy left his role as the SEC chair, he had banned much of the financial engineering he had used to make millions in his early career (such as artificially inflating stock prices).
Kennedy left the SEC in 1935 and then became the American Ambassador to England.
Kennedy became controversial for his antisemitic rhetoric at the onset of World War II when he served as the Ambassador to England, which significantly tainted his political legacy in the US and abroad.
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