Holding Companies in the Doghouse: Edison Exec Bites Back at FDR

January 15, 1938, New York City – In a scathing rebuke, W.K. Kellogg, president of the Edison Electric Institute, took aim at President Franklin D. Roosevelt’s assertion that utility holding companies were being controlled by a ‘4-inch tail wagging a 96-inch dog.’ The phrase, used by FDR to describe the influence of holding companies on the public utility industry, sparked outrage among holding company executives, who claimed the statement was inaccurate.