Task: sc_respondent

What follows is an opinion from the Supreme Court of the United States. Your task is to identify the respondent of the case. The respondent is the party being sued or tried and is also known as the appellee. Characterize the respondent as the Court's opinion identifies them.

Identify the respondent by the label given to the party in the opinion or judgment of the Court except where the Reports title a party as the "United States" or as a named state. Textual identification of parties is typically provided prior to Part I of the Court's opinion. The official syllabus, the summary that appears on the title page of the case, may be consulted as well. In describing the parties, the Court employs terminology that places them in the context of the specific lawsuit in which they are involved. For example, "employer" rather than "business" in a suit by an employee; as a "minority," "female," or "minority female" employee rather than "employee" in a suit alleging discrimination by an employer.

Also note that the Court's characterization of the parties applies whether the respondent is actually single entitiy or whether many other persons or legal entities have associated themselves with the lawsuit. That is, the presence of the phrase, et al., following the name of a party does not preclude the Court from characterizing that party as though it were a single entity. Thus, identify a single respondent, regardless of how many legal entities were actually involved. If a state (or one of its subdivisions) is a party, note only that a state is a party, not the state's name.

Mr. Justice Jackson
delivered the opinion of the Court.
The principal question here concerns personal liability of a reorganization trustee who, although making no personal profit, permitted key employees to profit from trading in securities of the debtors’ subsidiaries. Upon a long record, controlling facts have been found with little disagreement.-
In 1935, the United States District Court appointed respondent Darrow as reorganization trustee for two common-law trusts. These had functioned as holding companies and their principal assets were the securities of twenty-seven underlying companies, each of which owned improved real estate and had its own debt and capital structure. Both the subsidiary companies and the two trusts had been promoted by Jacob Kulp and Myrtle Johnson, who thoroughly knew the inside of the business and were acquainted with many of the investors. The tangled financial history leading to the reorganization is not important to our issue.
Darrow employed Kulp and Miss Johnson to assist in his trusteeship. That they were competent and useful is undenied. Kulp managed the physical properties while Miss Johnson supervised the office, had complete charge of all records of income, expenditures and properties of both debtors and all underlying companies. Darrow decided upon a policy of buying in bonds of the subsidiaries for retirement, where they were available at a discount, and during his trusteeship reduced the outstanding bonds of subsidiaries by this method by about two and one-half million dollars. Darrow depended upon Miss Johnson’s judgment and advice in allocating funds for sinking fund operations, in his purchase of securities and in fixing prices to be offered.
Kulp and Miss Johnson were employed by Darrow with the express agreement that they could continue to trade in securities of the debtors’ subsidiaries personally and through Colonial Securities Corporation, which they owned. Without such consent they stated they would not have remained. Darrow and Colonial for a considerable period shared office facilities and personnel, with Miss Johnson in charge both of the trustee’s office, which was interested in the purchase of bonds, and her own Colonial, interested in the same thing.
Miss Johnson and Kulp, during their employment by the trustee, traded extensively in bonds of the subsidiary companies. On many occasions they acquired bonds for themselves and on the same day, or within a few days, transferred them to Darrow at a profit. Darrow paid for some securities in advance of their delivery to him and for some even before Miss Johnson had made her own purchase of them. Johnson and Kulp sometimes bought for themselves bonds offered by bondholders who had come to the trustee’s office to dispose of them to the trustee. They made substantial profits through these transactions.
In his eight years of trusteeship, Darrow filed but one account for one of the debtor-corporations and none for the other. The Securities and Exchange Commission intervened and demanded investigation of his conduct of the trust and thereafter he resigned and filed his accounts, which were met with objections by his successor trustee. These issues were referred to a special master, who heard a long contest over the foregoing and many other items unimportant here. The master recommended a surcharge on account of the foregoing conduct. The master’s report was reviewed by the District Court, which concluded that the evidence supported the findings and recommendations and surcharged the trustee in the amount of $43,447.46, reserving some questions for later consideration. Darrow appealed and the Court of Appeals reversed the decision of the District Court, for reasons that we will later consider. 184 F. 2d 1. We conclude that the District Court was correct and the decision of the Court of Appeals cannot stand.
At the outset we are met with a jurisdictional objection. Respondent contends that we are powerless to grant a motion to substitute parties because the petition for. the writ of certiorari is jurisdictionally defective in that it is filed in the name of Stacy Mosser, a resigned trustee. It is further contended that John W. Guild, the other named petitioner, is without standing to seek review because he is only an indenture trustee. Both contentions are erroneous.
An indenture trustee’s standing is expressly authorized by 52 Stat. 894, 11 U. S. C. § 606, which provides, “the debtor, the indenture trustees, and any creditor or stockholder of the debtor shall have the right to be heard on all matters arising in a proceeding under this chapter.” (Italics added.) And respondent, in opposing the motion to substitute, erroneously relies on cases involving government officers. Davis v. Preston, 280 U. S. 406; Snyder v. Buck, 340 U. S. 15. Successor trustees, unlike successors of public officers, are regarded as transferees or assignees of all the interests of their predecessor, and removal of a trustee does not cause abatement. 52 Stat. 840, 860, 11 U. S. C. § 74. We hold, in accord with Bowden v. Johnson, 107 U. S. 251, 264, that substitution is fully authorized and proper in these circumstances and accordingly turn to the merits.
This was a strict trusteeship, not one of those quasi-trusteeships in which self-interest and representative interests are combined. A reorganization trustee is the representative of the court and it is not contended and would not be arguable that if he had engaged for his own advantage in the same transactions that he authorized on the part of his subordinates he should not be surcharged. Equity tolerates in bankruptcy trustees no interest adverse to the trust. This is not because such interests are always corrupt but because they are always corrupting. By its exclusion of the trustee from any personal interest, it seeks to avoid such delicate inquiries as we have here into the conduct of its own appointees by exacting from them forbearance of all opportunities to advance self-interest that might bring the disinterestedness of their administration into question.
These strict prohibitions would serve little purpose if the trustee were free to authorize others to do what he is forbidden. While there is no charge of it here, it is obvious that this would open up opportunities for devious dealings in the name of others that the trustee could not conduct in his own. The motives of man are too complex for equity to separate in the case of its trustees the motive of acquiring efficient help from motives of favoring help, for any reason at all or from anticipation of counter-favors later to come. We think that which the trustee had no right to do he had no right to authorize, and that the transactions were as forbidden for benefit of others as they would have been on behalf of the trustee himself.
It is argued here, and appears to have been the view of the Court of Appeals, that principles of negligence applied and that a trustee could not be surcharged under many decisions unless guilty of “supine negligence.” We see no room for the operation of the principles of negligence in a case in which conduct has been knowingly authorized. This is not the case of a trustee betrayed by those he had grounds to believe were trustworthy, for these employees did exactly what it was agreed by the trustee that they should do. The question whether he was negligent in not making detailed inquiries into their operations is unimportant, because he had given a blanket authority for the operations. The liability here is not created by a failure to detect defalcations, in which case negligence might be required to surcharge the trustee, but is a case of a willful and deliberate setting up of an interest in employees adverse to that of the trust.
It is contended, however, that the trust has incurred no loss. Indeed, it is argued, and much evidence was taken to the effect, that the buying program of Darrow as a whole was to the advantage of the trust. Of course, ’ these dealings in a rising market did not directly extract any amounts from the till of the trustee. But it is obvious that a buying program to retire at discount bonds of subsidiaries advances most rapidly and achieves its greatest results when the purchase prices are lowest. Darrow concededly relied on Miss Johnson in fixing offering prices. Those offering prices were sufficiently above what bondholders were willing to accept, so that a margin was left for Miss Johnson to profit. It may not have been intentionally rigged for the purpose, but there can be no doubt of the result. If people were willing to trudge to the trustee’s office to dispose of their holdings for less than his offer, there is no reason why the advantage of that low price should not have been taken by the trustee. Instead, in his own office, Miss Johnson intervened between the seller and the buyer and made a profit for herself by doing so.
In one of the larger transactions, a block of securities was offered at judicial sale. Darrow did not bid but Miss Johnson did. About one-half of the purchase price she obtained through a resale to Darrow. He paid her, in advance of delivery, $12,447 for securities that cost her approximately $8,000, and his check was used by Miss Johnson to make the payment due under her bid. If Darrow’s employees were able to purchase in the open market these securities at less than Darrow on their advice thereafter offered and paid, it is difficult to say that there was no injury to the estate of the trust through these transactions. But equity has sought to limit difficult and delicate fact-finding tasks concerning its own trustee by precluding such transactions for the reason that their effect is often difficult to trace, and the prohibition is not merely against injuring the estate — it is against profiting out of the position of trust. That this has occurred, so far as the employees are concerned, is undenied.
It is argued, and the Court of Appeals appears to have been impressed by the argument, that this surcharge creates a very heavy liability upon a man who enjoyed no personal profit and must be condoned “ ‘so as not to strike terror into mankind acting for the benefit of others and not for their own.’ ” 184 F. 2d 1, 8. Trustees are often obliged to make difficult business judgments, and the best that disinterested judgment can accomplish with foresight may be open to serious criticism by obstreperous creditors aided by hindsight. Courts are quite likely to protect trustees against heavy liabilities for disinterested mistakes in business judgment. But a trusteeship is serious business and is not to be undertaken lightly or so discharged. The most effective sanction for good administration is personal liability for the consequences of forbidden acts, and there are ways by which a trustee may effectively protect himself against personal liability.
The practice is well established by which trustees seek instructions from the court, given upon notice to creditors and interested parties, as to matters which involve difficult questions of judgment. In this particular matter, it is claimed that the special knowledge of Miss Johnson and Kulp was indispensable to the trustee. This, it is said, is the reason the trustee yielded to their insistence upon the right to speculate in the securities underlying the trust. If their services were so indispensable that an arrangement so highly irregular was of advantage to the trust, this might have been fully disclosed to the court and the creditors cited to show cause why it should not have been openly authorized. Instead of this, the trustee, although he did discuss with Judge Holly the employment of Kulp and Miss Johnson, did not disclose the critical fact that he was employing them on terms which permitted their trading in the underlying securities. Indeed, it appears that he did not even disclose this feature of the transaction to his own counsel. It is hardly probable that a candid disclosure to creditors, to the court, and to interested parties would have resulted in instructions to have pursued this course; but, had it been authorized, at least the assenting creditors might have found themselves estopped to question the transaction.
A further remedy of a trustee for limiting, if not avoiding, personal liability is to account at prompt intervals, which puts upon objectors the burden of raising their objections. And had the trustee accounted, as good practice would have required, he undoubtedly would have discovered long ago that this arrangement was objectionable. It hardly lies in the mouth of a trustee to allow his liabilities to accumulate over such a period of time and then ask the court to relieve him of them because they have become too burdensome.
In fairness to the trustee, it is to be noted that there is no hint or proof that he has been corrupt or that he has any interest, present or future, in the profits he has permitted these employees to make. For all that appears, he was simply misled into thinking these persons indispensable, but he entered into an arrangement which courts cannot sanction unless they are to open the door to practices which would demoralize trusteeships and discredit bankruptcy administration.
The judgment of the Court of Appeals is reversed and the cause remanded to the District Court for proceedings consistent with this opinion.
Reversed and remanded.
Mr. Justice Burton took no part in the consideration or decision of this case.

Question: Who is the respondent of the case?
年. attorney general of the United States, or his office
数. specified state board or department of education
日. city, town, township, village, or borough government or governmental unit
的. state commission, board, committee, or authority
月. county government or county governmental unit, except school district
用. court or judicial district
成. state department or agency
名. governmental employee or job applicant
时. female governmental employee or job applicant
件. minority governmental employee or job applicant
一. minority female governmental employee or job applicant
请. not listed among agencies in the first Administrative Action variable
中. retired or former governmental employee
据. U.S. House of Representatives
码. interstate compact
不. judge
新. state legislature, house, or committee
文. local governmental unit other than a county, city, town, township, village, or borough
下. governmental official, or an official of an agency established under an interstate compact
分. state or U.S. supreme court
入. local school district or board of education
人. U.S. Senate
功. U.S. senator
上. foreign nation or instrumentality
户. state or local governmental taxpayer, or executor of the estate of
为. state college or university
间. United States
号. State
取. person accused, indicted, or suspected of crime
回. advertising business or agency
在. agent, fiduciary, trustee, or executor
页. airplane manufacturer, or manufacturer of parts of airplanes
字. airline
有. distributor, importer, or exporter of alcoholic beverages
个. alien, person subject to a denaturalization proceeding, or one whose citizenship is revoked
作. American Medical Association
示. National Railroad Passenger Corp.
出. amusement establishment, or recreational facility
是. arrested person, or pretrial detainee
失. attorney, or person acting as such;includes bar applicant or law student, or law firm or bar association
表. author, copyright holder
除. bank, savings and loan, credit union, investment company
加. bankrupt person or business, or business in reorganization
败. establishment serving liquor by the glass, or package liquor store
生. water transportation, stevedore
信. bookstore, newsstand, printer, bindery, purveyor or distributor of books or magazines
类. brewery, distillery
置. broker, stock exchange, investment or securities firm
理. construction industry
本. bus or motorized passenger transportation vehicle
息. business, corporation
行. buyer, purchaser
定. cable TV
改. car dealer
市. person convicted of crime
期. tangible property, other than real estate, including contraband
以. chemical company
修. child, children, including adopted or illegitimate
元. religious organization, institution, or person
方. private club or facility
录. coal company or coal mine operator
区. computer business or manufacturer, hardware or software
单. consumer, consumer organization
位. creditor, including institution appearing as such; e.g., a finance company
型. person allegedly criminally insane or mentally incompetent to stand trial
法. defendant
县. debtor
存. real estate developer
品. disabled person or disability benefit claimant
前. distributor
称. person subject to selective service, including conscientious objector
注. drug manufacturer
值. druggist, pharmacist, pharmacy
输. employee, or job applicant, including beneficiaries of
建. employer-employee trust agreement, employee health and welfare fund, or multi-employer pension plan
能. electric equipment manufacturer
大. electric or hydroelectric power utility, power cooperative, or gas and electric company
例. eleemosynary institution or person
度. environmental organization
始. employer. If employer's relations with employees are governed by the nature of the employer's business (e.g., railroad, boat), rather than labor law generally, the more specific designation is used in place of Employer.
到. farmer, farm worker, or farm organization
面. father
载. female employee or job applicant
点. female
密. movie, play, pictorial representation, theatrical production, actor, or exhibitor or distributor of
动. fisherman or fishing company
果. food, meat packing, or processing company, stockyard
图. foreign (non-American) nongovernmental entity
提. franchiser
发. franchisee
式. lesbian, gay, bisexual, transexual person or organization
国. person who guarantees another's obligations
登. handicapped individual, or organization of devoted to
错. health organization or person, nursing home, medical clinic or laboratory, chiropractor
者. heir, or beneficiary, or person so claiming to be
认. hospital, medical center
误. husband, or ex-husband
接. involuntarily committed mental patient
关. Indian, including Indian tribe or nation
重. insurance company, or surety
第. inventor, patent assigner, trademark owner or holder
地. investor
如. injured person or legal entity, nonphysically and non-employment related
设. juvenile
目. government contractor
开. holder of a license or permit, or applicant therefor
事. magazine
可. male
要. medical or Medicaid claimant
代. medical supply or manufacturing co.
小. racial or ethnic minority employee or job applicant
选. minority female employee or job applicant
标. manufacturer
明. management, executive officer, or director, of business entity
编. military personnel, or dependent of, including reservist
求. mining company or miner, excluding coal, oil, or pipeline company
列. mother
网. auto manufacturer
万. newspaper, newsletter, journal of opinion, news service
最. radio and television network, except cable tv
器. nonprofit organization or business
所. nonresident
内. nuclear power plant or facility
体. owner, landlord, or claimant to ownership, fee interest, or possession of land as well as chattels
通. shareholders to whom a tender offer is made
务. tender offer
此. oil company, or natural gas producer
商. elderly person, or organization dedicated to the elderly
序. out of state noncriminal defendant
化. political action committee
消. parent or parents
否. parking lot or service
保. patient of a health professional
使. telephone, telecommunications, or telegraph company
次. physician, MD or DO, dentist, or medical society
机. public interest organization
对. physically injured person, including wrongful death, who is not an employee
量. pipe line company
查. package, luggage, container
部. political candidate, activist, committee, party, party member, organization, or elected official
性. indigent, needy, welfare recipient
和. indigent defendant
更. private person
后. prisoner, inmate of penal institution
证. professional organization, business, or person
题. probationer, or parolee
确. protester, demonstrator, picketer or pamphleteer (non-employment related), or non-indigent loiterer
格. public utility
了. publisher, publishing company
于. radio station
金. racial or ethnic minority
公. person or organization protesting racial or ethnic segregation or discrimination
午. racial or ethnic minority student or applicant for admission to an educational institution
円. realtor
片. journalist, columnist, member of the news media
空. resident
态. restaurant, food vendor
管. retarded person, or mental incompetent
主. retired or former employee
天. railroad
自. private school, college, or university
我. seller or vendor
全. shipper, including importer and exporter
今. shopping center, mall
来. spouse, or former spouse
正. stockholder, shareholder, or bondholder
说. retail business or outlet
意. student, or applicant for admission to an educational institution
送. taxpayer or executor of taxpayer's estate, federal only
容. tenant or lessee
已. theater, studio
结. forest products, lumber, or logging company
会. person traveling or wishing to travel abroad, or overseas travel agent
段. trucking company, or motor carrier
计. television station
源. union member
色. unemployed person or unemployment compensation applicant or claimant
時. union, labor organization, or official of
交. veteran
系. voter, prospective voter, elector, or a nonelective official seeking reapportionment or redistricting of legislative districts (POL)
过. wholesale trade
电. wife, or ex-wife
询. witness, or person under subpoena
符. network
未. slave
程. slave-owner
常. bank of the united states
条. timber company
当. u.s. job applicants or employees
情. Army and Air Force Exchange Service
口. Atomic Energy Commission
合. Secretary or administrative unit or personnel of the U.S. Air Force
车. Department or Secretary of Agriculture
实. Alien Property Custodian
组. Secretary or administrative unit or personnel of the U.S. Army
版. Board of Immigration Appeals
周. Bureau of Indian Affairs
址. Bonneville Power Administration
记. Benefits Review Board
二. Civil Aeronautics Board
同. Bureau of the Census
业. Central Intelligence Agency
权. Commodity Futures Trading Commission
其. Department or Secretary of Commerce
进. Comptroller of Currency
试. Consumer Product Safety Commission
验. Civil Rights Commission
料. Civil Service Commission, U.S.
传. Customs Service or Commissioner of Customs
述. Defense Base Closure and REalignment Commission
集. Drug Enforcement Agency
多. Department or Secretary of Defense (and Department or Secretary of War)
无. Department or Secretary of Energy
员. Department or Secretary of the Interior
报. Department of Justice or Attorney General
他. Department or Secretary of State
無. Department or Secretary of Transportation
服. Department or Secretary of Education
线. U.S. Employees' Compensation Commission, or Commissioner
这. Equal Employment Opportunity Commission
制. Environmental Protection Agency or Administrator
将. Federal Aviation Agency or Administration
处. Federal Bureau of Investigation or Director
高. Federal Bureau of Prisons
子. Farm Credit Administration
道. Federal Communications Commission (including a predecessor, Federal Radio Commission)
章. Federal Credit Union Administration
手. Food and Drug Administration
库. Federal Deposit Insurance Corporation
三. Federal Energy Administration
从. Federal Election Commission
支. Federal Energy Regulatory Commission
家. Federal Housing Administration
长. Federal Home Loan Bank Board
付. Federal Labor Relations Authority
秒. Federal Maritime Board
路. Federal Maritime Commission
完. Farmers Home Administration
象. Federal Parole Board
则. Federal Power Commission
现. Federal Railroad Administration
京. Federal Reserve Board of Governors
转. Federal Reserve System
辑. Federal Savings and Loan Insurance Corporation
限. Federal Trade Commission
力. Federal Works Administration, or Administrator
学. General Accounting Office
外. Comptroller General
调. General Services Administration
项. Department or Secretary of Health, Education and Welfare
北. Department or Secretary of Health and Human Services
工. Department or Secretary of Housing and Urban Development
笑. Interstate Commerce Commission
监. Indian Claims Commission
任. Immigration and Naturalization Service, or Director of, or District Director of, or Immigration and Naturalization Enforcement
相. Internal Revenue Service, Collector, Commissioner, or District Director of
微. Information Security Oversight Office
册. Department or Secretary of Labor
联. Loyalty Review Board
平. Legal Services Corporation
增. Merit Systems Protection Board
听. Multistate Tax Commission
解. National Aeronautics and Space Administration
等. Secretary or administrative unit of the U.S. Navy
得. National Credit Union Administration
收. National Endowment for the Arts
安. National Enforcement Commission
价. National Highway Traffic Safety Administration
藏. National Labor Relations Board, or regional office or officer
命. National Mediation Board
应. National Railroad Adjustment Board
看. Nuclear Regulatory Commission
索. National Security Agency
资. Office of Economic Opportunity
产. Office of Management and Budget
串. Office of Price Administration, or Price Administrator
布. Office of Personnel Management
原. Occupational Safety and Health Administration
知. Occupational Safety and Health Review Commission
级. Office of Workers' Compensation Programs
水. Patent Office, or Commissioner of, or Board of Appeals of
击. Pay Board (established under the Economic Stabilization Act of 1970)
好. Pension Benefit Guaranty Corporation
物. U.S. Public Health Service
放. Postal Rate Commission
亿. Provider Reimbursement Review Board
经. Renegotiation Board
模. Railroad Adjustment Board
之. Railroad Retirement Board
台. Subversive Activities Control Board
州. Small Business Administration
配. Securities and Exchange Commission
画. Social Security Administration or Commissioner
统. Selective Service System
共. Department or Secretary of the Treasury
连. Tennessee Valley Authority
海. United States Forest Service
节. United States Parole Commission
退. Postal Service and Post Office, or Postmaster General, or Postmaster
間. United States Sentencing Commission
比. Veterans' Administration
问. War Production Board
至. Wage Stabilization Board
备. General Land Office of Commissioners
你. Transportation Security Administration
黑. Surface Transportation Board
或. U.S. Shipping Board Emergency Fleet Corp.
与. Reconstruction Finance Corp.
影. Department or Secretary of Homeland Security
话. Unidentifiable
视. International Entity
Answer:

Answer: 在