Word: accountants
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Dates: during 1970-1979
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...done drumhammer support for him. We refuse to bend." The American Israel Public Affairs Committee, the main Israel lobby in Washington, rushed out a two-page white paper claiming that Begin's reputation as a terrorist was a "myth." By A.l.P.A.C.'s considerably sanitized account, he was a freedom fighter and his men attacked only military targets, always trying to avoid civilian casualties...
...Lance's image as a tightfisted budget director bent on balancing the national ledger was the report's confirmation that his Calhoun bank winked at massive overdrafts by the bank's officers and their relatives. According to the report, Lance's wife LaBelle overdrew her account by as much as $110,000 in the last four months of 1974. Between September 1974 and April 1975, nine Lance relatives amassed overdrafts totaling an impressive $450,000. In December 1975, federal bank examiners insisted that the overdrafts be stopped...
Financing Lance's campaign Comptroller Heimann's report took note of a more serious violation: overdrafts by the Calhoun bank on two accounts opened to finance Lance's unsuccessful campaign for Governor of Georgia in 1973 and 1974. One account was overdrawn by $76,000, the other by $152,000. Incredibly, the bank even paid bills for Lance's campaign activities totaling $78,000 and listed them as "bank expenses." The bank was later reimbursed by Lance. All this had been examined by the comptroller's office in 1975 and was found...
...banks that enables each to offer its customers more, better and faster services than it could acting on its own. Says Special Assistant to the Comptroller of the Currency Robert Baer: "There probably isn't a single bank in the country that doesn't have a correspondent account with another bank." Typically, a small local bank will be a correspondent of a regional bank, which will be a correspondent of the smaller one and of a bank in the money centers of New York, Chicago and Los Angeles...
...check in an Atlanta bank. The bank bundles the check with other checks drawn on New York-area banks, and sends them by air to its New York correspondent bank, which gives the checks to a bank clearinghouse in Manhattan. The Atlanta bank receives a credit to its correspondent account within...