Word: bank
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Dates: during 1950-1959
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That Terrible Feeling. Last week, as FBI and SEC agents unraveled the details, no one felt worse-or needed more help-than the officers of the 23-year-old Manufacturers' Bank of Edgewater, N.J. The New Jersey State Banking Commission prepared to liquidate its assets, having ordered it closed when it discovered that the bank, with $2,100,000 in deposits but only $130,000 in capital, had apparently lent Belle $150,000 without adequate security...
Thanks to Federal Deposit Insurance, 95% of the depositors, those with less than $10,000 in their accounts will be repaid in full. The rest must take their dubious chances, including the town of Edgewater, which had $68,000 in the bank...
Edgewater was only one of the marks. In Huntington, N.Y., the bigger (16 offices)-and presumably more experienced -Security National Bank had also been taken by Belle, to the tune of $475,000. And in McKeesport, Pa., the Peoples Union Bank & Trust Co. announced that it too had handed a Belle company $200,000 without security, filed suit against his sagging corporations for repayment of the loan principal plus 5½% penalty...
...started investigating, there was nothing to do but get out-quickly. A month ago Belle apparently started systematically looting the companies. As a sample of his thoroughness, he even tried to get the employees' pension funds of one of the companies, Troop Water Heater Co. Though the bank that held the funds in trust refused to go along, Belle got partial revenge. All but about $900 of the final week's paychecks for Troop, amounting to $4,500, bounced because Belle withdrew the funds before he fled...
...zaibatsu grow bigger almost by the week. Fortnight ago Mitsui Bank President Kiichiro Sato, 65, a nimble-witted financial expert who has spent his entire life working for the Mitsui cause, engineered the merger of two of the biggest offshoots of Mitsui's prewar trading division in a major deal that will form Japan's largest single trading company, with assets of some $500 million. "The occupation did not kill the zaibatsu," says Economics Professor Ryosei Kobayashi of Tokyo's Senshu University. "It just reorganized them...