Word: banke
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Dates: during 1940-1949
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Calculated Risks. The new team, recruited from the private financing community, did wonders for the Bank's prestige, which had fallen dangerously low. Private bankers warmed still more at Jack McCloy's first discussion of the Bank's lending policies...
McCloy accepted with the understanding that, no matter how the Bank was set up on paper, he would be boss in fact as well as in title. To play safe, he demanded -and got-the resignation of "Pete" Collado. (Washington gossiped that Collado would soon go to China to lend a hand in stabilizing the currency...
...take Collado's place the Bank picked a McCloy man, Eugene R. Black, 48, lean, laconic vice president of Manhattan's big Chase National Bank, who has recently returned from a two-month study of European credits. (His appointment is the only one that must be confirmed by the Senate...
...take the late Harold D. Smith's job as vice president of the Bank, new President McCloy picked Robert Livingston Garner, 52, financial vice president of General Foods Corp. Garner, an infantry captain in World War I and former treasurer of the Guaranty Trust Co. of New York, will advise McCloy on securities floatations. These two banking men eliminated any objection to McCloy on the grounds that he knew too little about banking...
...Bank," said he, "is fundamentally sound and has an important job to do. The world cannot exist half rubble and half skyscraper. ... In making loans, it is impossible to eliminate political considerations entirely. It is the Bank's function to take calculated risks. But every possible step should be taken for the protection of its bonds. The securities of the Bank must be made prime, because in the long run its success is dependent upon the cooperation of the financial community...