Word: bankes
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Dates: during 1930-1939
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There, directly beneath the Giannini throne, Banker Mount watched the start & finish of the Depression battle for control of Transamerica, which owns among many other things Bank of America. Protagonists in this historic struggle were Amadeo Peter Giannini and Elisha Walker, who entered Transamerica by way of its investment banking affiliate, Bancamerica-Blair, Mr. Walker having been head of the Blair part. Banker Walker and Banker Giannini differed on a fundamental point. It was Mr. Walker's theory that banks should be divorced from holding companies. Mr. Giannini had spent a great deal of effort doing just the opposite...
Back from his junket, Banker Mount returned to his old institution in Oakland, which was then actually two banks, Central National and Central Savings. National failed to reopen after the 1933 banking holiday, though Savings did. As president of Savings and conservator of National, Banker Mount dug in. National's depositors were paid off 100 cents on the dollar and Savings became rock-solid Central Bank of Oakland...
...Opportunity to reach across the Bay was opened by a widow, one of Central's founders, who turned over her chief asset, 2,314 shares in sound Central Savings, to the receiver for Central National to help make up her double liability on the stock of that closed bank. On a bid of $117.50 per share the U. S. Comptroller of the Currency awarded the stock to Banker Giannini...
With 600 shares of Central Bank which Transamerica had held for years, Banker Giannini now had a comfortable minority of nearly 3,000 of the 12,000 shares outstanding. Promptly Banker Giannini started to round up more, by last month driving the price to $450 bid. Thoroughly alarmed, Banker Mount & friends pooled their holdings of 6,491 shares-held control-agreeing not to sell to Mr. Giannini's Transamerica at any price. Banker Giannini offered $550 per share to the pool for enough stock to give him control, was reported to have offered as high...
...rank of major. Out of the War with numerous decorations, Leon Fraser sprouted as an international lawyer amid Reparations and War Debts. His success as counsel to the U. S. bigwigs in the Dawes and Young Plan negotiations led to his appointment as vice president and director of the Bank for International Settlements ("The World Bank") at Basle, Switzerland in 1930. Three years later, at 43, he became president, continued his habits of cutting red tape. In 1935 Mr. Fraser retired from B. I. S. to take the vice-presidency of Manhattan's rich, conservative First National Bank...