Word: chase
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Dates: during 1930-1939
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...Wiggin rendered for his $100,000 retirement salary? A. "I think I am a direct influence in holding a very large business for the bank." He always had the interest of the bank "very much to the front.'' and partly due to his efforts the Chase's assets tied up in Germany had been reduced from $100,000,000 to less than $40,000,000. Q. Was he aware that the time when his $100,000 a year salary was voted that the Chase bank and its securities affiliate had had hundreds of millions of dollars...
Arithmetic for Stockholders. Mr. Wiggin, good-natured, sure that he had not been overpaid, lost some of his good humor when questioned about Chase Securities Corp. Mr. Pecora made him admit figure by figure that the company (which sold $6,000,000,000 of securities, 5.68% of which went into default) had to reserve for losses 77% ($120,000,000) of its aggregate capital and earnings since 1917. To Mr. Pecora's charge that the company's reports to stockholders* had hidden losses Mr. Wiggin entered denials. Mr. Pecora gave him the company's reports...
Pools. Most reddening to Mr. Wiggin's face were Mr. Pecora's inquiries about pools in Chase's stock. Half a dozen pools, operated by a subsidiary of Chase Securities Corp. and various brokers in the years from 1927 to 1930, had traded in hundreds of thousands of shares of Chase Bank stock. During one pool the shares rose from $483 to $800. "Was that not a scheme for 'churning the market?' " demanded Mr. Pecora. Mr. Wiggin: I think the market was a God-given market. Senator Couzens: That is a new one. Senator Adams...
Cuba. Most of the investigation's fifth chapter of revelations was about Mr. Wiggin rather than his bank, but the bank -and Mr. Aldrich-came into it strongly on the subject of loans to Cuba. In a secret session of the committee Mr. Aldrich, who was not a Chase official when the loans were made, strongly urged that the subject be pigeonholed in view of the seething Cuban situation. It might lead to more bloodshed. His request leaked out and a Washington newspaper reported that ''Wall Street influences" were trying to keep the Senators from their work...
...Aldrich managed to say that of the $80,000,000 loaned by Chase to Cuba nearly $20,000,000 had been repaid and interest was being paid on the rest. Every bit of $80,000,000 had been paid to contractors (for construction of the new Cuban Capitol and of a highway the length of the island) on work certificates approved by the Secretary of Public Works. Not a cent had been paid to ex-President Machado or other officials. Later Chase Vice President Shepard Morgan admitted that General Enoch Crowder, then U. S. Ambassador to Cuba, had given...