Word: fdic
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Last summer FDIC examiners wrote LOSS in place of Brown's "slow assets" and "doubtful assets," on Integrity's books, declared the bank insolvent...
...laying out of the body was done by FDIC, local banks and young Jack Bell, newly appointed Pennsylvania State Banking Secretary. Last week they invited the public in to see the damage...
...loss because Federal Deposit Insurance Corp. worked out a plan whereby the $6,000,000 of over-$5,000 deposits as well as the $29,000,000 of under-$5,000 deposits which it is obligated to protect were handed over to two other Philadelphia banks. Reason, according to FDIC's beaverlike Leo T. Crowley: "If we had let a bank like this go it might have had a bad effect on other Philadelphia banks. Also ... it would mean a forced liquidation." First National Bank of Philadelphia got Integrity's $25,000,000 of commercial deposits, Western Saving...
Victor Emmanuel, unlike the Byllesby interests, believes that butter is better than cannon in dealing with the New Deal. Fortnight ago, he hired a new president for Standard, white-haired, McNuttish-looking Leo Thomas Crowley, since 1934 chairman of FDIC. He hired Mr. Crowley through Washington's No. i Big Money employment office, Jesse Jones's RFC, the same office which placed Mr. Crowley's FDIC predecessor, Jones Protege Walter Cummings (TIME, Nov. 27), who heads Chicago's huge Continental Illinois Bank...
None of this need worry depositors whose accounts are guaranteed by FDIC. But it is plenty to worry FDIC, which will have to make good future losses; something to worry the Government which is morally obligated to keep FDIC from ever going bust; something to worry business which has to support the Government...