Word: fdic
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...declaimed: "I will be in the banking business long after you fellows have gone home, and you will go with the recollection that there was one banker that did not have a yellow streak all the way from his heels to the top of his head." For not putting FDIC signs on his tellers' windows the Government threatened to fine Banker Nichols $100 per day per window. Promptly, Banker Nichols threatened to close all but one window. In an expansive mood, he once began a letter to Comptroller of the Currency James Francis Thaddeus O'Connor...
Last week, however, a big Manhattan bank made news that most bankers welcomed?secretly if not publicly. For the first time the constitutionality of Federal Deposit Insurance Corp. was challenged in Federal court. Under the permanent insurance plan in the new Banking Act, the FDIC assessment of one-twelfth of 1% per year is levied not just upon accounts of $5,000 or less, which are the only ones insured, but upon a bank's total deposits. That provision works to the advantage of small institutions most of whose deposits are in small accounts, and to the disadvantage...
...suit last week was brought not by a bank but by one Frances Garfunkel, a stockholder in Manufacturers Trust Co. Miss Garfunkel hopes to enjoin the bank from paying some $375,000 in FDIC assessments. Pointing out that the suit involved no reflection on his management, President Harvey Dow Gibson declared: "Manufacturers Trust Co. is quite willing to have this question of legality authoritatively decided but meantime it will scrupulously comply with...
Other banking news of the week: ¶ In Hartford, hotbed of rugged individualism, big Hartford-Connecticut Trust withdrew from FDIC because "the protection afforded our own depositors by the strong liquid position of this bank would not be strengthened by membership. . . ." Several other State-chartered Connecticut banks will shortly follow suit...
...farther than I could throw a bull by the tail. If you think you have an inch of ground to stand on, cut out the shadow-boxing and get this case before the U. S. Supreme Court. I'll wager it will pluck your FDIC so close that, in comparison to its nudity, Hugh Johnson's defeathered Blue Eagle would look as if it were all dressed up in a raccoon coat...