Word: frb
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...trying to put us out of business, and you can't do it. None of your gang can." Thus growled old Banker A. P. Giannini at Federal Reserve Board Member Marriner S. Eccles three years ago, when the FRB opened hearings on charges that Giannini's Transamerica Corp. had monopolized West Coast banking...
...died (TIME, June 13, 1949), and Eccles, who had inspired the first antitrust suit in FRB's history, left the board. But FRB continued to press the case, and last week, after 12,959 pages of testimony, brought in its verdict. It found that Transamerica Corp., the Giannini-controlled bank holding company, dominates 41% of all banking offices, 39% of all bank deposits, and 50% of all bank loans in California, Oregon, Washington, Nevada and Arizona. This dominance, said FRB, does indeed hold the threat of monopoly. It ordered Transamerica to sell its controlling stock in 47 banks*with...
...FRB member J. K. ("The Commodore") Vardaman, Truman's onetime St. Louis crony, took Transamerica's side. So did Oliver S. Powell, ex-officer of Minnesota's Federal Reserve Bank. Powell argued that the board had failed to establish a yardstick for the measurement of monopoly, and certainly had not proved that Transamerica threatened the independence of competitors. Two other members, who joined the FRB after the hearings began,*disqualified themselves. Chairman William McChesney Martin and Member M. S. Szymczak voted against Transamerica. The 2-to-2 tie was broken by Rudolph M. Evans, who conducted...
...Sale. The biggest surprise came for Patman; not one of the experts would buy his theory that the President ought to have control over the FRB. Even John Snyder rejected it. Wrote he: "I do not suggest that the President should be given any [such] powers...
...Patman had done nothing else, he had got all of the arguments-and justifications-out in the open, where his committee can shoot at them next week when it opens hearings to try to bring the Treasury and FRB together in a coherent monetary and credit policy...