Word: frb
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Lawrence Mario Giannini, president of the Bank of America, is a frail but stubborn man. When the Federal Reserve Board got a court order last month to block his purchase of 22 banks from Transamerica Corp. (TiME, July 10), Giannini ignored the order. The FRB-and Giannini, too-were well aware that the purchase would cut Transamerica's holdings in California to only four banks, and thus take much of the steam out of the FRB's antitrust suit against Transamerica...
...going rough. After 107 days of hearings it was still taking testimony trying to prove its case. Last week Transamerica President Sam H. Husbands, onetime RFC director, and Lawrence Mario Gianmni, the frail, shrewd president of the Bank of America, got together on a deal that did not make FRB's job any easier...
...FRB's key charge was that Transamerica has a banking monopoly in California and four other western states because it has a controlling interest in 46 banks including the giant Bank of America, which it controlled through a 22.8% stock interest (reduced to 11.1% late last year). Last week Transamerica tried to take much of the steam out of FRB's case by selling 22 of its banks to the Bank of America for $18 million, thus cutting its holdings in California to only four banks Angrily, FRB went to the U.S. circuit court of appeals...
...this optimism was confirmed last week by the still growing boom. In May, the Federal Reserve Board's index of industrial production soared to 193, within a whisper of 1948's postwar high of 195. Said FRB: production would probably set a new record in June...
...current boom, the Government has failed to make full use of its broad fiscal powers, said the subcommittee, chiefly because of the family rows between the U.S. Treasury Department and the Federal Reserve Board. The chief task of FRB should have been to restrict credit during the boom, by forcing interest rates up. But the Treasury, insisting on a cheapmoney policy, fought any change, because a change would have meant an increase in the cost of carrying the U.S. debt. Time & again FRB failed to do its job, and went along with what FRB's Marriner Eccles called...