Word: giannini
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Died. Lawrence Mario Giannini, 57, president (since 1936) of the West Coast's giant, 531-branch Bank of America, founded by his father, the late A. P. (Amadeo Peter) Giannini; after long illness; in San Francisco...
...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...
Neither Husbands nor his boss, Lawrence Mario Giannini, old A. P.'s son, had any intention of knuckling under to FRB. They planned to fight the order through to the U.S. Supreme Court. Said Husbands: "At long last we can now go into court and have a fair hearing...
...order does not affect the Bank of America, the world's largest bank and the original foundation of the Giannini pyramid. Transamerica once owned 99% of the bank's stock but has trimmed this to 5.6%.*J. Louis Robertson disqualified himself because he was deputy comptroller of the currency when his office, two years ago, permitted Transamerica to sell 22 banks to the Bank of America (TIME, July 10, 1950). Abbot L. Mills, who came to the board from the U.S. National Bank of Portland, Ore., disqualified himself because his former boss had testified for Transamerica...