Word: giannini
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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...
...Giannini argued that the FRB had known of the deal for months, and should not have waited until the last minute to object. The federal court thought differently: it convicted Giannini and Transamerica President Sam H. Husbands of contempt, ordered them to jail within 30 days and their companies each to pay fines of $2,500 a day unless the sale was called...
...only four banks Angrily, FRB went to the U.S. circuit court of appeals in San Francisco and got an injunction to block the sale on grounds as the court put it, that Transamerica might be contriving ... to circumvent the proceedings" before FRB. But that did not stop Mario Giannini. He proceeded to move into his new banks, emblazoning the name Bank of America on all 22 front windows. Furthermore he said that the sale had been approved by comptroller of the Currency Preston Delano The court has no right to forbid a purchase after it has been made, Mario said...
...didn't see it that way The circuit court ordered Giannini and Husbands to appear this week to show cause why they should not be held in civil and criminal contempt. It looked as if Transamerica's efforts to wriggle out of its antitrust troubles might have entangled it more deeply than ever...
Regent Lawrence Mario Giannini, president of the Bank of America, was the lone dissenting vote. He had declared that if the Regents' oath were rescinded "I'm sure that the flags will fly in the Kremlin." Giannini tendered his resignation, saying, "I cannot bring myself to compromise with Communism in any way... (the new plan) is a masterpiece of compromise... I hope it will be effective, but I doubt it... if it is not I'll be glad to organize 20th century vigilantes to uncover Communism...