Word: giannini
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...gobbling big & little banks and begetting new ones, crusty, crafty old (78) Amadeo P. Giannini had built his Bank of America into the world's biggest (522 branches). His Transamerica Corp., which owns 23% of the bank, had become the world's biggest bank holding company. Many big & little bankers have viewed his bigness with alarm, but none more loudly than Federal Reserve Board Member Marriner S. Eccles...
Last week, in FRB's Washington hearing room, Giannini and Eccles met face to face. In the first use of its antitrust powers in 34 years, FRB was out to prove Transamerica a monopoly. To the witness stand went Eccles. He had disqualified himself as a judge in the case, only to find that as far as Giannini was concerned, it was Eccles who was on trial...
During a recess, Eccles stopped by Giannini's seat and extended his hand. "Nothing personal intended, you know," he began. A.P. blazed: "You're trying to put the Bank of America out of business and you can't do it. None of your gang...
...trying its own complaint Giannini seemed to take it for granted that he would get no favorable decision. But neither A.P. nor Eccles thought that the hearing was any more than a sparring round. The fight to the finish would probably be in the U.S. Supreme Court...
...some, it all sounded like a renewal of the feud between Giannini and FRB's Marriner Eccles, whose family's banking empire in the Rockies (TIME, May 10) stands smack in the way of A.P.'s ambitions to expand eastward. It was bigger than a personal feud. The board's complaint was unanimously endorsed by its seven members. Its result might well be a crucial test of one of the strongest Strong Men in U.S. financial history...