Word: gianninis
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Dates: during 1940-1949
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Elisha Walker has long been accustomed to dealing in sums ending in six zeroes and with such titans of finance and industry as Harry F. Sinclair (oil), Frederick H. Prince (railroads), Eugene G. Grace (steel), Amadeo P. Giannini (banks), Joseph P. Kennedy (whiskey, real estate), and Bernard M. Baruch (investments and advice to Presidents...
...with Mellon National Bank. The new institution, to be known as Mellon National Bank and Trust Co., will give Pittsburgh its first $1 billion bank (16th largest bank in the U.S.). It also intends to give such other giants as Manhattan's Chase National and old A. P. Giannini's Bank of America some tough new competition for a bigger share of the nation's industrial loans...
...exception was A. P. Giannini's giant Bank of America. It has continued to lend the legal maximum of 60% of market value. Result: last April, Bank of America lent $26,996,000 in Los Angeles County while the Security-First National Bank of Los Angeles lent only $2,399,000 (in 1941, Bank of America lent less than twice as much as Security-First National...
Bankers wondered if that was wise. One wondered aloud: "I guess Giannini knows what he is doing . . . but you can't get a damn cent out of real-estate loans when the bottom drops...
...single stock interest in the nation's No. i & No. 3 banks (California's Bank of America and Manhattan's National City Bank). Transamerica has no president, so Sam Husbands will serve as its operating head. He will be responsible only to Board Chairman A. P. Giannini, who also runs Bank of America...