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Outside the Door. In a quick reaction, Lacerda rounded up a group of anti-Castro Cubans headed by Manuel Antonio ("Tony") Varona and handed them the keys to Rio. Then, after calling up Quadros and being invited by him to dinner, Lacerda packed an overnight bag and rode an air force jet to Brasilia to carry his protest to the President in person. He found Quadros watching a movie in his private projection room, was offered a sandwich and told to start talking. He had hardly begun before Quadros excused himself and quietly phoned Justice Minister Pedroso Horta. "Call Carlos...

Author: /time Magazine | Title: Brazil: Quadros Quits | 9/1/1961 | See Source »

...dusty border town of Zapata, the name of Manuel Medina, 52, stood for money and power. Son of a shrewd, up-from-the-adobe storekeeper, heavy-set "Don Manuel"-as everyone in town deferentially called him-owned the only bank in all Zapata County (pop. 4,400). He had also served eleven terms as county commissioner, piloted his younger brother Santos to the county judgeship, and for years ran Zapata's politics as a family fief. But last week Don Manuel's bank was closed down for lack of funds-and the whole county was flat broke...

Author: /time Magazine | Title: Texas: Flat Broke | 8/18/1961 | See Source »

...number of privately owned, unincorporated Texas banks that have no charter, are free from either state or federal audits. The Medinas, explained County Attorney Joseph Caldwell, "reported to the Lord alone." But the family reputation was impeccable; almost all the town's merchants kept their accounts in Don Manuel's bank, and public funds on deposit amounted to $250,000. Then, a month ago, a sign went up in the bank's window announcing that the place had been shut down. The roof fell in on Zapata. A court-appointed receiver turned up to examine the bank...

Author: /time Magazine | Title: Texas: Flat Broke | 8/18/1961 | See Source »

Three weeks ago Don Manuel Medina came briefly out of hiding in Mexico to try to explain to a grand jury what had happened. His sorrowful statement: "We just ran out of money and had to close." According to Medina, major depositors had withdrawn some $200,000 during the past four months, and the bank simply could not handle the demand for cash. As for his family's overdrawn accounts, Don Manuel explained that was simply his way of taking profits. But he had no explanation for the fact that most of the other overdrafts were in the accounts...

Author: /time Magazine | Title: Texas: Flat Broke | 8/18/1961 | See Source »

...Then Don Manuel slipped back across the border-just before the grand jury indicted him for the felony offense of accepting deposits in a bank that he knew was insolvent. As of last week, ex-Banker Medina was free on $50,000 bail after coming out of hiding to accept arrest. Before the indictment, he had promised to surrender his property to creditors-but, as it turned out, there was precious little property to give. Don Manuel had apparently lost heavily on the stock market recently, and had sold his cattle herd before the closing; even the bank building proved...

Author: /time Magazine | Title: Texas: Flat Broke | 8/18/1961 | See Source »

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