Word: patman
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Dates: during 1960-1969
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...busy years of operation, ABC helped to organize hundreds of small foundations, raking in at least $1,000,000 in fees. Texas' Democratic Congressman Wright Patman deplored ABC's tactics. "If this sort of thing is carried to its logical conclusion," Patman complained during congressional hearings (TIME, Jan. 5, 1968), "there would be nobody left to pay taxes...
...Fortas' outside source of income raised again the ugly issue of influence peddling in high Government circles (see TIME ESSAY). It is a common occurrence in Washington. Last week Representative Wright Patman accused Treasury Secretary David Kennedy of maintaining a secret interest in his old Chicago banking firm. In no case, however, has any link been established between these interests and attempts by outsiders to control officials' decisions...
This judgment, delivered at his desk-pounding best by Texas Democrat Wright Patman two weeks ago, was an expected but more than usually hyperbolic condemnation of William McChesney Martin. At each of his 18 yearly appearances before congressional committees, Martin has been routinely scourged for his chairmanship of the Federal Reserve Board, which Populist Patman blames for tight money and high interest rates. This year Patman has plenty of company. More critics than ever, ranging from academe to the new Administration, are taking aim at the nation's central bank...
...chairman of the House Banking and Currency Committee, Texas Democrat Wright Patman has made a career of jousting with U.S. bankers. Last week he thrust at their Swiss counterparts, whose secret subterranean vaults have long been the world's principal haven for nervous money-accounts whose owners are not anxious to admit ownership. After two days of public hearings, Patman called for legislation making it illegal for Americans to deal with any foreign bank that does not allow inspection of its records by U.S. regulatory agencies...
...Patman's probe focused on that mystique-shrouded feature of Swiss banking, the anonymous numbered account. Robert M. Morgenthau, U.S. attorney for the Southern District of New York, testified that such accounts have become increasingly popular with Americans. Some who use them are underworld hoodlums, but many more are otherwise ordinary businessmen who play the Swiss numbers game to cheat Washington out of "tax revenues in the many millions of dollars." The various ways in which such accounts are used to avoid income taxes, said Morgenthau, "are almost as numerous as the ways of earning money" (see box next...