Word: pecora
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...conforming to the New York Clearing House rate. No. the firm does not pay interest on deposits under $7,500 and no, it does not receive deposits of less than $500. There was even time for a chuckling comment about the daily (except Saturday) meetings of Morgan partners. Mr. Pecora wanted to know if there were minutes of the meetings. No, said Banker Morgan, "when my father was head of the firm it was decided not to keep minutes of the meetings. He never got down early enough to attend a meeting...
...holding directorships in other banking institutions but he consents because "the only way people can be helped is the way they wish to be helped." Said he in conclusion: "I state without hesitation that I consider the private banker a national asset and not a national danger." Then Mr. Pecora asked innocently: "What is your occupation. Mr. Morgan...
With a look of astonishment the witness replied: "Private banker." The audience tittered appreciatively. Then began in earnest the questioning, questions which soon led to objections by Mr. Davis and heated protests by Virginia's peppery little Senator Carter Glass that Mr. Pecora was unduly "badgering" Mr. Morgan...
...first conflict came when Mr. Pecora tried to spread on the record one more subject of intense curiosity, the articles of copartnership in the House of Morgan, showing exactly how responsibility and profits are divided. Mr. Davis insisted the articles were "strictly private." The issue was dropped for the moment but later in executive session the committee decided to demand to see the articles...
...such pleasantries were soon over, when Mr. Pecora, abetted by Michigan's Senator Couzens brought the question around to income taxes and the $21,000,000 loss of 1930-1931. At no time did Lawyer Pecora openly point to any impropriety in the action of Banker Morgan or his partners but evidently aware of the impression the questions & answers would make on the courtroom crowd and in next days' headlines, he assumed his best prosecuting attorney manner...