Word: saxonism
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Dates: during 1960-1969
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...know of a single case where bank failure has not been attributable to gross misconduct," said the U.S. Comptroller of the Currency. Jaunty, loquacious James J. Saxon was in the limelight again and loving it, but what U.S. bankers saw was a glaring spotlight trained right on them. The occasion was the opening last week of hearings by Arkansas Senator John McClellan and his Senate Investigations Subcommittee, familiar probers of the nation's sinners, into a recent rash of troubles in U.S. banking...
...Vegas. Jim Saxon, who supervises the 4,700 U.S. national banks, charged as a starter that underworld activity, gambling and phony securities were behind the recent failure of chartered national banks in California, Colorado and Texas. He accused Don C. Silverthorne, president of the defunct San Francisco National Bank ($41 million in assets), of "gross misconduct and gross deception," said that he had exacted huge fees from some borrowers and then spent part of the money gambling in Las Vegas. "Untrue-and he knows it," replied Silverthorne, who gets his chance to testify this week...
...Brighton National Bank in Colorado, said Saxon and his aides, a Denver mystery man named James W. Egan, whom they described as an apparent "front for gangsters," secretly got control of the bank before it had even opened, and "completely milked" its assets. Two financiers, one with a criminal record, took over the First National Bank of Marlin, Texas, through a front man, said Saxon; they promptly turned around and collected $179,000 in commissions for selling the bank mortgages of dubious value...
Even blunter was defeated Illinois Gubernatorial Candidate Charles Percy, who called for "a progressive party in the tradition of Lincoln" and said: "We have got to get this party away from being an Anglo-Saxon Protestant white party." Echoed House Minority Leader Gerald Ford of Michigan: "Unfortunately, we have not been able to sell the people on the fact that our solutions are better for the people as a whole and in conformity with the framework of America's basic principles...
...symbolized the survival of the British nation and the hymn that symbolized the endurance of the American Union-the suddenly mingled echoes of Agincourt and Antietam-served to remind the world of a kinship that goes deeper than shifting alliances and new patterns of power. It was an Anglo-Saxon moment that could not have been lost on Charles de Gaulle, among others, and its impact was lessened only by the absence of the President of the United States...