Word: saxonizes
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...began a fortnight ago as a Senate investigation of crooks in banking turned last week into a disquieting exposure of the Government's own performance at supervising banks. It proved a tough week for the man who charters and monitors national banks, Comptroller of the Currency James J. Saxon, long one of Washington's most controversial figures...
...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...
...Saxon defended his controversial record of chartering 369 new national banks during 1963 and 1964, insisting that such expansion was essential to keep up with the expanding economy and to generate competition among lenders. Like many bankers, he blamed bank takeovers by unsavory characters on a loophole in federal law (since closed) that left federal officials in the dark about changes in bank ownership. Mindful of congressional cries that gangsters may still be buying up banks to sanitize their hot money, Joseph W. Barr, chairman of the Federal Deposit Insurance Corp., announced that he has set up a unit...