Word: saxonizes
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...Hunt. The unfunny story of a real war in Korea, starring John Saxon...
Gold for Ballast. Saxon's wall shaker was a proposal to allow national banks to set up branches within 25 miles of their home offices, though laws in 34 states expressly restrict or prohibit branch banking, even by nationally chartered banks. Left at a competitive disadvantage, most bankers fear, state-chartered banks would immediately shift to national charters, and soon only a single, nationally supervised banking system would survive. This, they argue, would destroy the cherished "dual system" of banking, with its checks and balances against heavy-handed regulation. Saxon's argument: branching restrictions merely protect well-entrenched...
...supervisor of the 4,500 national banks in the U.S., the Comptroller of the Currency has traditionally been the very model of pin-striped decorum. Not James J. Saxon, 48. When Saxon took the job last November, he brought with him 27 pages of recommendations for reform. With almost indecent haste, he raised the Government's assessment on nationally chartered banks in order to erase his department's $2,500,000 deficit, opened new regional offices, slashed paperwork 50%, and cut the time required to approve a new bank charter from nine months to 75 days. "Jimmy Saxon...
Last week at the American Bankers' Association annual meeting in Atlantic City, Saxon nearly brought down the walls. What threw the bankers into an uproar was the so-called "Saxon Report," in which a Saxon-appointed 24-member committee recommended 84 changes in the U.S. banking system. It was the first major plan for revising the system since its sweeping reorganization...
Though they have learned to respect him, conservative-minded bankers have yet to be convinced that Saxon's bull-in-a-china-shop brand of vitality is what the system needs. The blunt, bustling son of a railroad traffic agent, Toledo-born Jimmy Saxon started World War II as General Douglas MacArthur's financial attaché, saved $80 million in U.S. bullion from falling into Japanese hands on besieged Corregidor; he just loaded the gold aboard a U.S. submarine that happened to need the ballast. From private business and long federal service, notably as top aide to Truman...