Word: transamerica
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...Among those in the syndicate with Lurie, who will put up at least $5,000,000 of his own: California's Transamerica Corp. ($5,000,000), Broadway Producer Lee Shubert, Independent Film Producer Sol Lesser, who makes the Tarzan movies, Wall Street Brokers Charles Allen Jr. and Samuel Ungerleider, Watchman Arde Bulova ($1,000,000 each...
Lawrence Mario Giannini, president of the Bank of America, is a frail but stubborn man. When the Federal Reserve Board got a court order last month to block his purchase of 22 banks from Transamerica Corp. (TiME, July 10), Giannini ignored the order. The FRB-and Giannini, too-were well aware that the purchase would cut Transamerica's holdings in California to only four banks, and thus take much of the steam out of the FRB's antitrust suit against Transamerica...
Giannini argued that the FRB had known of the deal for months, and should not have waited until the last minute to object. The federal court thought differently: it convicted Giannini and Transamerica President Sam H. Husbands of contempt, ordered them to jail within 30 days and their companies each to pay fines of $2,500 a day unless the sale was called...
...charge was that Transamerica has a banking monopoly in California and four other western states because it has a controlling interest in 46 banks including the giant Bank of America, which it controlled through a 22.8% stock interest (reduced to 11.1% late last year). Last week Transamerica tried to take much of the steam out of FRB's case by selling 22 of its banks to the Bank of America for $18 million, thus cutting its holdings in California to only four banks Angrily, FRB went to the U.S. circuit court of appeals in San Francisco...
...didn't see it that way The circuit court ordered Giannini and Husbands to appear this week to show cause why they should not be held in civil and criminal contempt. It looked as if Transamerica's efforts to wriggle out of its antitrust troubles might have entangled it more deeply than ever...