Word: trust
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Dates: during 1950-1959
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...Houston high-school auditorium, 350 depositors in Texas' U.S. Trust & Guaranty met in an angry mood last week. They were gathered to discuss ways to get back the savings they lost when Albert Benton Shoemake brought U.S. Trust down into bankruptcy (TIME, Dec. 26). In the middle of the meeting, a speaker interrupted with a surprise announcement: Insurance Man Shoemake had just shot himself. Bitterly, some of the audience broke into vengeful applause...
Texans learned that Shoemake had taken out a $1,000,000 policy on his life in May 1954 with Los Angeles' Occidental Life Insurance Co.; U.S. Trust & Guaranty was named the beneficiary. But the depositors he bilked saw little hope that they would benefit from the million-dollar policy. The exact conditions of the policy are still to be settled legally, but chances are that it will be automatically cancelled in case of a suicide verdict...
...Before a state senate investigating committee, an ex-attorney for the Texas Insurance Commission testified that his superiors knew U.S. Trust & Guaranty was insolvent 18 months before they shut it down. While the commission debated what to do, more than $5,000,000 of its assets disappeared...
...State auditors working over U.S. Trust & Guaranty's books discovered that the company had paid out as legal fees $4,800 to the law firm of State Senator Rogers Kelley, $500 to Senator Kilmer Corbin, other sums to Senator Carlos Ashley and to Senator Jep Fuller, and had retained State Representative Bert McDaniel as counsel. (Kelley and Corbin both said they did not know that their firms were being paid by U.S. Trust & Guaranty...
...taxes on charity was succinctly explained by New York Welfare Commissioner Henry L. McCarthy: "You have to spend money to save money." One of the best ways to do both, as an increasing number of businessmen and corporations are finding out, is to set up a charitable foundation or trust...