Word: amadeo
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Last March ferocious old Amadeo Peter Giannini compromised his two-year feud with the New Deal by promising to change some of the methods and practices of his 495-branched Bank of America, fourth largest U. S. bank. One provision: a $30,000,000 increase in the bank's capital by this June. To finance the increase, RFC offered a helping hand. A. P. brushed it aside. Instead, he undertook to sell $30,000,000 worth of Bank of America 4% preferred...
Like most bankers, Amadeo Peter Giannini has no use for the New Deal. Unlike most, he has no use for Wall Street either. His quarrel with Wall Street dates from 1931, when, in a famous proxy fight, he came out of retirement to oust Elisha Walker (now of Kuhn, Loeb) from the chairmanship of Transamerica Corp., which controls 495-branched Bank of America, fourth largest U. S. bank. His quarrel with the New Deal began in 1938. Late that year SEC, threatening to delist its stock, charged that Transamerica's registration statement contained "false and misleading statements...
Transamerica's boss, old Amadeo Peter Giannini, having retorted that it was simply a matter of accounting theory, began fighting SEC with all the wrath his hot Italian blood could generate. In Washington last week, after a month of legal fencing, Lawyer Rogge haled Mr. Giannini's personal secretary to court. She refused to talk. So did three other Giannini intimates. "This is the most outrageous case of contumacy I have ever seen," bellowed Lawyer Rogge, obtaining a recess until March...
...test of a man is the fight he makes," is the motto that hangs in the San Francisco office of shy, chunky Banker Ashby Oliver Stewart. This is the sort of spirit to endear him to famed Banker Amadeo Peter Giannini, currently facing the biggest fight of his career, result of an SEC crackdown charging Giannini's Transamerica Corp. with a false and misleading securities registration (TIME, Dec. 12). In 1933 Banker Stewart took over from "A. P." the Bankitaly Mortgage Co. Last week he took over a "large block of stock" and the chairmanship of Bancamerica-Blair, investment...
...also charged with bank supervision, was known to have rushed to Warm Springs to complain to Franklin Roosevelt that the Reserve had not been consulted until two days before SEC cut loose. Here was the sort of division in the enemy's ranks which a great fighter like Amadeo Giannini could not fail to spot. Holding his tongue with difficulty as Transamerica stock broke a hefty $30,000,000 worth, he limited himself to snapping: "We are firmly of the belief that the motive behind this complaint is one calculated definitely to prejudice Transamerica Corp. in the eyes...