Business & Finance: Simple Men

What happens to bankers who drive their bank over a cliff and leave depositors 5 cents on the dollar? Last week a Federal and a New York judge, resorting to the novel expedient of holding court in the same room, provided an answer to that question.

Just six weeks after Clarke Bros., private bankers, failed in Manhattan (TIME. July 22), the four partners appeared before this double court, pleaded guilty, were sentenced. James Rae Clarke, senior partner, assumed full responsibility for the crash. He was sentenced by the Federal Judge to eight...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!