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...
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