Business: Cleveland Closings

Thanks to the Senate Banking & Currency Committee, public knowledge of private affairs has been broadened more in the past two years than in any similar period of U. S. history. Last week the Committee's catch-all investigation threw new light not only on the profits of brokers (see p. 66) but also on closed Cleveland banks. For the failure of $250,000,000 Union Trust Co. and $148,000,000 Guardian Trust Co. Ferdinand Pecora's staff blamed: 1) mismanagement; 2) a lax-Ohio Banking Department; 3) evasions of the spirit of the law. The investigators declared that Guardian...

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