Business: The Verdict

Transamerica's expansion did continue; but so did the FRB suit against it. Stern old Amadeo P. Giannini denounced the whole thing as an Eccles plot. In any case, he had been reducing Transamerica's interest in the Bank of America. After old A.P.'s death, his son and successor, Lawrence Mario Giannini, kept on selling Transamerica's holdings in Bank of America, once 99%, until they were reduced to only 7.66%. Said Mario Giannini: "The Bank of America is not controlled by Transamerica in any manner."

Last week Rudolph M. Evans, the FRB governor who had presided over the hearings, disagreed with Giannini. Said...

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