"You're trying to put us out of business, and you can't do it. None of your gang can." Thus growled old Banker A. P. Giannini at Federal Reserve Board Member Marriner S. Eccles three years ago, when the FRB opened hearings on charges that Giannini's Transamerica Corp. had monopolized West Coast banking.
Old A. P. died (TIME, June 13, 1949), and Eccles, who had inspired the first antitrust suit in FRB's history, left the board. But FRB continued to press the case, and last week, after 12,959 pages of testimony, brought in its verdict. It found that Transamerica Corp., the...
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