BANKING: Trcmsamerica Loses

"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...

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!