Banking: Trouble Among the Regulators

What began a fortnight ago as a Senate investigation of crooks in banking turned last week into a disquieting exposure of the Government's own performance at supervising banks. It proved a tough week for the man who charters and monitors national banks, Comptroller of the Currency James J. Saxon, long one of Washington's most controversial figures.

First, Federal Reserve Chairman William McChesney Martin complained to Arkansas Senator John McClellan's Senate Investigations Subcommittee that Saxon withheld confidential evidence of irregularities at the San Francisco National Bank, thus misleading the Federal Reserve into...

Want the full story?

Subscribe Now

Subscribe
Subscribe

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 TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!