Ferdinand Pecora spent many days and many nights early in 1934 blasting away at the complex catacombs of Detroit finance. What Mr. Pecora as inquisitor for the Senate Banking & Currency Committee elicited from the official minds and records of Detroit bankers was noted carefully by the Department of Justice. During that summer a Federal Grand Jury, acting upon the evidence, laid upon 34 Michigan bankers responsibility for the thunderous Detroit banking crash of 1933 returned indictments against them for making false reports to the U. S. Controller of the Currency, the Federal Reserve or for misappropriation of funds. The engines...
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