INSURANCE: Scandal in Texas (Contd.)

In a Houston high-school auditorium, 350 depositors in Texas' U.S. Trust & Guaranty met in an angry mood last week. They were gathered to discuss ways to get back the savings they lost when Albert Benton Shoemake brought U.S. Trust down into bankruptcy (TIME, Dec. 26). In the middle of the meeting, a speaker interrupted with a surprise announcement: Insurance Man Shoemake had just shot himself. Bitterly, some of the audience broke into vengeful applause.

Shoemake, 59, was discovered by a neighbor who rang a doorbell of the palatial Shoemake home in Waco to find out why the insurance man...

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